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310 Final fall 2012 3.docx

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ACCO 310
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CONCORDIA UNIVERSITYJOHN MOLSON SCHOOL OF BUSINESSDepartment of AccountancyACCOUNTANCY 3102FINAL EXAMINATIONAll SectionsFall2012Instructions1This examination paper consists of 14 pages including this pagePlease make sure your paper has all pages before commencing to write2Write all your answers except answers to multiple choice questions in the examination answer booklet You may answer the questions in any order you prefer Only the answers in the examination booklet and on your computer input sheet will be graded3Read the questions carefully and budget your time wisely Show all calculations4This is a closed book examinationHowever silent handheld calculators and standard language dictionaries are permitted5Invigilators will not answer questions unless you think there is an error in the question6 The exam questions must be handed in at the end of the examinationMaterials allowedSilent cordless calculators Translation dictionariesMarksMinutesQuestion 11324Question 23257Question 33359Question 42240Total100180Question 1 13 marks23 minutes9For each of the following choose the letter that corresponds to the best answer and write the on your multiple choice input sheet not on this examination paper1On the December 31 2006 balance sheet of Yu Co the current receivables consisted of the followingTrade accounts receivable65000Allowance for doubtful accounts2000Claim against shipper for goods purchased by Yu Co and lost in transit November 20063000Selling price of unsold goods sent by Yu Co on consignment at 130 percent of cost not included in Yu Cos ending inventory26000Security deposit on lease of warehouse used for storingsome inventories30000Total122000At December 31 2006 the correct amount of Yu Cos total current net accounts receivable wasa66000b92000c96000d1220002May Co prepared an aging of its accounts receivable at December 31 2006 and determined that the net realizable value of the receivables was 290000 Additional information is available as followsAllowance for doubtful accounts at 1106credit balance34000Accounts written off as uncollectible during 200623000Accounts receivable at 123106320000Uncollectible accounts recovered during 20065000For the year ended December 31 2006 Mays bad debt expense would bea20000b23000c16000d140003For the year ended December 31 2006 Colt Co estimated its allowance for doubtful accounts using the yearend aging of accounts receivable The following data are availableAllowance for doubtful accounts 110651000Estimated uncollectible accounts during 2006NO2 on credit sales of 200000040000Uncollectible accounts written off 11300646000Estimated uncollectible accounts per aging 12310669000After yearend adjustment the bad debt expense for 2006 should be2
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