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Department
Administration
Course
ADM1340
Professor
Kevin Petit- Frere
Semester
Winter

Description
ADM 1340P INTRODUCTORY FINANCIAL ACCOUNTING Quiz No. 1 (Winter 2014) NAME: _________________________ STUDENT #: ____________________ Instructions: 1. This quiz is 30 minutes in length. 2. This is a close-book, close-notes exam. 3. A calculator is allowed. 4. Please write or print neatly. Statement of Academic Integrity The School of Management does not condone academic fraud, an act by a student that may result in a false academic evaluation of that student or of another student. Without limiting the generality of this definition, academic fraud occurs when a student commits any of the following offences: plagiarism or cheating of any kind, use of books, notes, mathematical tables, dictionaries or other study aid unless an explicit written note to the contrary appears on the exam, to have in his/her possession cameras, radios (radios with head sets), tape recorders, pagers, cell phones, or any other communication device which has not been previously authorized in writing. Statement to be signed by the student: I have read the text on academic integrity and I pledge not to have committed or attempted to commit academic fraud in this examination. Signed:______________________________________ Note: an examination copy or booklet without that signed statement will not be graded and will receive a final exam grade of zero. Exercise 1. (50 marks) The following items are taken from the financial statements of La Brea Ltd. for the fiscal year ended December 31, 2012. Note they are in alphabetical order. Accounts payable $ 15,500 Accounts receivable 18,000 Accumulated depreciation—video equipment 30,500 Retained earnings, December 31 44,000 Cash 15,000 Common shares (10,000 shares) 90,000 Note payable 70,000 Prepaid insurance 6,000 Retained earnings, January 1, 2012 12,000 Salaries payable 3,000 Supplies 4,000 Video equipment 210,000 Instructions (a) Prepare a classified statement of financial position for La Brea Ltd. at December 31, 2012, assuming the note payable is a non-current liability. (b) Calculate the current ratio, debt to total assets, and earnings per share. Assets at the beginning of 2012 totalled $183,000. No shares were issued or redeemed during the year. LA BREA LTD. Statement of Financial Position December 31, 2012 ————————————————————————————————————— Assets Current assets Cash ..................................................................................$ 15,000....... Accounts receivable ......................................................................18,000 Supplies ..................................................................................4,000.... Prepaid insurance .........................................................................6,000 Total current assets ................................................................43,000 Property, plant and equipment
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