ADMS 2500 Study Guide - Quiz Guide: Strip Mall, Promissory Note, Gross Profit

• School: York University
• Department: Administrative Studies
• Course: ADMS 2500
• Professor: Mamdouh Shoukri

Document Summary

Time: 3 hours for 40 questions fall 2014 questions: 67. Questions 1 to 25 are based on this case) Your former grade 2 teacher, lucy jones, has opened lucy jones" convenience store ltd. in a nearby strip mall. She began her business on october 1st, 2013. She invested on that day ,000 in share capital and her sister, mary, contributed ,000 as a loan to the firm. The loan bears an annual interest of 10% and none has been paid to date. The bank balance at september 30th 2014 shows ,900 in lucy"s chequing account. Lucy thinks that the bank balance shows that her first year of operations was a real success and that if she wanted she can take money from the company to pay her dividends. She has no formal training as an accountant but does keep a summary of selected transactions for the fiscal year ended september 30th, 2014: