Acc400-Final Examination

Final Exam: Financial Accounting Course # ACC/400

Name Date 2014

PART I — Balance Sheet (5 points) Below, there are balances that needs to be organize. The report is going to be presented to the executives of Mar Abierto Selling Store. They asked for the Balance Sheet Report. You are assigned to do the job. Additional information This is a company that sells small boats They have accounts receivable turnover ratio of 90 days. Mar Abierto Selling Store At December 31, 2012 Account Name Retained Earnings Balance 500,000.00

Account Payable Account Receivable from Bank Account Receivable from Customer Account Receivable from Other Source Additional Paid in Capital Allowance for Doubtful Account Building Cash Common Stocks Depreciation of Building Inventory Mortgage Payable Payroll Payable Prepaid Expenses Taxes Payable Unearned Rent Revenue

11,759,839.84 5,496,114.12 101,189.92 549,063.93 1,053,452.63 175,279.20 3,358,070.90 19,989.32 500,000.00 869,822.97 8,033,307.48 1,505,397.49 182,405.60 305,565.75 796,270.34 520,833.35

Please, do the Balance Sheet statement in the back of next page

Mar Abierto Selling Store

Balance Sheet As of December 31, 2012 Assets Current Assets Cash Account Receivable Account Receivable from Bank Account Receivable from Customer Account Receivable from Other Source Less: Allowance for Doubtful Account Total of Accounts Receivable Inventory Prepaid Expenses Total Current Assets Non-Current Assets Building Less: Depreciation of Building Total Non-Current Assets Total Assets Liabilities Current Liabilities Account Payable Payroll Payable Taxes Payable Unearned Rent Revenue Total Current Liabilities Long-Term Liabilities Mortgage Payable Total Long-term Liabilities Total Liabilities Stockholder’s Equity Paid in Capital Additional Paid in Capital Common Stocks Total Paid in Capital Retained Earnings Total Stockholder’s Equity

$ $5,496,114.12 $ 101,189.92 $ 549,063.93 $ (175,279.20)

19,989.32

$ 5,971,088.77 $...