Financial Accounting

ACC2209 – Midterm exam

Assignment Tasks:

i. Refer to the LONDON TOUR COMPANY (LTC) case in your Financial Accounting Cases e-text to complete this exam.

ii. Instead of the Required at the end of the case, answer the following 9 questions to complete your exam.

1. Identify 3 main users of the financial statement of London Tour Company, and the GAAP most appropriate for each user. Based on the users/GAAP identifies, make an overall recommendation to Ander regarding the continued use of ASPE

2. Use the information in the case to prepare general journal entries for the transaction that occurred in May of 2020.

3. Use the information in the case to prepare necessary adjusting journal entries (including income tax expense) at May 31, 2020.

4. Post the entries from questions 2 and 3 to the T-accounts provided and calculate the ending balance in each account.

5. Based on your ending balances, prepare necessary closing journal entries at May 31, 2020

6. Prepare an adjusted trial balance (pre-closing) at May 31, 2020

7. Prepare the income statement for the month of May 2020

8. Prepare the statement of retained earnings for the month of May 2020

9. Prepare a classified balance sheet at May 31, 2020

iii. Your assignment must be completed using the Excel Template file ACC2209 Version C Midterm Exam TEMPLATE .

iv. Your completed assignment file should be named lastname_firstname_ACC2209_Midterm

v. You should make best use of Excel formulas and formatting, whenever possible

vi. Your assignment must be completed and submitted via the course website by the date indicated on the Course Calendar

vii.

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Assignment Grading Rubric (20%)

Question	Requirements	Marks
Question 1	Financial statement users / GAAP	7
Question 2	Record monthly transactions	25
Question 3	Record adjusting entries	24
Question 4	Post entries	10
Question 5	Record closing entries	7
Question 6	Prepare adjusted trial balance	6
Question 7	Prepare income statement	8
Question 8	Prepare statement of retained earnings	4
Question 9	Prepare classified balance sheet	9
Total Marks: 100