ACCT221 Principles of Accounting II Midterm

ANSWER SHEET

Mid-Term Examination Principles of Accounting lI ACCT 221 Fall 2014

NAME ________________________________________________________

Administrative Notes:

· You may use a calculator, your textbook, WileyPLUS resources, and anything posted in our WebTycho classroom.

· The exam period is 4 days, and must be completed and submitted to Webtycho by 11:59PM on Sunday.

· Type all answers on the Answer Sheet

· Attach your completed Answer Sheet in your assignment folder in LEO.

· Late submissions will be penalized 10% per hour or any porton of an hour.

Multiple Choice: 2 points each. Place your answers in the table below using CAPITAL LETTERS.

26. Points = 15

a)

26. b) Fill in the amount that would appear in the stockholders' equity

section for King Corporation at December 31, 2013, for the

following items:

1. Common stock $____________

2. Number of shares outstanding ____________

3. Par value per share $____________

4. Paid-in capital in excess of par $____________

5. Retained earnings $____________

6. Total stockholders' equity $____________

27. Points = 10

28. Points = 15

1. Current ratio. ________________________

2. Working capital. _________________________

3. Acid-test ratio. _________________________

4. Receivables turnover.__________________________

5. Inventory turnover. ___________________________

29. Points = 10

Prepare the net cash provided by operating activities section of the company's statement of cash flows for the current year, using the indirect method.

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ACCT 221 Mid-Term Exam Spring 2014