Please complete the attached final exam. I would strongly encourage you to use the 2-Yr F/S file located in the Canvas Module, as well as the Financial Ratios document for help completing this exam. Be sure to do your own work, and show all your work.
Name _____________________________________
ACCT 223 – Spring 2024
Final Exam – Comprehensive – 75 pts.
Using the below account balances for TTPD, Inc. and in this order:
1 Prepare an Income Statement in proper format for the Year Ended 12/31/23.
2 Calculate the ending retained earnings balance as of 12/31/23.
3 Prepare the Balance Sheet in proper format as of 12/31/23.
4 Calculate the 10 financial ratios listed at the bottom of this page – show your work.
** Answer the 20 questions listed at the bottom of this page.
(10 pts)
(5 pts)
(20 pts)
(2 pts ea)
(1 pt ea)
12/31/2023
Accounts Payable
Accounts Receivable
Additional Paid-in Capital
Automobiles
Vehicles
Buildings
Cash
Coal
Cost of Goods Sold (COGS)
Common Stock $1 par, 400,000 shs authorized, 30,000 shs issued, 25,000 shs
outstanding
Computer Software
Conferences & Travel Expense
Depreciation, Depletion & Amortization Expense
Dividends Paid
Gain on Sale of Assets
General & Administrative Expense
Goodwill
Income Tax Expense
Insurance Expense
Interest Expense
Interest Income
Interest Payable
Land
Loss on Sale of Assets
Accumulated Amortization
Accumulated Depletion
Accumulated Depreciation
Long-Term Bonds Payable
Long-Term Note Payable
Inventory
Net Sales Revenue
Patents
Preferred Stock $1 par, 15,000 shs outstanding
Prepaid Insurance
Equipment
Payroll Taxes Expense
Retained Earnings (1/1/23 balance = $90,000)
Selling & Advertising Expense
Short-Term Investments
Short-term Note Payable
$
$
$
$
$
$
$
$
$
50,000
60,000
10,000
50,000
40,000
250,000
150,000
20,000
600,000
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
$
30,000
40,000
10,000
15,000
40,000
5,000
100,000
120,000
30,000
60,000
7,000
2,000
20,000
130,000
2,000
(11,000)
(3,000)
(110,000)
195,000
175,000
50,000
1,399,000
35,000
15,000
15,000
125,000
45,000
?
12,000
25,000
65,000
$
$
$
Timber
Trademarks
Treasury Stock 5,000 shs
Utilities Expense
Wages Expense
Wages Payable
$
$
$
$
$
$
8,000
6,000
(5,000)
20,000
130,000
20,000
Financial Ratios (show your work) – See Ratios sheet in Canvas for formulas:
5 Earnings per Share (EPS); (Com. Stock outstanding 1/1/23 = 30,000 shs)
6 Return on Investment (ROI); (Total Assets 1/1/23 = $900,000)
7 Return on Equity (ROE); (Total Equity 1/1/23 = $400,000)
8 Working Capital
9 Current Ratio
10 Debt to Equity Ratio
11 Inventory Turnover (Inventory Bal on 1/1/23 = $40,000)
12 Accounts Receivable Turnover (Acct Rec Bal on 1/1/23 = $66,000)
13 Price/Earnings Ratio (market price per share = $50)
14 Gross Profit Ratio
Fill in the Blank:
15 What are the 3 types of inventory accounts a manufacturing company might show on its balance sheet:
________________________________________________________________________________
16 When a bond’s stated rate is lower than the market rate, the bond is issued at a:
________________________________________________________________________________
17 Name the 3 sections of the Cash Flow Statement:
________________________________________________________________________________
18 Decreases in assets, increases in liabilities, & increases in equity all have what effect on cash (+ or -)?
________________________________________________________________________________
19 Which cost allocation method is used with Natural Resources?
________________________________________________________________________________
20 Which inventory costing method (FIFO or LIFO) results in lower cost of goods sold?
________________________________________________________________________________
21 The number of shares of stock issued less the number of shares of treasury stock is called:
________________________________________________________________________________
22 The balance sheet equation (accounting formula) is represented by:
________________________________________________________________________________
23 Money owed to an organization for products or services it sold to its customers but has not yet received cash is called:
________________________________________________________________________________
24 The type of stock that has liquidation preference but no voting rights is called:
________________________________________________________________________________
25 Which cost allocation method is used with Intangible Assets?
________________________________________________________________________________
26 Money owed to a vendor for supplies or services it received but has not yet paid for is called:
________________________________________________________________________________
27 Sales revenue less cost of goods sold equals what?
________________________________________________________________________________
28 If a loss is both probable and estimable, what must be booked/recorded on the balance sheet?
________________________________________________________________________________
29 Deposits in transits and outstanding checks are items found on what?
________________________________________________________________________________
30 Beginning inventory + production – cost of goods sold = what?
________________________________________________________________________________
31 Proceeds from the sale of a building would belong on which section of the Cash Flow Statement?
________________________________________________________________________________
32 Gross margin less operating expenses equals what?
________________________________________________________________________________
33 The safeguarding of assets including security cameras, warehouse locks, and computer passwords are examples of what?
________________________________________________________________________________
34 Retained earnings can only be affected by adding net income and subtracting what?
________________________________________________________________________________
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