Intro to Finance Final Exam
MBA 600
FINAL EXAM
1. (20 POINTS)
The accounting staff at Moonbeam Enterprises prepares monthly financial statements. At the end of April 2004 the company had the following account balances:
Land $45,000 Notes payable $33,000 Merchandise inventory $12,480 Buildings $50,000 Cash $10,360 Capital Stock $38,770 Retained earnings, April 30 $46,070 Salary expense $15,050 Sales revenue $26,000 Supplies expense $ 1,300 Income tax expense $ 1,060 Fuel expense $ 1,500 Insurance expense $ 550 Interest expense $ 900
INSTRUCTIONS:
Prepare an income statement and balance sheet in good form. For each statement, use a three-line heading on the statement that includes (a) the name of the company, (b) the name of the statement, and (c) the appropriate time period or date. Moonbeam Enterprises | Balance Sheet | Month Ending 4/30/2004 | Assets | | Liabilities | | Cash | 10,350 | Notes Payable | 33,000 | Supplies | 1,300 | | | Land | 45,000 | Owners Equity | | Buildings | 50,000 | Capital Stock | 38,770 | | | | | Total Assets | 106,650 | Total Liabilities and owners equity | 5,770 | | | | |
Moonbeam Enterprises | Income Statement | Month Ending 4/30/2004 | Sales Revenue | | 110840 | | 100% | Revenue: | | | | | | Inventory | 12,480 | | | | | | 98360 | 88.70% | Expenses: | | | | | | Salary | 15,050 | | 13.50% | | Supplies | 1,300 | | 1.10% | | Income tax | 1,060 | | 0.95% | | Fuel | 1,500 | | 1.30% | | Insurance | 550 | | 0.50% | | Interest | 900 | | 0.81% | | Total Operating Expenses | | 20,310 | 18.30% | Operating Income | | | 78050 | 70.40% |
2. (10 POINTS) Al Rosen invests $25,000 in a mint condition 1952 Mickey Mantle Topps baseball card. He expects the card to increase in value 12 percent per year for the
FINAL EXAM
1. (20 POINTS)
The accounting staff at Moonbeam Enterprises prepares monthly financial statements. At the end of April 2004 the company had the following account balances:
Land $45,000 Notes payable $33,000 Merchandise inventory $12,480 Buildings $50,000 Cash $10,360 Capital Stock $38,770 Retained earnings, April 30 $46,070 Salary expense $15,050 Sales revenue $26,000 Supplies expense $ 1,300 Income tax expense $ 1,060 Fuel expense $ 1,500 Insurance expense $ 550 Interest expense $ 900
INSTRUCTIONS:
Prepare an income statement and balance sheet in good form. For each statement, use a three-line heading on the statement that includes (a) the name of the company, (b) the name of the statement, and (c) the appropriate time period or date. Moonbeam Enterprises | Balance Sheet | Month Ending 4/30/2004 | Assets | | Liabilities | | Cash | 10,350 | Notes Payable | 33,000 | Supplies | 1,300 | | | Land | 45,000 | Owners Equity | | Buildings | 50,000 | Capital Stock | 38,770 | | | | | Total Assets | 106,650 | Total Liabilities and owners equity | 5,770 | | | | |
Moonbeam Enterprises | Income Statement | Month Ending 4/30/2004 | Sales Revenue | | 110840 | | 100% | Revenue: | | | | | | Inventory | 12,480 | | | | | | 98360 | 88.70% | Expenses: | | | | | | Salary | 15,050 | | 13.50% | | Supplies | 1,300 | | 1.10% | | Income tax | 1,060 | | 0.95% | | Fuel | 1,500 | | 1.30% | | Insurance | 550 | | 0.50% | | Interest | 900 | | 0.81% | | Total Operating Expenses | | 20,310 | 18.30% | Operating Income | | | 78050 | 70.40% |
2. (10 POINTS) Al Rosen invests $25,000 in a mint condition 1952 Mickey Mantle Topps baseball card. He expects the card to increase in value 12 percent per year for the