Intermediate Accounting Questions

Intermediate Accounting Questions

Acct310: Intermediate Accounting I
For this exam, omit all general journal entry explanations.
Ensure to include correct dollar signs, underlines & double underlines,
when required. Ensure to use proper financial document format details
such as blank lines where required. Unless otherwise noted, all fiscal
years end on December 31.
Question 1: 25% points: Presented below is information related to Woozie Floozy
Company for 2014. (All balances are normal.)
Retained earnings balance, January 1, 2014 $ 980,000
Sales for the year 25,000,000
Cost of goods sold 17,000,000
Interest revenue 70,000
Selling and administrative expenses 4,700,000
Write-off of goodwill (not tax deductible) 820,000
Income taxes for 2014 905,000

 

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