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Financial Forensics Quiz 1: 7 July 2024 (May 2024 term)

Question 1

+1 markNumerical answer

D. Carson and F. Leggatt formed a partnership on June 1 to operate a shoe store. Carson contributed $50,000 cash and Leggatt contributed $50,000 worth of shoe inventory.
During the month of June, the following transactions took place:
a. Additional shoe inventory was purchased at a cost of $24,000 cash b. Total cash sales for the month were $31,000. The inventory that was sold had a cost of $15,000 c. Carson withdrew $6,200 of cash drawings. Leggatt withdrew only $3,700 of cash drawings. d. The partnership borrowed $50,000 from the Third National Bank e. Land and buildings were purchased at a cash cost of $25,000 and $50,000 respectively. Based on the above text answer the given sub questions:

What is the cash balance of the company as of June 1.

Question 2

+1 markNumerical answer

D. Carson and F. Leggatt formed a partnership on June 1 to operate a shoe store. Carson contributed $50,000 cash and Leggatt contributed $50,000 worth of shoe inventory.
During the month of June, the following transactions took place:
a. Additional shoe inventory was purchased at a cost of $24,000 cash b. Total cash sales for the month were $31,000. The inventory that was sold had a cost of $15,000 c. Carson withdrew $6,200 of cash drawings. Leggatt withdrew only $3,700 of cash drawings. d. The partnership borrowed $50,000 from the Third National Bank e. Land and buildings were purchased at a cash cost of $25,000 and $50,000 respectively. Based on the above text answer the given sub questions:

What is the Total Asset of the company as of June 30.

Question 3

+1 markNumerical answer

The Hosmer Company had June sales of $275,000. The cost of goods sold was $164,000 and other cash expenses were:
Rent: $3,300
Salaries: $27,400
Taxes: $1,375
Other: $50,240
Based on the above data, answer the given subquestions

What were the company’s Revenues

26 more questions in this paper

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More on the Financial Forensics Quiz 1 7 Jul 2024 paper

The IIT Madras BS Financial Forensics (Financial Forensics) Quiz 1 paper sat on 7 Jul 2024, in the May 2024 term: 29 questions for 25 marks in 120 minutes. The first 3 questions are below. Sign in with Google — it is free — to see the whole paper with its answers and explanations, in learning mode or as a timed mock test.

FeatureFinancial Forensics Quiz 1 7 Jul 2024 at a glance
TermMay 2024 term
SubjectFinancial Forensics
Course codeBSMS4003
Questions29
Marks25
Duration120 min
Numerical27
MCQ2
Official paperIIT M DEGREE AN EXAM QDB2 7 July 2024
Negative markingNo negative marking.
Updated

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