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28 Mar 2019

QUESTION 1

The ownership of a corporation is represented by:

shares of stock.

the owner's capital account.

the revenue account.

cash in bank account.

QUESTION 2

How many classifications does a Capital Stock Account have?

One

Two

Three

Four

QUESTION 3

The equity contributed by stockholders and equity earned throughbusiness profits represent the stockholders' equity for a:

partnership firm.

sole proprietorship.

corporation.

none of these.

QUESTION 4

Retained earnings are a part of a/an:

asset account.

permanent account.

stockholders' equity account.

temporary account.

QUESTION 5

How many sections does an Income Statement have?

Two

Three

Four

Five

QUESTION 6

Net sales are related to the:

net income section.

gross profit on sales section.

revenue section.

cost of merchandise sold section.

QUESTION 7

Sales discount and sales return and allowance are:

revenue accounts.

contra revenue accounts.

permanent accounts.

contra expenses accounts.

QUESTION 8

The total cost related to merchandise purchases during anaccounting period is the:

net purchase.

cost of merchandise sold.

cost of merchandise available for sale.

beginning merchandise inventory.

QUESTION 9

The gross profit on sale is $65,000, and operating expenses is$35,000. What will be the operating profit?

$65,000

$35,000

$100,000

$30,000

QUESTION 10

A balance sheet has the following sections:

Assets, liabilities, and stockholders' equity.

Income, expenses, and stockholders' equity.

Assets, liabilities, and income.

Operating income, operating expenses, and stockholders'equity.

QUESTION 11

A cash flow statement is used to assess the:

net increase or decrease of cash.

net increases of cash only.

net decrease of cash only.

net profit or loss of business.

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Reid WolffLv2

30 Mar 2019

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Related questions

NEED ASAP PLEASE

Question 1

Which one of the following is not an externaluser of accounting information?

		Customers
		Investors
		Regulatory agencies
		All of these are external users

3 points

Question 2

The first step in solving an ethical dilemma is to

		identify and analyze the principal elements in thesituation.
		identify the alternatives.
		recognize an ethical situation and the ethical issuesinvolved.
		weigh the impact of each alternative on variousstakeholders.

3 points

Question 3

Generally accepted accounting principles are

		income tax regulations of the Internal Revenue Service.
		standards that indicate how to report economic events.
		theories that are based on physical laws of the universe.
		principles that have been proven correct by academicresearchers.

3 points

Question 4

Which of the following events is not a businesstransaction?

		Issuance of stock in exchange for cash.
		Hired employees.
		Incurred utility expenses for the month.
		Earned revenue for services provided.

3 points

Question 5

When assets are distributed to the owners of a corporation,these distributions are termed

		depletions.
		consumptions.
		dividends.
		a credit line.

3 points

Question 6

If total liabilities increased by $8,000, then

		assets must have decreased by $8,000.
		stockholders' equity must have increased by $8,000.
		assets must have increased by $8,000, or stockholders' equitymust have decreased by $8,000.
		assets and stockholders' equity each increased by $4,000.

3 points

Question 7

If total liabilities increased by $30,000 and stockholders'equity increased by $20,000 during a period of time, then totalassets must change by what amount and direction during that sameperiod?

		$50,000 decrease
		$10,000 decrease
		$10,000 increase
		$50,000 increase

3 points

Question 8

Misra Company compiled the following financial information as ofDecember 31:

Revenues	$ 340,000
Retained Earnings, Beginning	$ 60,000
Equipment	$ 80,000
Expenses	$ 250,000
Cash	$ 90,000
Dividends	$ 20,000
Supplies	$ 10,000
Accounts payable	$ 40,000
Accounts receivable	$ 70,000
Common Stock	$ 80,000

Misra's assets on December 31 are

		$180,000.
		$250,000.
		$360,000.
		$ 490,000.

3 points

Question 9

Mofro's Computer Repair Shop started the year with total assetsof $300,000 and total liabilities of $200,000. During the year, thebusiness recorded $500,000 in computer repair revenues, $300,000 inexpenses, and Mofro paid dividends of $50,000. Stockholders' equityat the end of the year was

		$200,000.
		$100,000.
		$250,000.
		$300,000.

3 points

Question 10

A balance sheet shows

		assets, liabilities, and stockholders' equity.
		expenses, dividends, and stockholders' equity.
		revenues, expenses, and dividends.
		revenues, liabilities, and stockholders' equity.

3 points

Question 11

At September 1, Foli Co. reported retained earnings of $136,000.During the month, Foli generated revenues of $20,000, incurredexpenses of $12,000, purchased equipment for $5,000 and paiddividends of $2,000. What is the amount of retained earnings atSeptember 30?

		$136,000
		$142,000
		$8,000
		$137,000

3 points

Question 12

Grayton Industries purchased supplies for $1,000. The Companypaid $500 in cash and agreed to pay the balance in 30 days. Thejournal entry to record this transaction would include a debit toan asset account for $1,000, a credit to a liability account for$500. Which of the following would be the correct way to completethe recording of the transaction?

		Credit an asset account for $500.
		Credit the Retained Earnings account for $500.
		Credit another liability account for $500.
		Debit the Retained Earnings account for $500.

3 points

Question 13

Radio Moscow Industries purchased supplies for $1,000. They paid$400 in cash and agreed to pay the balance in 30 days. The journalentry to record this transaction would include a debit to an assetaccount for $1,000, a credit to a liability account for $600. Whichof the following would be the correct way to complete the recordingof the transaction?

		Credit an asset account for $400.
		Credit another liability account for $400.
		Credit the retained earnings account for $400.
		Debit the retained earnings account for $400.

3 points

Question 14

A credit to a liability account

		must be accompanied by a debit to an asset account.
		indicates an increase in the amount owed to creditors.
		is an error.
		indicates a decrease in the amount owed to creditors.

3 points

Question 15

In recording business transactions, evidence that an accountingtransaction has taken place is obtained from

		business documents.
		the Internal Revenue Service.
		the public relations department.
		the SEC.

3 points

Question 16

On June 1, Leno Inc. buys a copier machine for her business andfinances this purchase with cash and a note. When journalizing thistransaction, the company's accountant will

		make a simple entry.
		use two journal entries.
		make a compound entry.
		list the credit entries first, which is proper form for thistype of transaction.

3 points

Question 17

A three column form of account is so named because it hascolumns for

		debit, credit, and balance.
		debit, credit, and date.
		debit, credit, and account name.
		debit, credit, and reference.

3 points

Question 18

The first step in designing a computerized accounting system isthe creation of the

		general ledger.
		general journal.
		trial balance.
		chart of accounts.

3 points

Question 19

Chik Chik Company showed the following balances at the end ofits first year:

Cash	$ 6,000
Prepaid insurance	$ 9,400
Accounts receivable	$ 7,000
Accounts payable	$ 5,600
Notes payable	$ 8,400
Common stock	$ 2,800
Dividends	$ 1,400
Revenues	$ 44,000
Expenses	$ 35,000

What did Chik Chik Company show as total credits on its trialbalance?

		$51,400
		$60,800
		$62,200
		$70,200

3 points

Question 20

Which of the following time periods would notbe referred to as an interim period?

		Monthly
		Quarterly
		Semi-annually
		Annually

Meyer Corporation sells computers and provides computer repairservices. The balances in the General Ledger accounts as of 4/1/15are as follow:

Cash	$ 30,000	Notes Payable	$ 15,500
Accounts Receivable	17,000	Contributed Capital	63,000
Inventory	8,000	Retained Earnings	45,700
Prepaid Advertising	2,500	Sales Revenue
Building	39,000	Repair Service Revenue
Land	28,000	Cost of Goods Sold (COGS)
Equipment	20,000	Advertising Expense
Accounts Payable	13,000	Salary Expense
Unearned Revenue	$7,300

The business transactions for April are shownbelow:

APRIL

2 Meyer invested$80,000 cash into the business and contributed $100,000 worth ofequipment in exchange for stock.

4 Land and buildingwere purchased for $185,000. Of this amount, $90,000 applied to theland, and $95,000 to the building. The corporation paid $50,000 incash and financed the remaining balance with debt by signing a notepromising to pay in four years.

7 Purchased $10,000of computer inventory for the business on account.

10 Sold computers to customers for $20,000 receiving the entire amountin cash. The computers cost $15,000 (Hint: There are four accountsin this journal entry)

14 Received $7,000from a customer on previously billed repair services

18 Meyers Corporationbilled customers $15,000 for repair services rendered. Of thisamount, $8,500 was received in cash, and the balance was billed onaccount.

21 Paid $8,000 ofaccounts payable that had become due.

24 Paid $7,000 forseveral television advertisements aired in April

27 Received a check froma customer for $6,000 for repair services to be rendered in May

30 Paid employees $15,500 insalaries to employees for work done during the month.

Submit all your answers to D2L in one Exceldocument.

Prepare journal entries for each transaction (list the date,accounts and amounts debited and credited in good form).

	Accounts	Debit	Credit
April 1	Cash (+A)	$500,000
	Contributed Capital (+SE)		$500,000
To record purchase of additional shares of stock

Create T- account for each account used with the beginningbalance provided. Post each transaction from Question 1 to theappropriate T account and determine the ending balance as of April30.

Prepare a trial balance dated April 30, 2015 (see page 64 intextbook). Use the âSumâ function in Excel to addup your debit and credit columns.

Prepare an income statement for the period ended April 30, 2015.Does April appear to be a profitable month for Meyer Corporation?What is one suggestion you would make to increase the profitabilityof the business?

Prepare a balance sheet as of April 30, 2015. Use theâSumâ function in Excel for your totals.(Remember: Ending Retained Earnings = BeginningRetained Earnings + Net Income â Dividends)

salmonhound524

The realizationprinciple indicates that revenue usually should be recorded inthe accounting records:

Question 1 options:

A)	when cash is collected from customers

B)	when goods are sold or services are rendered to customers

C)	at the end of the accounting period

D)	only when the revenue can be matched by an equal dollar amountof expenses

E)	both (b) and (d) are correct

Which of the following account(s) would be part ofworking capital?

Question 2 options:

A)	accounts payable

land

supplies

D)	retained earnings

E)	cost of goods sold

F)	two of the above accounts are part of working capital

G)	three of the above accounts are part of working capital

H)	four of the above accounts are part of working capital

I)	all of the above accounts are part of working capital

On May 17, Buckeye Corporation performed $800 ofservices for ABC Company, a customer. ABC paid for one-half ofthe
bill on May 17 and agreed to pay the remainder within 30 days. OnJune 9, ABC paid the remaining amount owed. Which
of the following journal entries would ABC Company make onJune 9?

Question 3 options:

A)	debit accounts receivable $400 and credit cash $400

B)	debit cash $400 and credit service revenue $400

C)	debit accounts payable $400 and credit service revenue$400

D)	debit cash $400 and credit accounts payable $400

E)	debit cash $400 and credit accounts receivable $400

F)	debit accounts payable $400 and credit cash $400

The following information is available for XYZ Company: January 1, 2003 December 31, 2003Assets $500,000 $700,000Liabilities $300,000 $400,000 Equity $200,000 $300,000
XYZ Company reported a net income of $50,000 during 2003.
XYZ Company's return on equity (ROE) for 2003 was equal to:

Fletcher, Inc. reported an ending notes payablebalance of $57,000. An examination of the notes payablet-account
revealed debits of $25,000 and credits of $39,000 during the year.The beginning notes payable balance for Fletcher,
Inc. was equal to:

Question 5 options:

A)	$71,000 credit

B)	$71,000 debit

C)	$43,000 debit

D)	$43,000 credit

E)	none of the above are correct

Indicate the effect each of the following transactions has onthe accounting equation (i.e., assets, liabilities, and equity).Enter the number corresponding to your answer in the box provided.Answer choices may be used once, more than once, or not atall.

Question 6 options:

	ABC Company performed $2,000 of delivery servicesfor a customer who agreed to pay next month
	ABC Company paid $2,000 cash to the bank; $1,800of this amount was the repayment of a bank loan and the other $200paid was interest
	ABC Company made the adjusting entry to accrueincome taxes owed but not yet paid
	ABC Company purchased equipment for $3,000cash

1.	assets increase; liabilities increase; equitydecrease
2.	assets decrease; liabilities decrease; equity noeffect
3.	assets increase; liabilities no effect; equityincrease
4.	assets no effect; liabilities no effect; equity noeffect
5.	assets no effect; liabilities increase; equitydecrease
6.	assets increase; liabilities increase; equityincrease
7.	assets increase; liabilities increase; equity noeffect
8.	assets no effect; liabilities decrease; equityincrease
9.	assets decrease; liabilities no effect; equitydecrease
10.	assets decrease; liabilities decrease; equitydecrease

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		shares of stock.
		the owner's capital account.
		the revenue account.
		cash in bank account.

		partnership firm.
		sole proprietorship.
		corporation.
		none of these.

		asset account.
		permanent account.
		stockholders' equity account.
		temporary account.

		net income section.
		gross profit on sales section.
		revenue section.
		cost of merchandise sold section.

		revenue accounts.
		contra revenue accounts.
		permanent accounts.
		contra expenses accounts.

		net purchase.
		cost of merchandise sold.
		cost of merchandise available for sale.
		beginning merchandise inventory.

		Assets, liabilities, and stockholders' equity.
		Income, expenses, and stockholders' equity.
		Assets, liabilities, and income.
		Operating income, operating expenses, and stockholders'equity.

		net increase or decrease of cash.
		net increases of cash only.
		net decrease of cash only.
		net profit or loss of business.