Fox News – Breaking News Updates

latest news and breaking news today

Exam 1 practice question revised docx

source : studocu.com

Exam 1 practice question revised docx

1, Use the following information as of December 31 to determine equity.

Liabilities $ 200,
Cash 50,
Equipment 300,
Buildings 150,

Answer:

Assets = ,000 + 0,000 + 0,000 = 0,
Equity = 0,000 – 0,000 = 0,

2, The Assets of a company total 0,000, the liabilities, 0,000. What are the
net assets?

Answer:

Assets =Liabilities + Equity
0,000 = 0,000 + Equity =0,

2, Determine the net income of a company for which the following information is available:

Employee salaries expense $ 200,
Interest expense 20,
Rent expense 30,
Consulting revenue 600,

Answer:

Expenses: 0,000 + ,000 + ,000 = 0,
Net income = 0,000 – 0,000 = 0,

3, If net income for the period was 0,000, dividends distributed were ,000 and ending
retained earnings was 0,000, what was the beginning retained earnings for the period?

Answer:900,000 + 80,000 – 150,000 = 830,

4, Beginning assets were 9,600, beginning liabilities were 3,360, common stock
issued during the year totaled ,800, revenue for the year was 5,850, expenses for the
year were 0,800, dividends declared was ,500, and ending liabilities is $
2,000.What is net income for the year?

Answer:415,850 – 280,800 = 135,5, Below is accounting information for ABC Company for 20163:

Revenue $ 500,
Cash 120,
Common stock 70,
Expenses 300,
Equipment 100,
Accounts receivable 30,
Notes payable 60,
Notes receivable 80,

What were the total assets at year-end?Answer:120,000 + 30,000 + 80,000 + 100,000 = 330,6, What is IASB?7. What is FASB?

8, The following transactions occurred during July:

a. Received
,150 cash for services provided to a customer during July.
b. Received ,450 cash investment from Barbara Hanson, the owner of the business.
c. Received 0 from a customer in partial payment of his account receivable, which arose
from sales in June.
d. Provided services to a customer on credit, 0.
e. Signed a promissory note for a ,000 bank loan.
f. Received
,375 cash from a customer for services to be rendered next year.

What was the amount of revenue for July?

Answer:3,150 + 650 = 3800A company had the following account balances at year-end:
Answer:Debit to Accounts Receivable and Credit to Service Revenue13. Define Double-entry accounting is an accounting system14, What is the main purpose of adjusting entries?15. Define accrued revenues?

16, ABC Co. leased a portion of its store to another company for eight months beginning on
October 1, 2014, at a monthly rate of 1,600. This other company paid the entire ,
cash on October 1, which ABC Co. recorded as unearned revenue. The journal entry made
by ABC Co. at year-end on December 31, 2014, would include:

Answer

,800 x 3/8 = ,800 rent earnedOn June 30, 2014, ABC Co. paid ,500 cash for management services to be performed
over a two-year period. ABC follows a policy of recording all prepaid expenses in asset
accounts at the time of cash payment. On June 30, 2014 What should ABC record?

Answer

A debit to Prepaid Expense for ,500.

18, On April 1, 2014, a company paid
,800 premium on a three-year insurance policy

with benefits beginning on that date. What will be the insurance expense on the annual
income statement for the year ended December 31, 2014?

Answer00 x 9/36 = 0.A company had no office supplies at the beginning of the year. During the year, the
company purchased 0 worth of office supplies. On December 31, 0 worth of office
supplies remained. How much should the company report as office supplies expense for the
year?
0 – 0 = $

20,

On September 1, Kennedy Company loaned 0,000, at 9% annual interest, to a customer. Interest andprincipal will be collected when the loan matures one year from the issue date. Assuming adjustments are onlymade at year-end, what is the adjusting entry for accruing interest that Kennedy would need to make onDecember 31, the calendar year-end0,000 * 0.09 * 4/12 = ,Debit Interest Receivable, 4,500; credit Interest Revenue, ,500.

Investments in Debt and Equity Securities | Book Value | Goodwill...

Investments in Debt and Equity Securities | Book Value | Goodwill… – 16. When an investor uses the equity method to account for investments in common stock, cash dividends received during 2002 and reported the following balances at December 31, 2002. How much should Moon include as a loss on transfer of securities in its determination of net income for…Below is accounting information for Cascade Company for 2013: Revenue $ 428,000 Cash 126,000 Common stock 206,000 Expenses 306,000 Equipment SEC The following transactions occurred during July: a. Received $1,800 cash for services provided to a customer during July. b. Received $3…The following trial balance was extracted from the books of the company as at 31 December 2008: Date posted: February 25, 2019. The following information relate to the assets that the company purchased or constructed before commencement of operations.

ACC211 – Use the following information as of December 31 to… – Use the following information to compute profit ma… Use the above adjusted trial balance to prepare Wi… Following are Nintendo's revenue and expense As of December 31, 2016, Moss Company had total ca… The following unrelated events are typical of thos… Nevada Company experienced the…The balance sheet, in other words, shows the company's resources from two points of view—asset and liability—and the following A slightly different breakdown of the owners' equity is used in most of continental Europe and in Table 1: Any Company, Inc.: Balance sheet as of December 31, 20__.At December 31, 2004, the last business day of the Registrant's most recently completed fiscal quarter, there were 95,542,010 shares of Registrant's Class A common stock and 178,980,030 shares of Registrant's Class B Market for The Registrant's Common Equity and Related Stockholder Matters.

ACC211 - Use the following information as of December 31 to...

The following information relates to ABC Ltd. for the year ended 31… – Record the revenue, expense, and dividend events under the appropriate elements of the accounting equation created in Requirement b . Prove the equality of the accounting equation as of December 31, Year 2. Identify the beginning and ending balances in the Cash and Common Stock accounts.Use the following information to compute profit margin for eac h separate company (Round your answ ers 10 1 decimal place.) The payment was recorded with a credit to the Unearned Rent account. Required : 1. Use the information to prepare adjusting entries as of December 31 , 20 13.The new building was acquired on December 31, 2019. The related mortgage requires equal annual WACC AND OPTIMAL CAPITAL STRUCTURE Elliott Athletics is trying to determine its optimal Bank reconciliation The following data were gathered to use in reconciling the bank account of Eves…

James Caan (born March 26, 1939), American Actor, Film
Finance-management-6th-edition-timothy-gallagher-full1
Khafre, Inc - NEWS/UPDATESFOR IMMEDIATE RELEASE The 4th
Khafre, Inc - NEWS/UPDATESFOR IMMEDIATE RELEASE The 4th
Khafre, Inc - NEWS/UPDATESFOR IMMEDIATE RELEASE The 4th
Khafre, Inc - NEWS/UPDATESFOR IMMEDIATE RELEASE The 4th
JUZD Shows LG Fashion Week That Men Do, In Fact, Gotstyle
Financial Statement Analysis Guide For Beginners
Acc 557 Final Exam By TimothyKirkham - Issuu
Understand Your Cash Flow Statement - Entrepreneur.com
Current Affairs March 2017 INDIAN AFFAIRS 1. Narendra