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Exam 1 practice question revised docx

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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,


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?


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,


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:


,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?


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
0 – 0 = $


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.

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