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MMUMULTIPLE CHOICE
1. The balance sheet reports:
| a. | the assets, liabilities, gains, and losses for a period of time |
| b. | the changes in assets, liabilities, and equity for a period of time |
| c. | the assets, expenses, and liabilities as of a certain date |
| d. | the probable future benefits, probable future sacrifices, and residual interest for a period of time |
| e. | the financial condition of an accounting entity as of a particular date |
Which of the following would not appear on a conventional balance sheet?
| a. | income taxes payable |
| b. | funds from operations |
| c. | cash surrender value of life insurance |
| d. | appropriation for contingencies (restriction of retained earnings) |
| e. | patents |
At the beginning of the year, Execon Company had total assets of $200,000, total liabilities of $110,000, and shareholders' equity of $90,000. For the year, Execon Company earned net income of $75,000 and declared cash dividends of $30,000. At the end of the year, the company had total assets of $300,000 and its shareholders' equity was at $135,000. At the end of the year, Execon Corporation had total liabilities of:
| a. | $0 |
| b. | $45,000 |
| c. | $50,000 |
| d. | $165,000 |
| e. | none of the answers are correct |
13 years ago
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