ACC 290

Question 1

Marsh Corporation began operations on January 1, 2014. The following information is available for Marsh Corporation on December 31, 2014.

Accounts payable	$ 6,880	Notes payable	$ 10,760
Accounts receivable	3,880	Rent expense	11,880
Advertising expense	4,180	Retained earnings	?
Cash	4,980	Service revenue	28,760
Common stock	16,880	Supplies	3,780
Dividends	4,380	Supplies expense	1,520
Equipment	28,680

Question 2


	Your answer is correct.

The Clear View Golf & Country Club details the following accounts in its financial statements.

(a) Classify each of the following accounts as an asset, liability, stockholders’ equity, revenue, or expense item.

(b) Classify each of the following accounts as a financing activity, investing activity, or operating activity.

Question 3

This information relates to Molina Co. for the year 2014.

Retained earnings, January 1, 2014		$82,236
Advertising expense		2,209
Dividends		7,364
Rent expense		12,765
Service revenue		71,189
Utilities expense		2,946
Salaries and wages expense		36,822

Question 4


	Your answer is correct.

Suppose the following information (in thousands of dollars) is available for H.J. Heinz Company—famous for ketchup and other fine food products—for the year ended April 30, 2014.

Prepaid insurance	$ 130,311	Buildings	$4,094,724
Land	75,385	Cash	380,569
Goodwill	3,948,228	Accounts receivable	1,218,723
Trademarks	790,628	Accumulated depreciation—buildings	2,128,167
Inventory	1,200,361

Question 5


	Your answer is correct.

The statement of financial position for Ruiz Company includes the following accounts (in British pounds): Accounts Receivable £12,500; Prepaid Insurance £3,600; Cash £15,400; Supplies £5,200; and Debt Investments (short-term) £6,700. Prepare the current assets section of the statement of financial position, listing the accounts in proper sequence. (List current assets in reverse order of liquidity. Do not enter currency symbols in your answer.)

9 years ago

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