ACC 557 Week 4 Chapter 4 Quiz (3 Sets) (Updated One)
AccGuruMultiple Choice Question 92 |
The income statement for the year 2013 of Fugazi Co. contains the following information:
Revenues | $70,000 | |||
Expenses: | ||||
Salaries and Wages Expense | $45,000 | |||
Rent Expense | 12,000 | |||
Advertising Expense | 8,000 | |||
Supplies Expense | 6,000 | |||
Utilities Expense | 2,500 | |||
Insurance Expense | 2,000 | |||
Total expenses | 75,500 | |||
Net income (loss) | ($5,500) | |||
After the revenue and expense accounts have been closed, the balance in Income Summary will be
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The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013:
Accounts payable | $ 19,000 |
Accounts receivable | 11,000 |
Accumulated depreciation – equipment | 28,000 |
Advertising expense | 21,000 |
Cash | 11,000 |
Common stock | 40,000 |
Dividends | 14,000 |
Depreciation expense | 12,000 |
Equipment | 190,000 |
Insurance expense | 3,000 |
Note payable, due 6/30/14 | 70,000 |
Patents | 20,000 |
Prepaid insurance (12-month policy) | 6,000 |
Rent expense | 17,000 |
Retained earnings (1/1/13) | 65,000 |
Salaries and wages expense | 32,000 |
Service revenue | 125,000 |
Supplies | 4,000 |
Supplies expense | 6,000 |
What is the book value of the equipment at December 31, 2013?
Multiple Choice Question 133 |
The following information is for Bright Eyes Auto Supplies:
Bright Eyes Auto Supplies | ||||||||||
Balance Sheet | ||||||||||
December 31, 2013 | ||||||||||
Cash | $ 20,000 | Accounts Payable | $ 65,000 | |||||||
Prepaid Insurance | 40,000 | Salaries and Wages Payable | 25,000 | |||||||
Accounts Receivable | 50,000 | Mortgage Payable | 75,000 | |||||||
Inventory | 70,000 | Total Liabilities | $165,000 | |||||||
Land Held for Investment | 90,000 | |||||||||
Land | 125,000 | |||||||||
Building | $100,000 | Common Stock | $120,000 | |||||||
Less Accumulated | Retained Earnings | 250,000 | 370,000 | |||||||
Depreciation | (30,000) | 70,000 | ||||||||
Trademark | 70,000 | Total Liabilities and | ||||||||
Total Assets | $535,000 | Stockholders' Equity | $535,000 | |||||||
The total dollar amount of liabilities to be classified as current liabilities is
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After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to
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Under IFRS
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Multiple Choice Question 48 |
A worksheet can be thought of as a(n)
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Multiple Choice Question 166 |
Income Summary has a credit balance of $17,000 after closing revenues and expenses. The entry to close Income Summary is
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[removed] | credit Income Summary $17,000, debit Dividends $17,000. |
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Closing entries are journalized and posted
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A post-closing trial balance is prepared
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After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to
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A current asset is
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