Finance Expert Needed

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Question 1 0 / 4 points

(Learning Outcome 2): Gray Company collects $5,000 from one of it's customers that was due from the previous month. How will this affect the accounting equation?

Question 2 0 / 4 points

(Learning Outcome 1) Simon and Son's has Accounts Receivable of $35,000, owes on account to Johnson Company $16,500 and has furniture totaling $12,250. They have $90,000 in cash on hand and the business has a $36,750 Note Payable. How much is Simon and Son's Owner's Equity? Use the accounting equation to solve this problem.

Question 3 2 / 2 points

Assets increase by $5,000; Equity increases by $5,000.

Assets increase by $5,000; Assets decrease by $5,000 .

Assets increase by $5,000; Liabilities decrease by $5,000

.

Assets decrease by $5,000; Equity decreases by $5,000.

$84,000

$117,000

$10,500

Some other amount

11/27/2019 : Quiz Submissions - Pretest ORGL 225 - Fall 2019 - Record Keeping for Leaders (ORGL-225-1CW) - Texas A&M - Commerce

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(Learning Outcome 1): Which of the following accounts would not be considered a revenue account?

Question 4 2 / 2 points

(Learning Outcome 2): Patterson Co. bought a new delivery truck on account for $19,650 from Pete's Auto Plex. What account would you credit in this transaction?

Question 5 4 / 4 points

(Learning Outcome 5): Which of the following is a characteristic of a corporation?

Question 6 0 / 4 points

(Learning Outcome 3) Which of the following inventory systems require a physical count of inventory at the end of an accounting period?

Ticket Revenue

Fees Earned

Unearned Revenue

Sales

Cash

Patterson Co., Equity

Accounts Payable-Pete's Auto Plex

Delivery Truck

Stockholders own corporations

Lenders to a corporation do not have the authority or right to claim the corporation's assets to satisfy their obligations.

A stockholder has the authority or "mutual agency" to enter into a binding contract for the corporation solely by his or her actions.

Only one individual must hold all shares of stock in a corporation

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Question 7 0 / 4 points

(Learning Outcome 3) How is Cost of Goods Sold calculated under the periodic inventory method?

Question 8 0 / 8 points

(Learning Outcome 4) A company received a bank statement with a balance of $6,350. Reconciling items included a bookkeeper error of $300 (a $300 check recorded as $600) two outstanding checks totaling $820, a service charge of $25, a deposit in transit of $280, and interest revenue of $21. What is the adjusted bank balance? (You must show your calculations to receive full credit for this question).

Perpetual

None

Periodic

Both

Goods Available for Sale + Ending Inventory

Purchases + Transportation In -Purchases Returns and Allowances - Purchases Discount

Beginning Inventory + Purchases - Ending Inventory

Beginning Inventory + Net Purchases - Ending Inventory

$6350 ending balance

-$300 check (check reported as $600)

-$820 outstanding checks

-$25 service charge

+$280 deposit

-$25 service charge

+$21 interest revenue

New balance = $5,506

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Question 9 0 / 4 points

(Learning Outcome 4) Ella B's signs a $12,000, 6 month note at 6% interest. How much is Notes Payable?

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Question 10 0 / 4 points

(Learning Outcome 5) Which of the following statements are true of a corporation.

Question 11 8 / 8 points

(Learning Outcome 6) On January 1, 2017, Cooper Sales issued $15,000 in bonds for $14,700. They were six-year bonds with a stated rate of 9% and they pay semi-annual interest. Cooper Sales uses the straight-line method to amortize the bond discount amount. On June 30, 2017, when Cooper Sales makes the first payment to bondholders, how much will the company report as interest expense?

$2,120 a month.

A corporation has a limited life.

A corporation pays income taxes on it's business earnings.

All types and classes of a corporation's stocks carry the same degree of risk for the shareholder.

The shareholder's of corporation have unlimited liabilities for all the corporation's debts.

$675

$825

$25

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Question 12 4 / 4 points

(Learning Outcome 6) On March 1, 2017, Winston Inc. issued a 5% long-term note payable for $15,000. It is a 3 year note with $5000. annual payments due on March 1st each year plus interest, beginning March 1, 2018. How will a balance sheet on December 31, 2017 show this information?

Question 13 0 / 8 points

(Learning Outcome 8) Simpson Inc. provides the following data;

2017 2016

Revenue $10,000. $8,000.

Cost of Goods Sold $4,500. $3,000.

Prepare a horizontal analysis of Revenues and Cost of Goods Sold in dollar amounts and in percentages for 2017. You MUST show your calculations to receive full credit for this problem.

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Question 14 0 / 15 points

(Learning Outcome 8) Richardson Service Inc. reported a Net Income for the year of 25,750. Richardson Service's beginning and ending total assets were $87,560 and $93,570 respectively.

A) Calculate Richardson Service's return on assets (ROA) Round your answer to the nearest percentage.

B) What does Return on Assets measure for a company?

$700

$5,000 as a current liability and $10,000 as a long-term liability.

$5,000 as a current liability and $15,000 as a long-term liability.

$15,000 as a current liability.

$15,000 as a long-term liability.

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You must answer both A) and B) correctly and show your calculations for A) to receive full credit for this question.

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Question 15 0 / 6 points

(Learning Outcome 7) What are the three classifications (or categories) on a cash flow statement?

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Question 16 0 / 8 points

(Learning Outcome 7) The following transactions occurred for Gracy Inc. at the end of the year:

a) Net Income for the year was $55,000. Depreciation Expense was $17,000.

b) Cash dividends were paid this year. Beginning retained earnings was $180,000 and ending Retained Earnings was $230,000.

Considering both transactions, what amount will be reported for cash paid for dividends on the financing section of the statement of cash flows?

Question 17 0 / 4 points

(Learning Outcome 9) Which of the following budgets focuses on the income statement and its supporting schedules?

$5,000.

$72,000

$8,200.

$174,000

capital-expenditures budget

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Question 18 0 / 4 points

Which of the following regarding the Statement of Financial Position for a non-profit is true?

Question 19 3 / 3 points

In a non-profit organization, the amount of total assets minus total liabilities is actually reported as ________________ in its Statement of Financial Position.

cash budget

sales budget

operating budget

It is similar to an Income Statement of a for-profit entity.

It must be prepared before a trial balance

It is similar to a Balance Sheet of a for-profit entity.

It includes expenses by functional category

Stockholder's Equity

Owner's Equity

Net Assets

Expenses