1. At the end of the current accounting period, account balances were as follows: Cash, $29,000; Accounts Receivable,$44,000; Common Stock22,000; Retained Earnings,$11,000. Liabilities for the period were:

1. 62,000
2. 73,000
3. 51,000
4. 40,000

2. Revenues were $148,000, expenses were $140,000, and cash dividends declared and paid were 1,000.

What were the net income and the change in retained earnings for the period?

A.Net income was $148,000; the change in retained earnings was $9,000.

B.Net income was $8,000; the change in retained earnings was $7,000.

C.Net income was $8,000; the change in retained earnings was $8,000.

D.Net income was $148,000; the change in retained earnings was147,000.

3. Golden Company had the following accounts and balances at the end of the year. What are total assets at the end of the year?

Cash $76,000
Accounts Payable $21,000
Common Stock $21,000
Dividends $12,000
Inventory $42,000
Long−term Notes Payable $33,000
Revenues $135,000
Salaries Payable $33,000 A. $118,000 B. $172,000

C. $130,000

D. $76,000

4. Wetzel Company has the following accounts and balances at the end of the fiscal year:

Long-Term Notes Payable $152,000

Accounts Receivable $33,000

Accounts Payable $40,000

Building $55,000

Cash and Cash Equivalents $40,000

Salaries Expense $20,500

Common Stock $25,000

Interest Payable $1,500

Land $42,000

Short-term investments $26,000

Income Taxes Payable $12,000

A. $179,000

B. 53,500

C. 205,500

D. 111,500

5. During the year, Green Wash Corporation has $300,000 inrevenues, $120,000 in expenses, and $5,000 in dividend declarations and payments. Net income for the year was:

A. $125,000

B. $300,000

C. $180,000

D. $185,000

6. What item flows from the statement of retained earnings to the balance sheet?

1. Retained earnings

B. Cash

C. Net Income

D. Dividends

7. Kolander Company has the following accounts and balances at the end of the year:

Long Term Notes Payable $56,000

Accounts Receivable $31,000

Accounts Payable $38,000

Building $57,000

Cash and Cash Equivalents $82,000

Salaries Expense $124,500

Common Stock $25,000

Interest Payable $1,500

Land $41,000

Short-term investments $7,000

Income Taxes Payable $10,000

Equipment $61,500

A. $60,000

B. 105,500

C. 184,000

D. 165,500

8. Beck Company had the following accounts and balances at the end of the year. What is net income or net loss for the year?

Cash $69,000

Accounts Payable $12,000

Common Stock $21,000

Dividends $12,000

Operating Expenses $12,000

Accounts Rec $52,000

Inventory $48,000

Long-term Notes Payable $33,000

Revenues $90,000

Salaries Payable $31,000

A. net income of 4,000

B. net income of 78,000

C. net income of 8,000

D. net income of 90,000

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Answer 1 CNet income was 8000 the chang... View the full answer