1. Multiple Choice Question 153

Sheffield Corp. compiled the following financial information as of December 31, 2017:

Service revenue	$843000
Common stock	183000
Equipment	245000
Operating expenses	744000
Cash	201000
Dividends	59000
Supplies	25000
Accounts payable	124000
Accounts receivable	88500
Retained earnings, 1/1/17	426000

Sheffield assets on December 31, 2017 are:

A. $1399500.

B.

$559500.

C. $1009500.

D. $490000.

2. Multiple Choice Question 161

Sheffield Corp. had the following accounts and balances:

Accounts payable	$29500		Equipment	$35300
Accounts receivable	5300		Land	35500
Buildings	?		Unearned service revenue	10500
Cash	14650		Total stockholders' equity	?

If the balance of the Buildings account was $75000 and $5100 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity?

A/ $125750

B/ $140400

C/ $136250

D/ $175700

3. Multiple Choice Question 75 .

Use the following data to determine the total dollar amount of assets to be classified as current assets.

Concord Corporation
Balance Sheet
December 31, 2017
Cash		$194000		Accounts payable	$198000
Accounts receivable		160000		Salaries and wages payable	29000
Inventory		153000		Mortgage payable	244500
Prepaid insurance		89100		Total liabilities	$471500
Stock investments (long-term)		270000
Land		298000
Buildings	$321000			Common stock	$434600
Less: Accumulated depreciation	(62000)	259000		Retained earnings	736000
Trademarks		219000		Total stockholders' equity	$1170600
Total assets		$1642100		Total liabilities and stockholders' equity	$1642100

A. $866100

B. $507000

C. $443100

D. $596100

4. Multiple Choice Question 79

Use the following data to calculate the current ratio.

Sunland Company
Balance Sheet
December 31, 2017
Cash		$198000		Accounts payable	$199000
Accounts receivable		153000		Salaries and wages payable	26000
Inventory		163000		Mortgage payable	227000
Prepaid insurance		88700		Total liabilities	$452000
Stock investments (long-term)		261000
Land		265000
Buildings	$300000			Common stock	$392200
Less: Accumulated depreciation	(61000)	239000		Retained earnings	725500
Trademarks		202000		Total stockholders' equity	$1117700
Total assets		$1569700		Total liabilities and stockholders' equity	$1569700

A/ 3.04 : 1

B/ 1.62 : 1

C/ 2.68 : 1

D/ 2.31 : 1

5. Multiple Choice Question 120

Using the following balance sheet and income statement data, what is the debt to assets ratio?

Current assets	$37000		Net income	$41600
Current liabilities	14600		Stockholders' equity	76600
Average assets	158500		Total liabilities	41300
Total assets	118000

Average common shares outstanding was 14300.

A/ 64.92 percent

B/ 13 percent

C/ 35.00 percent

D/ 26 percent