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A company has Liabilities of $23,500 and Stockholders' Equity of $56,500. How much does the company have in Assets? Beginning retained earnings are $65,000; sales
A company has Liabilities of $23,500 and Stockholders' Equity of $56,500. How much does the company have in Assets?
- Beginning retained earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?
- The account "Salaries Expense" began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the "Salaries Expense" account, and is it a debit or credit?
- A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct this error?
- Allied, Inc. bought a two-year insurance policy on August 1 for $3,600. What's the adjusting journal entry on December 31?
- A company started the year with no supplies. During the year they bought $200 worth of supplies on account and later paid $150 of this debt. If there were $40 worth of supplies left at the end of the year, what is the supply expense for the period?
- ABC Corporation has received an invoice for $4,500 with terms of 3/15, n/50. If ABC pays the invoice on the seventeenth day, what is the effect on the Cash account and will the Cash account be debited or credited?
- Bond and Associates has the following account balances listed in alphabetical order: Accumulated Depreciation, $23,000; Accounts Payable, $8,500; Accounts Receivable, $12,000; Cash, $3,500; Equipment, $44,000; Land, $21,000; Mortgage Payable, $45,000; Prepaid Insurance, $7,500; Supplies, $2,000; Unearned Revenue, $6,000; Wages Payable, $4,500. How much are Bond and Associates' current liabilities?
- Olympic Enterprises has the following inventory data: Assuming average cost, what is the cost of goods sold for the June 14 sale?
Date | Quantity | Unit cost | |
June 1 | Beginning inventory | 5 | $52 |
June 4 | Purchase | 10 | $55 |
June 7 | Sale | 12 | |
June 11 | Purchase | 9 | $58 |
June 14 | Sale | 8 |
- A company has $4,500 in net sales, $3,200 in gross profit, $1,300 in ending inventory, and $1,800 in beginning inventory. What is the company's cost of goods sold?
- Goods available for sale are $40,000; beginning inventory is $16,000; ending inventory is $20,000; and the cost of goods sold is $50,000. What is the inventory turnover?
- Which element of internal control deals with establishing procedures for things such as handling of incoming checks, and which element deals with the oversight of the internal control systems?
- What is an audit opinion?
- A company has $235,000 in credit sales. The company uses the allowance method to account for uncollectible accounts. The Allowance for Doubtful Accounts now has a $7,250 credit balance. If the company estimates 7% of credit sales will be uncollectible, what is the journal entry to record estimated uncollectible accounts?
- Bestway, Inc. had credit sales of $142,000 for the period. The balance in Allowance for Doubtful Accounts is a debit of $643. If Bestway estimates that 2% of credit sales will be uncollectible, what is the required journal entry to record estimated uncollectible accounts?
- An asset has a cost of $50,000, with a residual value of $10,000. It has a life of 5 years and was purchased on January 1. Under double-declining-balance, what's the asset's fourth full year of depreciation expense?
- A truck costing $56,000 has accumulated depreciation of $50,000. The truck is sold for $8,500. What is the journal entry for this transaction?
- On January 1, Bixby Machine signed a $210,000, 6%, 30-year mortgage that requires semiannual payments of $7,585 on June 30 and December 31 of each year. What's the correct journal entry for recording the second semiannual payment? (Round interest calculation to the nearest dollar.)
- On January 1, $500,000 of 8%, 10-year bonds were sold for $530,000. The bonds require semiannual interest payments on June 30 and December 31. What's the correct entry for recording the June 30 interest payment on the bonds?
- Motor Works, Inc. has declared a $20,000 cash dividend to shareholders. The company has 5,000 shares of $15-par, 10% preferred stock and 10,000 shares of $20-par common stock. The preferred stock is non-cumulative. How much will the preferred and common stockholders receive on the date of payment?
- Allied Industries, Inc. has 250,000 shares of $7-par common stock outstanding. They've declared a 7% stock dividend. The current market price of the common stock is $11/share. What amount that will be credited to Paid-in Capital in Excess of Par Common Stock on the date of declaration?
- Accounts receivable amounts to $215,000 for the beginning of the year and $245,000 for the end of the year. Income reported on the income statement for the year is $300,000. How much is the cash flow from operating activities on the cash flow statement using the indirect method?
- Operating expenses other than depreciation for the year were $400,000. Accrued expenses increased by $35,000. What are the cash payments for operating expenses reported on the cash flow statement using the direct method?
- Red Line, Inc. has a cash balance of $80,000, short-term investments of $20,000, net receivables of $60,000, and inventory of $450,000. Current liabilities total $200,000. What's Red Line's quick ratio?
- River City, Inc. reported the following for 2018:
Net sales | $220,000 |
Net income | $37,000 |
Market price per share of common stock | $28.75 |
Dividends | $4,100 |
Average number of shares of common stock outstanding | 10,000 |
- What are the earnings per share for River City, Inc. (to the nearest cent)?
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Assets Assets Liabilities Stockholders Equity Therefore Assets 23500 56500 80000 Net Income or Loss ...
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