1. Acme Company had equity of $55,000 at the end of the current year. During the year the company had a $2,000 net loss and investments by owners in exchange for stock of $7,000. Compute equity as of the beginning of the year.

		$5,000
		$46,000
		$50,000
		$52,000
		$64,000

4 points

QUESTION 18

1. If Beginning Retained Earnings was $184,300, the company distributed $46,000 in dividends and Ending Retained Earnings was $345,000, what was the net income for the period?

		$154,700
		$206,700
		$114,700
		$575,300
		$160,700

4 points

QUESTION 19

1. In which of the following situations would the trial balance not balance?

		A $1,000 collection of an account receivable was erroneously posted as a debit to Accounts Receivable and a credit to Cash
		The purchase of office supplies on account for $3,250 was erroneously recorded in the journal as $2,350 debit to Office Supplies and credit to Accounts Payable
		A $50 cash receipt for the performance of a service was not recorded at all
		The purchase of office equipment for $1,200 was posted as a debit to Office Supplies and a credit to Cash for $1,200
		The cash payment of a $750 account payable was posted as a debit to Accounts Payable and a debit to Cash for $750

4 points

4 points 

QUESTION 21

1.  Indicate whether a debit or credit entry would be  made to record the following changes in each account.

2.    a. To decrease Cash.

3.    b. To increase Common Stock.

4.    c. To decrease Accounts Payable.

5.    d. To increase Salaries Expense.

6.    e. To decrease Supplies.

7.    f. To increase Revenue.

8.    g. To decrease Accounts Receivable.

9.    h. To increase Retained Earnings.

10.   i. To increase unearned revenue

   j. To increase dividends

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10 points

QUESTION 22

1. Using the trial balance below: complete the income statement, the statement of retained earnings and a balance sheet.

Johnny Dollar's Body Shop
Trial Balance
December 31, 2020
Cash	6500
Accounts receivable	475
Body shop supplies	2500
Office supples	600
Body shop equipment	35200
Accounts payable			1500
Common stock			10000
Retained earnings			11775
Dividends	36000
Revenue earned			95000
Body shop supplies expense	3425
Office supplies expense	775
Rent expense	6000
Utilities expense	4800
Wages expense	22000
	118275		118275

2.  

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Answer rating: 100% (QA)

Question Question 17 The correct answer is 50000 The equity as of the beginning of the year was 50000 Equity at the end of the current year 55000 Net loss during the year 2000 Investments by owners in ... View the full answer