The equity of Lime Company is $180,000 and the total liabilities are $90,000. The total assets are ________.  

Group of answer choices

$270,000

$180,000

$360,000

$90,000

Question 2 1 pts

The following transactions for the month of March have been journalized and posted to the proper accounts of a sole proprietorship. Mar. 1 The business received $8000 cash from the owner of the business, Lemon. The business gave capital to Lemon. Mar. 2 Paid the first month's rent of $600. Mar. 3 Purchased equipment by paying $3500 cash and executing a note payable for $8000. Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $11,000 of design services completed. Mar. 6 Received $7600 on account for the services previously recorded. What is the balance in Cash on March 6?

Group of answer choices

$10,800

$14,300

$12,100

$11,400

Flag question: Question 3

Question 3 1 pts

Plum Painting Services has a weekly payroll of $26,000. December 31 falls on Wednesday and Plum will pay its employees the following Monday (January 5) for the previous full week. Assume that Plum has a five-day workweek and has an unadjusted balance in Salaries Expense of $790,000 at December 31. What amount should be debited to Salaries Expense on December 31?

Group of answer choices

$15,600

$790,000

$10,400

$26,000

Flag question: Question 4

Question 4 1 pts

Grapefruit Services started the year with total assets of $90,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $110,000 and $70,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year?

Group of answer choices

$50,000

$110,000

$30,000

$70,000

Flag question: Question 5

Question 5 1 pts

The following are all of the current month's balances for Coconut Company (sole proprietorship) before preparing the trial balance. All balances are normal, positive balances.

Accounts Payable	$6000
Revenue	3000
Cash	6000
Expenses	18,500
Furniture	13,000
Accounts Receivable	12,000
Owner, Capital	?
Notes Payable	7500

What amount should be shown for Owner, Capital on the trial balance?

Group of answer choices

$59,000

$33,000

$31,000

$13,500

Flag question: Question 6

Question 6 1 pts

Big Apple Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $4000. During March, Big Apple sold 600 tickets at $40 each, and 550 tickets were used during the month. What is the balance in Unearned Revenue at the end of March?

Group of answer choices

debit balance of $4000

credit balance of $6000

debit balance of $6000

credit balance of $4000

Flag question: Question 7

Question 7 1 pts

The following Office Supplies account information is available for Avocado Company.

Beginning balance	$1000
Office Supplies expensed	5000
Ending balance	4000

From the above information, calculate the amount of office supplies purchased.

Group of answer choices

$5000

$8000

$4000

$1000

Flag question: Question 8

Question 8 1 pts

Blueberry Company collected $9000 from one of its customers, the amount owed from the previous month. How does this affect the accounting equation for Mulberry?

Group of answer choices

assets increase by $9000; liabilities decrease by $9000

assets increase by $9000; liabilities increase by $9000

assets increase by $9000; assets decrease by $9000

assets increase by $9000; equity increases by $9000

Flag question: Question 9

Question 9 1 pts

The Accounts Receivable account of Pineapple Company is sumarized through the following T Account: Calculate the ending balance of the account.

Group of answer choices

$26,000 debit

$23,000 debit

$20,000 debit

$3000 credit

Flag question: Question 10

Question 10 1 pts

Tangerine Company started business in January, Year 1. The company rented an office for $5400 per month starting from January 1, Year 1. On that day, Tangerine prepaid the rent through June 30. The company makes adjusting entries at the end of each month. What is the balance in the Prepaid Rent account as of April 30, Year 1?

Group of answer choices

$10,800

$900

$5400

$2700This quiz covers the reading and lecture video examples for the week. It is very important that you go through the reading and lecture videos before completing this quiz. Further, please review the examples in the reading and lecture videos as this quiz will be very similar. It is recommended that you take notes about these examples including the steps taken during the example. Keep the notes with you while you are taking this quiz as they will be very helpful.

Good Luck!

Flag question: Question 1

Question 1 1 pts

The equity of Lime Company is $180,000 and the total liabilities are $90,000. The total assets are ________.

Group of answer choices

$270,000

$180,000

$360,000

$90,000

Flag question: Question 2

Question 2 1 pts

The following transactions for the month of March have been journalized and posted to the proper accounts of a sole proprietorship. Mar. 1 The business received $8000 cash from the owner of the business, Lemon. The business gave capital to Lemon. Mar. 2 Paid the first month's rent of $600. Mar. 3 Purchased equipment by paying $3500 cash and executing a note payable for $8000. Mar. 4 Purchased office supplies for $700 cash. Mar. 5 Billed a client for $11,000 of design services completed. Mar. 6 Received $7600 on account for the services previously recorded. What is the balance in Cash on March 6?

Group of answer choices

$10,800

$14,300

$12,100

$11,400

Flag question: Question 3

Question 3 1 pts

Plum Painting Services has a weekly payroll of $26,000. December 31 falls on Wednesday and Plum will pay its employees the following Monday (January 5) for the previous full week. Assume that Plum has a five-day workweek and has an unadjusted balance in Salaries Expense of $790,000 at December 31. What amount should be debited to Salaries Expense on December 31?

Group of answer choices

$15,600

$790,000

$10,400

$26,000

Flag question: Question 4

Question 4 1 pts

Grapefruit Services started the year with total assets of $90,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $110,000 and $70,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year?

Group of answer choices

$50,000

$110,000

$30,000

$70,000

Flag question: Question 5

Question 5 1 pts

The following are all of the current month's balances for Coconut Company (sole proprietorship) before preparing the trial balance. All balances are normal, positive balances.

Accounts Payable	$6000
Revenue	3000
Cash	6000
Expenses	18,500
Furniture	13,000
Accounts Receivable	12,000
Owner, Capital	?
Notes Payable	7500

What amount should be shown for Owner, Capital on the trial balance?

Group of answer choices

$59,000

$33,000

$31,000

$13,500

Flag question: Question 6

Question 6 1 pts

Big Apple Company sells tickets in advance for its weekly productions and records the proceeds as Unearned Revenue. At the end of each month, the company makes an adjusting entry to account for the tickets used during the month (ticket revenue.) On March 1, the Unearned Revenue account had a credit balance of $4000. During March, Big Apple sold 600 tickets at $40 each, and 550 tickets were used during the month. What is the balance in Unearned Revenue at the end of March?

Group of answer choices

debit balance of $4000

credit balance of $6000

debit balance of $6000

credit balance of $4000

Flag question: Question 7

Question 7 1 pts

The following Office Supplies account information is available for Avocado Company.

Beginning balance	$1000
Office Supplies expensed	5000
Ending balance	4000

From the above information, calculate the amount of office supplies purchased.

Group of answer choices

$5000

$8000

$4000

$1000

Flag question: Question 8

Question 8 1 pts

Blueberry Company collected $9000 from one of its customers, the amount owed from the previous month. How does this affect the accounting equation for Mulberry?

Group of answer choices

assets increase by $9000; liabilities decrease by $9000

assets increase by $9000; liabilities increase by $9000

assets increase by $9000; assets decrease by $9000

assets increase by $9000; equity increases by $9000

Flag question: Question 9

Question 9 1 pts

The Accounts Receivable account of Pineapple Company is sumarized through the following T Account: Calculate the ending balance of the account.

Group of answer choices

$26,000 debit

$23,000 debit

$20,000 debit

$3000 credit

Flag question: Question 10

Question 10 1 pts

Tangerine Company started business in January, Year 1. The company rented an office for $5400 per month starting from January 1, Year 1. On that day, Tangerine prepaid the rent through June 30. The company makes adjusting entries at the end of each month. What is the balance in the Prepaid Rent account as of April 30, Year 1?

Group of answer choices

$10,800

$900

$5400

$2700

Answer rating: 100% (QA)

The detailed answer for the above question is provided below Question 1 The equity of Lime Company is 180000 and the total liabilities are 90000 The total assets are the sum of equity and liabilities ... View the full answer