x
Info
x
Warning
x
Danger
 / 
 / 
 / 
11) Dividends declared reported the: A) Income Statement. B) Statement of Retained

Question : 11) Dividends declared reported the: A) Income Statement. B) Statement of Retained : 1550541

 

11) Dividends declared are reported on the:

A) Income Statement.

B) Statement of Retained Earnings.

C) Balance Sheet.

D) Statement of Assets.

12) The net loss for a company is reported on the:

A) Statement of Cash Flows.

B) Statement of Retained Earnings.

C) Income Statement.

D) all of the above.

13) Potter Company reports the following line items:

Long-Term Notes Payable

$50,000

Accounts Receivable

$28,000

Accounts Payable

$37,000

Building

$55,000

Cash and Cash Equivalents

$80,000

Salaries Expense

$25,500

Common Stock

$26,000

Interest Payable

$1,500

Land

$40,000

Short-term Investments

$5,000

Income Taxes Payable

$10,000

Equipment

$59,500

Supplies

$5,000

Service Revenue

$104,000

Supplies Expense

$20,000

Utilities Expense

$11,500

Income Tax Expense

$13,000

 

What is net income?

A) $26,000

B) $34,000

C) $59,500

D) $104,000

14) Connar Company reports the following accounts and balances at year end:

Long-Term Notes Payable

$150,000

Accounts Receivable

$31,000

Accounts Payable

$37,000

Building

$55,000

Cash and Cash Equivalents

$82,000

Salaries Expense

$20,500

Common Stock

$22,000

Interest Payable

$1,500

Land

$40,000

Short-term Investments

$7000

Income Taxes Payable

$14,000

Equipment

$59,500

Supplies

$7000

Service Revenue

$99,000

Supplies Expense

$18,000

Utilities Expense

$8,500

Income Tax Expense

$10,000

 

What is the total amount of current assets at the end of the year?

A) $82,000

B) $113,000

C) $127,000

D) $141,000

15) Wetzel Company has the following accounts and balances at the end of the fiscal year:

Long-Term Notes Payable

$152,000

Accounts Receivable

$30,000

Accounts Payable

$39,000

Building

$55,000

Cash and Cash Equivalents

$73,000

Salaries Expense

$20,500

Common Stock

$27,000

Interest Payable

$5500

Land

$42,000

Short-term Investments

$29,000

Income Taxes Payable

$15,000

Equipment

$59,500

Supplies

$30,000

Service Revenue

$99,000

Supplies Expense

$38,000

Utilities Expense

$28,500

Income Tax Expense

$21,000

 

What is the total amount of liabilities at the end of the year?

A) $59,500

B) $110,500

C) $211,500

D) $219,000

16) Kolander Company has the following accounts and balances at the end of the year:

Long-Term Notes Payable

$60,000

Accounts Receivable

$30,000

Accounts Payable

$39,000

Building

$57,000

Cash and Cash Equivalents

$84,000

Common Stock

$123,000

Interest Payable

$1500

Land

$43,000

Short-term Investments

$7000

Income Taxes Payable

$13,000

Equipment

$64,500

Supplies

$5000

 

What is the amount of Retained Earnings at the end of the year?

A) $54,000

B) $113,500

C) $167,500

D) $177,000

 

 

Solution
5 (1 Ratings )

Solved
Accounting 2 Years Ago 367 Views
This Question has Been Answered!

Related Answers
Unlimited Access Free
Explore More than 2 Million+
  • Textbook Solutions
  • Flashcards
  • Homework Answers
  • Documents
Signup for Instant Access!
Ask an Expert
Our Experts can answer your tough homework and study questions
150417 Accounting Questions Answered!
Post a Question