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
