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Exam 1: Introducing Financial Accounting

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Question 31

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The following schedule reflects the first month's transactions of the Blue Real Estate Company: Provide descriptions for each transaction.

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a. Investment of cash in business by own...

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Question 32

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Ending liabilities are 67,000, beginning equity was $87,000, common stock issued during year totaled $31,000, expenses for the year were $22,000, dividends declared totaled $13,000, ending equity for the year is $181,000, and beginning assets for the year were $222,000. What was net income for the year?

A) $ 41,000
B) $ 76,000
C) $ 53,000
D) $ 98,000
E) $ 35,000

F) A) and D)
G) C) and E)

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Question 33

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At the beginning of the year, a company had $120,000 worth of liabilities. During the year, assets increased by $160,000, and at year-end they equaled $360,000. Liabilities decreased $20,000 during the year. Calculate the beginning and ending values of equity.

The assets of a company total $700,000; the liabilities, $200,000. What are the total claims of the owners?

If the liabilities of a business increased $75,000 during a period of time and the equity in the business decreased $30,000 during the same period, the assets of the business must have:

The difference between a company's assets and its liabilities is:

Below is accounting information for Cascade Company for 2013: $\begin{array}{|l|r|}\hline \text { Revenue } & \$ 416,000 \\\hline \text { Cash } & \$ 120,000 \\\hline \text { Common stock } & \$ 200,000 \\\hline \text { Expenses } & \$ 300,000 \\\hline \text { Equipment } & \$ 240,000 \\\hline \text { Accounts receivable } & \$ 35,000 \\\hline \text { Notes payable } & \$ 50,000 \\\hline \text { Notes receivable } & \$ 62,000 \\\hline\end{array}$ What was net income for the year?

Beginning assets were $700,000, beginning equity was $225,000, revenue for the year was $523,000, common stock issued during the year totaled $320,000, expenses for the year were $392,000, ending equity is $751,000, and ending assets are $963,000. What are the ending liabilities for the year?

Apatha Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. The effects of this transaction include:

Cash investments by owners in exchange for stock are listed on which of the following statements?

If Madeira Company paid $42,000 of its accounts payable in cash, what would be the effect of this transaction on assets, liabilities, and equity?

A company reported total equity of $145,000 on its December 31, 2013, balance sheet. The following information is available for the year ended December 31, 2014: 2014 revenues…………….. $210,000 2014 expenses………………. 165,000 Liabilities, at December 31, 2014…. 92,000 What are the total assets of the company at December 31, 2014?

Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare its balance sheet at December 31, 2014.

The International Accounting Standards Board (IASB) issues International Financial Reporting Standards (IFRS) that identify preferred accounting practices.

Every business transaction should leave the accounting equation in balance.

Ending liabilities are 67,000, beginning equity was $87,000, common stock issued during year totaled $31,000, expenses for the year were $22,000, dividends declared totaled $13,000, ending equity for the year is $181,000, and beginning assets for the year were $222,000. What was revenue for the year?

Match the following terms with the definitions.

Beginning assets were $700,000, beginning equity was $225,000, revenue for the year was $523,000, common stock issued during the year totaled $320,000, expenses for the year were $392,000, ending equity is $751,000, and ending assets are $963,000. What were the beginning liabilities for the year?

Describe the three important guidelines for revenue recognition.

A company performed testing services for a client. The client paid the company $3,000 in cash. Enter the appropriate amounts for this transaction into the company's accounting equation format shown below: $\begin{array} { | c | c | c | } \hline \text { Assets } = & \text { Liabilities } + & \text { Equity } \\\hline & & \\\hline\end{array}$