Question 1

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

Accepted Answer

The answer of Cash investments by owners in exchange for...

Question 2

A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash.This represents a(n):

Accepted Answer

Borrowing money is a form of financing activity.

Question 3

Accounts payable appear on which of the following statements?

Accepted Answer

Accounts payable represent amounts owed to creditors for goods or services received but not yet paid for. Therefore, they appear on the balance sheet as a liability.

Question 4

FastForward has beginning equity of $257,000,net income of $51,000,dividends of $40,000,and investments by owners in exchange for stock of $6,000.Its ending equity is:

Accepted Answer

The answer of FastForward has beginning equity of $257,000,net income...

Question 5

A company had total equity of $89,000 on January 1,2014.The following information is available for the year ended December 31,2014:  What are the total assets of the company at December 31,2014?

Accepted Answer

The answer of A company had total equity of $89,000...

Question 6

A company acquires equipment for $75,000 cash.This represents a(n):

Accepted Answer

Acquiring equipment for cash is an investing activity as it involves the purchase of a long-term asset that will be used in the company's operations.

Question 7

A company's balance sheet shows: cash $22,000,accounts receivable $16,000,office equipment $50,000,and accounts payable $17,000.What is the amount of equity?

Accepted Answer

Equity = Assets - Liabilities
Assets = Cash + Accounts Receivable + Office Equipment = $22,000 + $16,000 + $50,000 = $88,000
Liabilities = Accounts Payable = $17,000
Equity = Assets - Liabilities = $88,000 - $17,000 = $71,000. Therefore, the correct answer is (C) $71,000.

Question 8

Fees earned (but not yet received in cash) by a business in exchange for services that it has provided appear on which of the following statements?

Accepted Answer

Fees earned but not yet received in cash are recognized as revenue on the income statement under the accrual accounting method.

Question 9

Rent expense that is paid with cash appears on which of the following statements?

Accepted Answer

Rent expense is an operating expense and appears on the income statement. The balance sheet displays assets, liabilities, and equity at a specific point in time, and does not show expenses or revenue. The statement of retained earnings shows changes in a company's retained earnings balance over a period of time. The schedule of accounts receivable shows a list of customers who owe the company money and the amount owed, and the statement of cash received is not a financial statement commonly used in accounting.

Question 10

Use the following information as of December 31 to determine equity.

Accepted Answer

The answer of Use the following information as of December...

Question 11

Beginning assets were $437,600,beginning liabilities were $262,560,common stock issued during the year totaled $45,000,revenue for the year was $414,250,expenses for the year were $280,000,dividends declared were $22,700,and ending liabilities were $350,000. What was the beginning equity for the year?

Accepted Answer

Beginning equity is calculated as beginning assets minus beginning liabilities: $437,600 - $262,560 = $175,040.

Question 12

If beginning retained earnings was $184,300,net income for the period was $200,000,and ending retained earnings was $322,000,what was the total amount of dividends distributed for the period?

Accepted Answer

The formula for ending retained earnings is: Beginning Retained Earnings + Net Income - Dividends = Ending Retained Earnings. Plugging in the numbers: $184,300 + $200,000 - Dividends = $322,000. Solving for Dividends gives $62,300.

Question 13

The income statement reports all of the following except:

Accepted Answer

The income statement reports revenues, expenses, and net income or loss for a specific time period, but it does not report assets owned by the business. That information would be found on the balance sheet.

Question 14

Use the following information as of December 31 to determine equity.

Accepted Answer

The answer of Use the following information as of December...

Question 15

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?

Accepted Answer

Net Income = Ending Retained Earnings - Beginning Retained Earnings - Dividends
Net Income = $345,000 - $184,300 - $46,000
Net Income = $114,700

Question 16

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:  What are the total assets of the company at December 31,2014?

Accepted Answer

The answer of A company reported total equity of $145,000...

Question 17

FastForward had cash inflows from operations of $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000.The net change in cash was:

Accepted Answer

Net change in cash = Cash inflows from operations + Cash inflows from financing - Cash outflows from investing activities= $62,500 + $25,000 - $47,000= $40,500 increase

Question 18

If net income for the period was $134,250,dividends distributed were $76,530,and ending retained earnings was $862,520,what was the beginning retained earnings for the period?

Accepted Answer

Beginning retained earnings = Ending retained earnings from previous period + Net income - Dividends distributed
Assuming that there were no adjustments made to retained earnings during the period, we can calculate as follows:
Beginning retained earnings = $862,520 + $134,250 - $76,530
Beginning retained earnings = $920,240
Therefore, the answer is C) $804,800 is incorrect because it is the ending retained earnings from the current period, not the beginning retained earnings. A) $1,073,300 is incorrect because it is an arbitrary number not derived from the given information. B) $651,740 is incorrect because it does not take into account the net income and dividends distributed. E) $728,270 is incorrect because it also does not take into account the net income and dividends distributed.

Question 19

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.

Accepted Answer

Equity at beginning of the year + Investments by owners = Equity at end of the year - Net loss
Equity at beginning of the year + $7,000 = $55,000 - $2,000
Equity at beginning of the year = $50,000

Question 20

Determine the net income of a company for which the following information is available:

Accepted Answer

The answer of Determine the net income of a company...

Quiz 1: Introducing Financial Accounting

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

A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash.This represents a(n) :

Accounts payable appear on which of the following statements?

FastForward has beginning equity of $257,000,net income of $51,000,dividends of $40,000,and investments by owners in exchange for stock of $6,000.Its ending equity is:

A company had total equity of $89,000 on January 1,2014.The following information is available for the year ended December 31,2014: What are the total assets of the company at December 31,2014?

A company acquires equipment for $75,000 cash.This represents a(n) :

A company's balance sheet shows: cash $22,000,accounts receivable $16,000,office equipment $50,000,and accounts payable $17,000.What is the amount of equity?

Fees earned (but not yet received in cash) by a business in exchange for services that it has provided appear on which of the following statements?

Rent expense that is paid with cash appears on which of the following statements?

Use the following information as of December 31 to determine equity.

If beginning retained earnings was $184,300,net income for the period was $200,000,and ending retained earnings was $322,000,what was the total amount of dividends distributed for the period?

The income statement reports all of the following except:

Use the following information as of December 31 to determine equity.

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?

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: What are the total assets of the company at December 31,2014?

FastForward had cash inflows from operations of $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000.The net change in cash was:

If net income for the period was $134,250,dividends distributed were $76,530,and ending retained earnings was $862,520,what was the beginning retained earnings for the period?

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.

Determine the net income of a company for which the following information is available: