135.
On May 31 of the current year, the assets and liabilities of Riser, Inc. are as follows: Cash
$20,500; Accounts Receivable, $7,250; Supplies, $650; Equipment, $12,000; Accounts
Payable, $9,300. What is the amount of stockholders’ equity as of May 31 of the current
year?
136.
On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as
follows: Cash $30,000; Supplies, $600; Equipment, $10,000; Accounts Payable, $8,500.
What is the amount of stockholders’ equity as of August 31 of the current year?
137.
Assets created by selling goods and services on credit are:
138.
An exchange of value between two entities that yields a change in the accounting
equation is called:
139.
Saddleback Company paid off $30,000 of its accounts payable in cash. What would be the
effects of this transaction on the accounting equation?
140.
If Houston Company billed a client for $10,000 of consulting work completed, the accounts
receivable asset increases by $10,000 and:
141.
Alpha Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It
buys office equipment on credit for $75,000. What would be the effects of this transaction
on the accounting equation?
142.
Contessa Company collected $42,000 cash on its accounts receivable. The effects of this
transaction as reflected in the accounting equation are:
143.
If the liabilities of a business increased $75,000 during a period of time and the
stockholders’ equity in the business decreased $30,000 during the same period, the assets
of the business must have:
144.
If the assets of a business increased $89,000 during a period of time and its liabilities
increased $67,000 during the same period, equity in the business must have:
145.
If the liabilities of a company increased $74,000 during a period of time and equity in the
company decreased $19,000 during the same period, what was the effect on the assets?
146.
If a company paid $38,000 of its accounts payable in cash, what was the effect on the
accounting equation?
147.
If assets are $365,000 and equity is $120,000, then liabilities are:
148.
Rushing had income of $150 million and average invested assets of $1,800 million. Its
return on assets is:
149.
Cage Company had income of $350 million and average invested assets of $2,000 million.
Its return on assets (ROA) is:
150.
Speedy has net income of $18,955, and assets at the beginning of the year of $200,000.
Assets at the end of the year total $246,000. Compute its return on assets.
151.
Chou Co. has a net income of $43,000, assets at the beginning of the year are $250,000
and assets at the end of the year are $300,000. Compute its return on assets.
152.
U.S. government bonds are:
153.
Risk is:
154.
The statement of cash flows reports all of the following
except
:
155.
The basic financial statements include all of the following
except
:
156.
The statement of retained earnings:
157.
The financial statement that reports whether the business earned a profit and also lists
the revenues and expenses is called the:
158.
A balance sheet lists:
159.
A financial statement providing information that helps users understand a company’s
financial status, and which lists the types and amounts of assets, liabilities, and equity as
of a specific date, is called a(n):
160.
The financial statement that identifies a company’s cash receipts and cash payments over
a period of time is the:
161.
The financial statement that shows the beginning balance of retained earnings; the
changes in retained earnings that resulted from net income (or net loss); dividends; and
the ending balance, is the:
162.
Cash investments by stockholders are listed on which of the following statements?