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77.
Refer to the information above. If Retained Earnings at December 31, 2014, is $100,000,
Equipment is carried in Hercules Manufacturing, Inc. accounting records at:
78.
Refer to the information above. Assume that the Equipment shown above was acquired by
the business five years ago and has a book value of $156,000, but has a current appraised
value of $200,000. Hercules Manufacturing's Retained Earnings at December 31, 2014,
amounts to:
79.
Refer to the information above. If the Notes Payable is $10,000, the December 31, 2014
cash balance is:
80.
Refer to the information above. If the Notes Payable balance is $25,000, then the total
assets of Gordon, Inc. at December 31, 2014 amount to:
81.
Refer to the information above. If the Cash balance at December 31, 2014 is $67,500, the
Notes Payable balance is:
82.
Refer to the information above. If the Cash balance at December 31, 2014 is $62,500 then
Total Liabilities amounts to:
83.
Which of the following is correct if at the end of Crystal Imports' first year of operations,
Assets are $800,000 and Owners' Equity is $720,000?
84.
During the current year, the assets of Wheatley's increased by $362,000, and the liabilities
increased by $260,000. The owners' equity in the business must have:
85.
The total liabilities of Hogan's Company on the balance sheet are $270,000; this amount is
equal to three-fourths of the total assets. What is the amount of owners' equity?
86.
Thirty percent of the total assets of Shanahan Corporation have been financed through
borrowing. The total liabilities of the company are $600,000. What is the amount of
owners' equity?
87.
A transaction caused a $60,000 increase in both assets and total liabilities. This
transaction could have been which of the following?
88.
If $9,600 cash and a $31,000 note payable are given in exchange for some office machines
to be used in a business:
89.
If during the current year, liabilities of Corbett's Store increased by $220,000 and owners'
equity increased by $160,000, then:
90.
If during the current year, liabilities of Hayden Travel decreased by $50,000 and owners'
equity increased by $75,000, then:
91.
At the end of the current year, the owners' equity in Barclay Bakery is $246,000. During the
year, the assets of the business had increased by $120,000 and the liabilities had
increased by $72,000. Owners' equity at the beginning of the year must have been:
92.
At the end of the current year, the owners' equity in Durante Co. is $360,000. During the
year, the assets of the business had increased by $68,000 and the liabilities had increased
by $118,000. Owners' equity at the beginning of the year must have been:
93.
During the current year, the assets of Quality Stairs increased by $175,000 and the
liabilities decreased by $15,000. If the owners' equity in the business is $475,000 at the
end of the year, the owners' equity at the beginning of the year must have been:
94.
An expense is best defined as:
95.
A revenue transaction will result in all of the following
except
:
96.
Refer to the information above. What amount of net income will be reported on an income
statement for the month of August?
97.
Refer to the information above. At the beginning of August, 2014, owners' equity in Astoria
was $160,000. Given the transactions of August, what will be the owners' equity be at the
end of the month?
2-58
98.
Refer to the information above. For the month of August, net cash flows from operating
activities for Astoria were:
Waldorf Co. had the following transactions during the month of October 2014:
* Cash received from bank loans was $60,000.
* Dividends of $18,500 were paid to stockholders in cash.
* Revenues earned and received in cash amounted to $100,500.
* Expenses incurred and paid were $78,000.
99.
Refer to the information above. What amount of net income will be reported on an income
statement for the month of October?
100.
Refer to the information above. At the beginning of October, owners' equity in Waldorf was
$480,000. Given the transactions of October, 2014, what will be the owners' equity at the
end of the month?
