Question : 81. Which one of the fixed asset accounts listed below will : 1239723

 

 

81. Which one of the fixed asset accounts listed below will not have a related contra asset account? A. Office EquipmentB. LandC. Delivery EquipmentD. Building

 

82. Prepaid insurance is reported on the balance sheet as a A. current assetB. fixed assetC. current liabilityD. long-term liability

 

83. The income statement is prepared from:  A. either the post-closing trial balance or the unadjusted trial balance columns of the work sheet.B. either the unadjusted trial balance or the balance sheet columns of the work sheet.C. either the adjusted trial balance or the income statement columns of the work sheet.D. both the adjusted trial balance and the balance sheet columns of the work sheet.

 

84. Which of the following is not showed on the retained earnings statement of a company? A. Ending balance of retained earningsB. Net income of the companyC. Dividends paid by the companyD. Additional capital stock issued by the company

 

85. The retained earnings statement should be prepared A. before the income statement and after the balance sheetB. before the income statement and balance sheetC. after the income statement and balance sheetD. after the income statement and before the balance sheet

 

86. The income statement should be prepared  A. before the retained earnings statement and balance sheetB. after the retained earnings statement and before the balance sheetC. after the retained earnings statement and balance sheetD. after the balance sheet and before the retained earnings statement

 

87. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. 

Stockton Company

Adjusted Trial Balance

For the Year Ended December 31, 20XX

 

 

 

Cash

$  6,530

 

Accounts Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,300

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

9,250

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

185

 

Totals

$29,490

$29,490

 

 

 

Determine the net income (loss) for the period. A. Net Income $9,250B. Net Loss $790C. Net Loss $5,670D. Net Income $3,580

 

88. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. 

Stockton Company

Adjusted Trial Balance

For the Year Ended December 31, 20XX

 

 

 

Cash

$  6,530

 

Accounts Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,300

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

9,250

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

185

 

Totals

$29,490

$29,490

 

 

 

Determine the Retained Earnings ending balance. A. $12,150B. $13,730C. $6,480D. $21,400

 

89. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. 

Stockton Company

Adjusted Trial Balance

For the Year Ended December 31, 20XX

 

 

 

Cash

$  6,530

 

Accounts Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,300

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

9,250

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

185

 

Totals

$29,490

$29,490

 

 

 

Determine total assets. A. $24,130B. $15,830C. $21,930D. $23,030

 

90. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. 

Stockton Company

Adjusted Trial Balance

For the Year Ended December 31, 20XX

 

 

 

Cash

$  6,530

 

Accounts Receivable

2,100

 

Prepaid Expenses

   700

 

Equipment

13,700

 

Accumulated Depreciation

 

$  1,100

Accounts Payable

 

1,900

Notes Payable 

 

4,300

Capital Stock

 

2,000

Retained Earnings

 

10,940

Dividends

790

 

Fees Earned

 

9,250

Wages Expense

2,500

 

Rent Expense

1,960

 

Utilities Expense

775

 

Depreciation Expense

250

 

Miscellaneous Expense

185

 

Totals

$29,490

$29,490

 

 

 

Determine the current assets. A. $23,030B. $9,330C. $21,930D. $8,630