Question :
81.Refer to the information above. If the Cash balance at : 1259612
81.Refer to the information above. If the Cash balance at December 31, 2014 is $67,500, the Notes Payable balance is:
A. $118,750.
B. $47,500.
C. $137,500.
D. $140,000.
82.Refer to the information above. If the Cash balance at December 31, 2014 is $62,500 then Total Liabilities amounts to:
A. $42,500.
B. $140,000.
C. $45,000.
D. $182,500.
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?
A. The owner(s) must have invested $800,000 to start the business.
B. The business must be operating profitably.
C. Liabilities are $80,000.
D. Liabilities are $1,520,000.
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:
A. Decreased by $102,000.
B. Decreased by $622,000.
C. Increased by $102,000.
D. Increased by $622,000.
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?
A. $202,500.
B. $90,000.
C. $360,000.
D. $630,000.
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?
A. $180,000.
B. $2,000,000.
C. $1,400,000.
D. $2,600,000.
87.A transaction caused a $60,000 increase in both assets and total liabilities. This transaction could have been which of the following?
A. Purchase for office equipment for $60,000 cash.
B. Purchase of office equipment for $120,000, paying $60,000 cash and issuing a note payable for the balance.
C. Repayment of a $60,000 bank loan.
D. Investment of $60,000 cash in the business by the owner.
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:
A. Total assets are increased.
B. Total liabilities are decreased.
C. Total assets are decreased.
D. The owners’ equity is increased.
89.If during the current year, liabilities of Corbett’s Store increased by $220,000 and owners’ equity increased by $160,000, then:
A. Assets at the end of the year total $380,000.
B. Assets at the end of the year total $60,000.
C. Assets increased during the year by $380,000.
D. Assets decreased during the year by $60,000.
90.If during the current year, liabilities of Hayden Travel decreased by $50,000 and owners’ equity increased by $75,000, then:
A. Assets at the end of the year total $125,000.
B. Assets at the end of the year total $25,000.
C. Assets increased during the year by $25,000.
D. Assets decreased during the year by $125,000.
