Question : 31) When preparing the financial statements: A) assets, liabilities, and revenues : 1230103

31) When preparing the financial statements:

A) assets, liabilities, and revenues are reported on the balance sheet.

B) the balance sheet reports the beginning balance of retained earnings.

C) assets, liabilities, and stockholders’ equity are reported on the balance sheet.

D) assets, liabilities, and dividends are reported on the balance sheet.

32) Lucy Morton opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions:

I.Lucy invested $30,000 in the business, which in turn issued common stock to her.

II.The business purchased equipment on account for $6,000.

II.The business provided engineering services on account, $10,000.

III.The business paid salaries to the receptionist, $1,000.

IV.The business received cash from a customer as payment on account $6,000.

V.The business borrowed $8,000 from the bank, issuing a note payable.

Total assets would be:

A) $30,000.

B) $37,000.

C) $47,000.

D) $61,000.

33) Lucy Morton opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions:

I.Lucy invested $30,000 in the business, which in turn issued common stock to her.

II.The business purchased equipment on account for $6,000.

II.The business provided engineering services on account, $10,000.

III.The business paid salaries to the receptionist, $1,000.

IV.The business received cash from a customer as payment on account $6,000.

V.The business borrowed $8,000 from the bank, issuing a note payable.

Total liabilities would be:

A) $0.

B) $6,000.

C) $14,000.

D) $20,000.

34) A company completed the following transactions during the month of October:

I.Purchased office supplies on account, $4,000.

II.Provided services for cash, $10,000.

III.Provided services on account, $12,000.

IV.Collected cash from a customer on account $7,000.

V.Paid the monthly rent of $3,000.

What was the company’s total revenue for the month?

A) $10,000

B) $22,000

C) $29,000

D) $36,000

35) A company completed the following transactions during the month of October:

I.Purchased office supplies on account, $4,000.

II.Provided services for cash, $10,000.

III.Provided services on account, $12,000.

IV.Collected cash from a customer on account $7,000.

V.Paid the monthly rent of $3,000.

What was the company’s net income for the month?

A) $0

B) $10,000

C) $19,000

D) $22,000

36) A company had credit sales of $30,000 and cash sales of $10,000 during the month of May. Also during May, the company paid wages of $1,000 and utilities of $800. It also received payments from customers on account totaling $4,000. What was the company’s net income for the month?

A) $10,000

B) $38,200

C) $41,000

D) $44,000

37) A company had credit sales of $30,000 and cash sales of $10,000 during the month of May. Also during May, the company paid wages of $1,000 and utilities of $800. It also received payments from customers on account totaling $4,000. At the beginning of May, the company had a cash balance of $25,000. What is the company’s cash balance at the end of May?

A) $23,200

B) $25,000

C) $37,200

D) $65,000

38) ABC Company began business in June when stockholders invested $80,000 in the business, which in turn issued its common stock to them. ABC Company then purchased a building for $40,000 cash and inventory for $20,000 cash, performed services for clients for $10,000 cash, purchased supplies for $5,000 cash, and paid utilities of $2,000 cash. What is the amount of total assets?

A) $80,000

B) $88,000

C) $108,000

D) $163,000