Question : 161.The financial statement that shows the beginning balance of retained : 1258293

 

 

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:    

A.Statement of financial position.

 

B.Statement of cash flows.

 

C.Balance sheet.

 

D.Income statement.

 

E.Statement of retained earnings.

 

 

 

 

162.Cash investments by stockholders are listed on which of the following statements?    

A.Balance sheet.

 

B.Income statement.

 

C.Statement of retained earnings.

 

D.Statement of cash flows.

 

E.All of these.

 

 

 

 

163.Accounts payable appear on which of the following statements?   

A.Balance sheet.

 

B.Income statement.

 

C.Statement of retained earnings.

 

D.Statement of cash flows.

 

E.Transaction statement.

 

 

 

 

164.The income statement reports all of the following except:   

A.Revenues earned by a business.

 

B.Expenses incurred by a business.

 

C.Assets owned by a business.

 

D.Net income or loss earned by a business.

 

E.The time period over which the earnings occurred.

 

 

 

 

165.Use the following information as of December 31 to determine equity. 

Cash57,000

Buildings175,000

Equipment206,000

Liabilities$141,000

  

A.$57,000.

 

B.$141,000.

 

C.$297,000.

 

D.$438,000.

 

E.$579,000.

Assets = Liabilities + Stockholders’ EquityCash + Equipment + Buildings = Liabilities + Stockholders’ Equity$57,000 + $206,000 + $175,000 = $141,000 + Stockholders’ Equity$438,000 = $141,000 + Stockholders’ Equity; Stockholders’ Equity = $297,000

 

 

 

166.Use the following information for Meeker Corp. to determine the amount of equity to report. 

Cash70,000

Buildings125,000

Land205,000

Liabilities$130,000

  

A.$390,000.

 

B.$140,000.

 

C.$20,000.

 

D.$530,000.

 

E.$270,000.

Assets – Liabilities = Stockholders’ Equity Cash + Equipment + Land – Liabilities = Stockholders’ Equity $70,000 + $125,000 + $205,000 – $130,000 = $270,000

 

 

 

167.Determine the net income of a company for which of the following information is available for the month of July. 

Employee salaries expense$180,000

Interest expense10,000

Rent expense20,000

Consulting revenue400,000

  

A.$190,000.

 

B.$210,000.

 

C.$230,000.

 

D.$400,000.

 

E.$610,000.

Net Income = Revenues – ExpensesNet Income = Consulting Revenue – Employee Salaries Expense – Interest Expense – Rent ExpenseNet Income = $400,000 – $180,000 – $10,000 – $20,000; Net Income = $190,000

 

 

 

168.Determine the net income of a company for which of the following information is available for the month of September. 

Service revenue$300,000

Rent expense48,000

Utilities expense3,200

Salaries expense81,000

  

A.$263,800.

 

B.$432,200.

 

C.$171,000.

 

D.$167,800.

 

E.$252,000.

Revenues – Expenses = Net Income Service Revenue – Rent Expense – Utilities Expense – Salaries Expense $300,000 – $48,000 – $3,200 – $81,000 = $167,800

 

 

 

169.A company acquires equipment for $75,000 cash. This represents a(n):    

A.Operating activity.

 

B.Investing activity.

 

C.Financing activity.

 

D.Revenue activity.

 

E.Expense activity.

 

 

 

 

170.A company borrows $125,000 from the Northern Bank and receives the loan proceeds in cash. This represents a(n):    

A.Revenue activity.

 

B.Operating activity.

 

C.Expense activity.

 

D.Investing activity.

 

E.Financing activity.

 

 

 

 

 

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