Question :
140. Flores Realty Corporation had the following balance sheet accounts : 1244106
140. Flores Realty Corporation had the following balance sheet accounts and balances:
Accounts Payable
$6,000
Common Stock
?
Accounts Receivable
1,000
Equipment
$7,000
Building
?
Land
7,000
Cash
3,000
Retained Earnings
2,000
If the balance of the Building account were $14,000 and $3,000 of Accounts Payable were paid in cash, what would be the balance of the Common Stock account?
a.
$24,000
b.
$34,000
c.
$32,000
d.
$21,000
141. Flores Realty Corporation had the following balance sheet accounts and balances:
Accounts Payable
$6,000
Common Stock
?
Accounts Receivable
1,000
Equipment
$7,000
Building
?
Land
7,000
Cash
3,000
Retained Earnings
2,000
If the balance of the Building account were $8,000 and $3,000 of Accounts Payable were paid in cash, what would be the total liabilities and stockholders’ equity?
a.
$23,000
b.
$18,000
c.
$14,000
d.
$19,000
142.Following is the balance sheet for Abbot Box Company, Inc.:
Abbot Box Company, Inc.
Balance Sheet
December 31, 20×6
Assets
Liabilities
Cash
$ 8,000
Accounts payable
$16,000
Accounts receivable
1,000
Land
14,000
Stockholders’ Equity
Building
44,000
Common stock
$40,000
Equipment
13,000
Retained earnings
24,000
Total stockholders’
equity
64,000
Total liabilities and
Total assets
$80,000
stockholders’ equity
$80,000
If the balance in the Cash account were used to pay part of Accounts Payable, then total liabilities and stockholders’ equity would
a.
increase by $16,000.
b.
increase by $8,000.
c.
decrease by $8,000.
d.
decrease by $16,000.
143.Following is the balance sheet for Abbot Box Company, Inc.:
Abbot Box Company, Inc.
Balance Sheet
December 31, 20×6
Assets
Liabilities
Cash
$ 8,000
Accounts payable
$16,000
Accounts receivable
1,000
Land
14,000
Stockholders’ Equity
Building
44,000
Common stock
$40,000
Equipment
13,000
Retained earnings
24,000
Total stockholders’
equity
64,000
Total liabilities and
Total assets
$80,000
stockholders’ equity
$80,000
If the equipment were sold for $13,000, then the Retained Earnings account would
a.
increase by $13,000.
b.
increase by $37,000.
c.
decrease by $13,000.
d.
stay the same.
144.Following is the balance sheet for Abbot Box Company, Inc.:
Abbot Box Company, Inc.
Balance Sheet
December 31, 20×6
Assets
Liabilities
Cash
$ 8,000
Accounts payable
$16,000
Accounts receivable
1,000
Land
14,000
Stockholders’ Equity
Building
44,000
Common stock
$40,000
Equipment
13,000
Retained earnings
24,000
Total stockholders’
equity
64,000
Total liabilities and
Total assets
$80,000
stockholders’ equity
$80,000
If the balance in the Cash account were used to buy more equipment, then the total assets would
a.
increase by $8,000.
b.
decrease by $8,000.
c.
increase by $21,000.
d.
remain unchanged.
145.The net income amount appears in all the following financial statements, except the
a.
statement of cash flows.
b.
balance sheet.
c.
statement of retained earnings.
d.
income statement.
146.The statement of cash flows would disclose the payment of a dividend
a.
nowhere on the statement.
b.
in the financing activities section.
c.
in the operating activities section.
d.
in the investing activities section.
147.The statement of cash flows would disclose the purchase of a building for cash
a.
nowhere on the statement.
b.
in the financing activities section.
c.
in the operating activities section.
d.
in the investing activities section.
148.Which of the following represents the proper order of financial statement preparation?
a.
Statement of retained earnings, income statement, statement of cash flows, balance sheet
b.
Income statement, statement of retained earnings, balance sheet, statement of cash flows
c.
Balance sheet, statement of cash flows, statement of retained earnings, income statement
d.
Statement of cash flows, balance sheet, income statement, statement of retained earnings
149.All of the following items would appear on the balance sheet, except
a.
Accounts Receivable.
b.
Dividends.
c.
Common Stock.
d.
Retained Earnings.
