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.

 

 

 

 

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