81. Notes Receivable due in 350 days appear on the A. balance sheet in the current assets sectionB. balance sheet in the fixed assets sectionC. balance sheet in the current liabilities sectionD. income statement as an expense
82. Unearned Fees appear on the A. balance sheet in the current assets sectionB. balance sheet as a current liabilityC. balance sheet in the stockholders’ equity sectionD. income statement as revenue
83. Which one of the fixed asset accounts listed below will not have a related contra asset account? A. Office EquipmentB. LandC. Delivery EquipmentD. Building
84. Prepaid insurance is reported on the balance sheet as a A. current assetB. fixed assetC. current liabilityD. long-term liability
85. The income statement is prepared from: A. the adjusted trial balance.B. the income statement columns of the work sheet.C. either the adjusted trial balance or the income statement columns of the work sheet.D. both the adjusted trial balance and the income statement columns of the work sheet.
86. Round-tripping is when A. a selling company sells to a customer company with huge discounts.B. a selling company pretends to sell to a fictitious company with the intent of inflating revenuesC. a selling company lends money to a customer company to increase assets.D. a selling company lends money to a customer company to be used to purchase goods from the selling company.
87. The Retained Earnings Statement should be prepared A. before the income statement and after the balance sheetB. before the income statement and balance sheetC. after the income statement and balance sheetD. after the income statement and before the balance sheet
88. The income statement should be prepared A. before the retained earnings statement and balance sheetB. after the retained earnings statement and before the balance sheetC. after the retained earnings statement and balance sheetD. after the balance sheet and before the retained earnings statement
89. When preparing the Retained Earnings Statement, the beginning balance should be followed by ____ to arrive at the ending balance of retained earnings. A. capital stock plus net income (loss)B. investments less dividendsC. net income (loss) less dividendsD. investments plus net income (loss) less dividends
90. Use the following information in the adjusted trial balance for Stockton Company to answer Questions 16-20.
Stockton Company
Adjusted Trial Balance
For the Year ended December 31, 2010
Cash
$ 6,030
Accounts Receivable
2,100
Prepaid Expenses
700
Equipment
13,700
Accumulated Depreciation
$ 1,100
Accounts Payable
1,900
Notes Payable
4,200
Capital Stock
12,940
Dividends
790
Fees Earned
8,750
Wages Expense
2,500
Rent Expense
1,960
Utilities Expense
775
Depreciation Expense
250
Miscellaneous Expense
85
Totals
$28,890
$28,890
Determine the net income (loss) for the period. A. Net Income $2,390B. Net Loss $790C. Net Loss $5,570D. Net Income $3,180
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