Question : 81. Which one of the fixed asset accounts listed below will : 1251819

81. Which one of the fixed asset accounts listed below will not have a related contra asset account? A. Office EquipmentB. LandC. Delivery EquipmentD. Building

 

82. Prepaid insurance is reported on the balance sheet as a A. current assetB. fixed assetC. current liabilityD. long-term liability

 

83. 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.

 

84. 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.

 

85. 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

 

86. 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

 

87. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. 

Stockton Company

Adjusted Trial Balance

For the Year Ended December 31, 20XX

Cash$  6,030

Accounts Receivable2,100

Prepaid Expenses700

Equipment13,700

Accumulated Depreciation$  1,100

Accounts Payable1,900

Notes Payable4,200

Capital Stock2,000

Retained Earnings10,940

Dividends790

Fees Earned8,750

Wages Expense2,500

Rent Expense1,960

Utilities Expense775

Depreciation Expense250

Miscellaneous Expense85

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

 

88. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. 

Stockton Company

Adjusted Trial Balance

For the Year Ended December 31, 20XX

Cash$  6,030

Accounts Receivable2,100

Prepaid Expenses700

Equipment13,700

Accumulated Depreciation$  1,100

Accounts Payable1,900

Notes Payable4,200

Capital Stock2,000

Retained Earnings10,940

Dividends790

Fees Earned8,750

Wages Expense2,500

Rent Expense1,960

Utilities Expense775

Depreciation Expense250

Miscellaneous Expense85

Totals$28,890$28,890

Determine the Retained Earnings ending balance. A. $10,150B. $13,330C. $14,120D. $10,940

 

89. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. 

Stockton Company

Adjusted Trial Balance

For the Year Ended December 31, 20XX

Cash$  6,030

Accounts Receivable2,100

Prepaid Expenses700

Equipment13,700

Accumulated Depreciation$  1,100

Accounts Payable1,900

Notes Payable4,200

Capital Stock2,000

Retained Earnings10,940

Dividends790

Fees Earned8,750

Wages Expense2,500

Rent Expense1,960

Utilities Expense775

Depreciation Expense250

Miscellaneous Expense85

Totals$28,890$28,890

Determine total assets. A. $23,630B. $15,330C. $21,430D. $22,530

 

90. Use the information in the adjusted trial balance for Stockton Company to answer the questions that follow. 

Stockton Company

Adjusted Trial Balance

For the Year Ended December 31, 20XX

Cash$  6,030

Accounts Receivable2,100

Prepaid Expenses700

Equipment13,700

Accumulated Depreciation$  1,100

Accounts Payable1,900

Notes Payable4,200

Capital Stock2,000

Retained Earnings10,940

Dividends790

Fees Earned8,750

Wages Expense2,500

Rent Expense1,960

Utilities Expense775

Depreciation Expense250

Miscellaneous Expense85

Totals$28,890$28,890

Determine the current assets. A. $22,530B. $8,830C. $21,430D. $8,130