Question :
71.Refer to the information above. If Cash at December 31, : 1237560
71.Refer to the information above. If Cash at December 31, 2014, is $86,000, Capital Stock is:
A.$260,000.
B.$300,000.
C.$620,000.
D.$168,000.
Cash ($86,000) + A/R ($40,000) + Land ($240,000) + Building ($180,000) + Equipment ($120,000) = $666,000A/P ($16,000) + N/P ($190,000) + Capital Stock (?) + R.E. ($160,000) = $666,000Capital Stock = $300,000
72.Refer to the information above. If Cash at December 31, 2014, is $26,000, total owners’ equity is:
A.$160,000.
B.$366,000.
C.$606,000.
D.$400,000.
Cash ($26,000) + A/R ($40,000) + Land ($240,000) + Building ($180,000) + Equipment ($120,000) = $606,000A/P ($16,000) + N/P ($190,000) + Capital Stock (?) + R.E. ($160,000) = $606,000Capital Stock = ($240,000) + R. E. ($160,000) = $400,000Total Owners’ Equity = $400,000
73.Refer to the information above. If Cash at December 31, 2014, is $66,000, total assets amounts to:
A.$606,000.
B.$806,000.
C.$662,000.
D.$646,000.
Cash ($66,000) + A/R ($40,000) + Land ($240,000) + Building ($180,000) + Equipment ($120,000) = $646,000Total Assets = $646,000
At December 31, 2014, the accounting records of Hercules Manufacturing, Inc. contain the following items:
74.Refer to the information above. If total assets of Hercules Manufacturing, Inc. are $556,000, Equipment is carried in Hercules Manufacturing accounting records at:
A.$377,000.
B.$179,000.
C.$150,000.
D.$90,000.
Cash ($7,000) + A/R ($30,000) + Land ($90,000) + Building ($250,000) + Equipment (?) = $556,000Equipment = $179,000
75.Refer to the information above. If total assets of Hercules Manufacturing, Inc. are $556,000, Retained Earnings at December 31, 2014, must be:
A.$811,000.
B.$180,000.
C.$221,000.
D.$335,000.
A/P ($12,000) + N/P ($135,000) + Capital Stock ($188,000) + R.E.(?) = $556,000Retained Earnings = $221,000
76.Refer to the information above. If Retained Earnings at December 31, 2014, is $140,000, total assets amounts to:
A.$98,000.
B.$377,000.
C.$475,000.
D.$188,000.
A/P ($12,000) + N/P ($135,000) + Capital Stock ($188,000) + R.E. ($140,000) = $475,000Total assets = $475,000
77.Refer to the information above. If Retained Earnings at December 31, 2014, is $100,000, Equipment is carried in Hercules Manufacturing, Inc. accounting records at:
A.$42,000.
B.$58,000.
C.$43,500.
D.$345,000.
A/P ($12,000) + N/P ($135,000) + Capital Stock ($188,000) + R.E. ($100,000) = $435,000Cash ($7,000) + A/R ($30,000) + Land ($90,000) + Building ($250,000) + Equipment (?) = $435,000Equipment = $58,000
78.Refer to the information above. Assume that the Equipment shown above was acquired by the business five years ago and has a book value of $156,000, but has a current appraised value of $200,000. Hercules Manufacturing’s Retained Earnings at December 31, 2014, amounts to:
A.$533,000.
B.$345,000.
C.$198,000.
D.$356,000.
Cash ($7,000) + A/R ($30,000) + Land ($90,000) + Building ($250,000) + Equipment ($156,000) = $533,000A/P ($12,000) + N/P ($135,000) + Capital Stock ($188,000) + R.E.(?) = $533,000Retained Earnings = $198,000
At December 31, 2014 the accounting records of Gordon, Inc. contain the following items:
79.Refer to the information above. If the Notes Payable is $10,000, the December 31, 2014 cash balance is:
A.$60,000.
B.$160,000.
C.$30,000.
D.$20,000.
A/P ($2,500) + N/P ($10,000) + Capital Stock ($12,500) + R.E. ($125,000) = $150,000Cash (?) + A/R ($18,750) + Land ($30,000) + Building ($31,250) + Equipment ($40,000) = $150,000Cash = $30,000
80.Refer to the information above. If the Notes Payable balance is $25,000, then the total assets of Gordon, Inc. at December 31, 2014 amount to:
A.$27,500.
B.$152,500.
C.$120,000.
D.$165,000.
A/P ($2,500) + N/P ($25,000) + Capital Stock ($12,500) + R.E. ($125,000) = $165,000Total Assets = $165,000
