Question : 112. On January 3, 2011, total liabilities are: A. $370,000.B. $350,000.C. $300,000.D. $70,000. $90,000 + $260,000 = : 1229667

112. On January 3, 2011, total liabilities are: 
A. $370,000.
B. $350,000.
C. $300,000.
D. $70,000.

$90,000 + $260,000 = $350,000

Ceramic Products, Inc. reports these account balances at January 1, 2009 (shown in alphabetical order):
  
On January 5, Ceramic Products collected $12,000 of its accounts receivable and paid $11,000 on its note payable.

113. In a trial balance prepared for Ceramic Products on January 1, 2009, the total of the credit column is: 
A. $182,000.
B. $196000.
C. $166,000.
D. $286,000.

$24,000 + $28,000 + $185,000 + $49,000 = $286,000

114. In a trial balance prepared on January 5, 2009, the total of the credit column is: 
A. $275,000.
B. $286,000.
C. $287,000.
D. $297,000.

$28,000 + $13,000 + $185,000 + $49,000 = $275,000

115. On January 5, 2009, total liabilities are: 
A. $0.
B. $30,000.
C. $56,000.
D. $41,000.

$28,000 + $13,000 = $41,000

116. Ben Dryden, president of Jet Glass, Inc, noticed a $8,000 debit to Accounts Payable in the company’s general ledger. This debit could correspond to: 
A. A $8,000 sale to a customer.
B. A purchase of equipment costing $8,000 on credit.
C. A payment of $8,000 to a supplier to settle a balance due.
D. The failure to pay this month’s $8,000 utility bill on time.

The following entry appears in Galloway Paints general journal on April 23, 2011:
 

117. This transaction involves: 
A. Galloway’s collection of $20,000 on an account payable.
B. Payment of $6,000 cash by Galloway
C. A $26,000 overall increase in Galloway’s assets.
D. Sale of inventory by Galloway for $26,000.

118. Before the journal entry above, Galloway had assets of $450,000; liabilities of $230,000; and owners’ equity of $220,000. Total assets immediately after the above transaction has been recorded amount to: 
A. $430,000.
B. $450,000.
C. $470,000.
D. $476,000.

$450,000 + $26,000 – $6,000 = $470,000

Indirect Oil Co. reports these account balances at December 31, 2011
  
On January 2, 2012, Indirect Oil collected $25,000 of its accounts receivable and paid $20,000 of its accounts payable.

119. In a trial balance prepared at December 31, 2011 the total of the debit column is: 
A. $805,000.
B. $780,000.
C. $415,000.
D. $390,000.

$100,000 + $80,000 + $40,000 + $50,000 + $120,000 = $390,000

120. In a trial balance prepared at January 3, 2012, the total of the debit column is: 
A. $760,000.
B. $825,000.
C. $740,000.
D. $370,000.

$100,000 + $80,000 + $45,000 + $25,000 + $120,000 = $370,000 or $390,000 (from above) – $20,000 payment of liability = $370,000

121. On January 3, 2012, total liabilities are: 
A. $185,000.
B. $165,000.
C. $150,000.
D. $70,000.

$35,000 + $130,000 = $165,000

Wilson Trucking, Inc. reports these account balances at January 1, 2012 (shown in alphabetical order):
  
On January 5, Wilson Trucking collected $175,000 of its accounts receivable, paid $150,000 on its accounts payable, and paid $11,000 on its note payable.

122. In a trial balance prepared for Wilson Trucking on January 1, 2012, the total of the credit column is: 
A. $1,580,000.
B. $1,560,000.
C. $1,620,000.
D. $3,120,000.

$220,000 + $680,000 + $520,000 + $140,000 = $1,560,000

123. In a trial balance prepared for Wilson Trucking on January 5, 2012, the total of the debit column is: 
A. $1,580,000.
B. $1,399,000.
C. $1,620,000.
D. $3,120,000.

$25,000 + $480,000 + $174,000 + $320,000 + $400,000 = $1,399,000

124. In a trial balance prepared on January 5, 2012, the total of the credit column is: 
A. $1,350,000.
B. $1,399,000.
C. $1,560,000.
D. $1,721,000.

($220,000 – $150,000 = $70,000) + $680,000 + ($520,000 – $11,000 = $509,000) + $140,000 = $1,399,000

125. On January 5, 2012, total liabilities are: 
A. $0.
B. $579,000.
C. $1,399,000.
D. $1,721,000.

$70,000 + $509,000 = $579,000

126. On January 5, 2012, total assets are: 
A. $1,350,000.
B. $1,399,000.
C. $1,560,000.
D. $1,574,000.

($200,000 – $175,000 = $25,000) + $480,000 + ($160,000 + 175,000 – $150,000 – $11,000 = $174,000) + $320,000 + $400,000 = $1,399,000