31) When preparing the financial statements:
A) assets, liabilities, and revenues are reported on the balance sheet.
B) the balance sheet reports the beginning balance of retained earnings.
C) assets, liabilities, and stockholders’ equity are reported on the balance sheet.
D) assets, liabilities, and dividends are reported on the balance sheet.
32) Lucy Morton opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions:
I.Lucy invested $30,000 in the business, which in turn issued common stock to her.
II.The business purchased equipment on account for $6,000.
II.The business provided engineering services on account, $10,000.
III.The business paid salaries to the receptionist, $1,000.
IV.The business received cash from a customer as payment on account $6,000.
V.The business borrowed $8,000 from the bank, issuing a note payable.
Total assets would be:
A) $30,000.
B) $37,000.
C) $47,000.
D) $61,000.
33) Lucy Morton opened an engineering office and titled the business Engineering Enterprises P.C. During its first month of operations, it completed the following transactions:
I.Lucy invested $30,000 in the business, which in turn issued common stock to her.
II.The business purchased equipment on account for $6,000.
II.The business provided engineering services on account, $10,000.
III.The business paid salaries to the receptionist, $1,000.
IV.The business received cash from a customer as payment on account $6,000.
V.The business borrowed $8,000 from the bank, issuing a note payable.
Total liabilities would be:
A) $0.
B) $6,000.
C) $14,000.
D) $20,000.
34) A company completed the following transactions during the month of October:
I.Purchased office supplies on account, $4,000.
II.Provided services for cash, $10,000.
III.Provided services on account, $12,000.
IV.Collected cash from a customer on account $7,000.
V.Paid the monthly rent of $3,000.
What was the company’s total revenue for the month?
A) $10,000
B) $22,000
C) $29,000
D) $36,000
35) A company completed the following transactions during the month of October:
I.Purchased office supplies on account, $4,000.
II.Provided services for cash, $10,000.
III.Provided services on account, $12,000.
IV.Collected cash from a customer on account $7,000.
V.Paid the monthly rent of $3,000.
What was the company’s net income for the month?
A) $0
B) $10,000
C) $19,000
D) $22,000
36) A company had credit sales of $30,000 and cash sales of $10,000 during the month of May. Also during May, the company paid wages of $1,000 and utilities of $800. It also received payments from customers on account totaling $4,000. What was the company’s net income for the month?
A) $10,000
B) $38,200
C) $41,000
D) $44,000
37) A company had credit sales of $30,000 and cash sales of $10,000 during the month of May. Also during May, the company paid wages of $1,000 and utilities of $800. It also received payments from customers on account totaling $4,000. At the beginning of May, the company had a cash balance of $25,000. What is the company’s cash balance at the end of May?
A) $23,200
B) $25,000
C) $37,200
D) $65,000
38) ABC Company began business in June when stockholders invested $80,000 in the business, which in turn issued its common stock to them. ABC Company then purchased a building for $40,000 cash and inventory for $20,000 cash, performed services for clients for $10,000 cash, purchased supplies for $5,000 cash, and paid utilities of $2,000 cash. What is the amount of total assets?
A) $80,000
B) $88,000
C) $108,000
D) $163,000
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.
Read moreEach paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.
Read moreThanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.
Read moreYour email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.
Read moreBy sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.
Read more