Question : Garber, Inc. had the following amounts its 12/31/13 financial statements. 93.The : 1254353

Garber, Inc. had the following amounts on its 12/31/13 financial statements.  

93.The return on assets ratio for Garber is:   

A. 5%.

B. 10%.

C. 20%.

D. 50%.

94.The return on equity ratio for Garber is:   

A. 5%.

B. 10%.

C. 20%.

D. 50%.

95.The debt-to-assets ratio for Garber is:   

A. 5%.

B. 10%.

C. 45%.

D. 50%.

96.Hayes, Inc. had the following balances on its 12/31/13 balance sheet.  If Hayes were to purchase land for $40,000 on credit under an agreement to pay for the land in one year, what would be its debt-to-assets ratio immediately after the purchase?   

A. 0.42

B. 0.46

C. 0.37

D. 0.34

97.Which of the following transactions would immediately increase a company’s return on assets ratio?   

A. Received cash from customers for goods sold to them on account last month.

B. Borrowed cash from a local bank.

C. Paid cash on accounts payable.

D. Incurred expenses on account.

98.Peterson Corporation recorded an adjusting entry using T-accounts as follows:  Which of the following reflects how this adjustment affects the company’s financial statements?     

A. Option A

B. Option B

C. Option C

D. Option D

99.On August 1, 2013, Barnabas Company issued a $10,000 6%, 1-year note to Citizens Bank. Which of the following entries reflects the end of the year adjustment to record the expense incurred?   

A. 

B. 

C. 

D. 

100.The adjusting entry to record expense related to the use of a delivery van would involve which of the following?   

A. A credit to Accumulated Depreciation

B. A credit to Delivery Van

C. A credit to Depreciation Expense

D. A debit to Retained Earnings

101.If a $200 debit to Interest Receivable was instead recorded as a $200 debit to Cash:   

A. the trial balance would be out of balance by $200.

B. cash flows from investing activities would be overstated by $200.

C. cash flows from operating activities would be overstated by $200.

D. assets would be overstated by $200.

102.Bridgewater Company paid $450 in interest on a loan. $300 of the interest had been accrued in a prior accounting period. Which of the following journal entries correctly records this transaction?   

A. 

B. 

C. 

D. 

103.Which of the following statements is true?   

A. The entry to record depreciation expense involves a credit to a liability.

B. The entry to record depreciation expense involves a credit to a contra-asset.

C. The entry to record depreciation expense involves a credit to the asset being depreciated.

D. The entry to record depreciation expense involves a credit to depreciation expense.

104.Which is one effect of the following journal entry?     

A. Increases liabilities

B. Increases equity

C. Decreases liabilities

D. Decreases assets

105.Jimenez Company purchased a computer for $3,000 on January 1, 2013. The computer is estimated to have a 5-year useful life and a $500 salvage value. What adjusting entry would Jimenez record on December 31, 2013 to recognize expense related to use of the computer?   

A. 

B. 

C. 

D. 

106.Phoenix Corporation recorded an adjusting entry using T-accounts as follows:  Which of the following reflects how this adjustment affects the company’s financial statements?     

A. Option A

B. Option B

C. Option C

D. Option D