Question :
158.Compare the list of accounts below and choose the list : 1258614
158.Compare the list of accounts below and choose the list that contains only accounts that would be classified as asset accounts on the Chart of Accounts.
A. Accounts Payable; Cash; Supplies.
B. Unearned Revenue; Accounts Payable; Dividends.
C. Building; Prepaid Insurance; Supplies Expense.
D. Cash; Prepaid Insurance; Equipment.
E. Notes Payable; Cash; Dividends.
159.Which financial statement reports an organization’s financial position at a single point in time?
A. Income statement.
B. Balance sheet.
C. Statement of retained earnings.
D. Cash flow statement.
E. Trial balance.
160.Joe Jackson opened Jackson’s Repairs, Inc. on March 1 of the current year. During March, the following transactions occurred and were recorded in the company’s books:1. Jackson invested $25,000 cash in the business.2. Jackson contributed $100,000 of equipment to the corporation.3. The company paid $2,000 cash to rent office space for the month.4. The company received $16,000 cash for repair services provided during March.5. The company paid $6,200 for salaries for the month.6. The company provided $3,000 of services to customers on account.7. The company paid cash of $500 for monthly utilities.8. The company received $3,100 cash in advance of providing repair services to a customer.Based on this information, net income for March would be:
A. $10,300.
B. $13,400.
C. $5,300.
D. $8,400.
E. $13,500.
Net Income = Revenues – ExpensesNet Income = $16,000 (#4) – $2,000 (#3) – $6,200 (#5) + $3,000 (#6) – $500 (#7) = $10,300
161.Joel Consulting received $3,000 from a customer for services provided. Joel’s general journal entry to record this transaction will be:
A. Debit Services Revenue, credit Accounts Receivable.
B. Debit Cash, credit Accounts Payable.
C. Debit Cash, credit Accounts Receivable.
D. Debit Cash, credit Services Revenue.
E. Debit Accounts Payable, credit Services Revenue.
162.Wiley Hill opened Hill’s Repairs, Inc. on March 1 of the current year. During March, the following transactions occurred and were recorded in the company’s books:1. Wiley invested $25,000 cash in the corporation.2. Wiley contributed $100,000 of equipment to the corporation.3. The company paid $2,000 cash to rent office space for the month.4. The company received $16,000 cash for repair services provided during March.5. The company paid $6,200 for salaries for the month.6. The company provided $3,000 of services to customers on account.7. The company paid cash of $500 for monthly utilities.8. The company received $3,100 cash in advance of providing repair services to a customer.9. The company paid $5,000 cash in dividends to Wiley. (sole shareholder)Based on this information, the balance in Stockholders’ Equity reported on the Balance Sheet at the end of March would be:
A. $133,400.
B. $130,300.
C. $125,300.
D. $8,400.
E. $13,500.
Ending Stockholders’ Equity = $25,000 (#1) + $100,000 (#2) + $16,000 (#4) + $3,000 (#6) – $2,000 (#3) – $6,200 (#5) – $500 (#7) – $5,000 (#9) = $130,300
