Use the following information to prepare 1)an income statement,2)a statement of owner's equity,and 3)a balance sheet for the month ended March 31,200x for Bolthouse Company. \[\begin{array} { l r } \text { J. Bolthouse, Capital (beg.) } & \$ 2,000 \\ \text { Revenue } & 1000 \\ \text { Expenses } & 300 \\ \text { Withdrawals } & 150 \\ \text { Cash } & 3,000 \\ \text { Equipment } & 1,000 \\ \text { Accounts Receivable } & 150 \\ \text { Accounts Payable } & 2,000 \end{array}\]

The answer of Use the following information to prepare 1)an...

A) can continue indefinitely. B) is owned by stockholders. C) has limited risk to stockholders. D) All of the above A) can continue indefinitely. B) is owned by stockholders. C) has limited risk to stockholders. D) All of the above

Exam 1: Accounting Concepts and Procedures

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Use the following information to prepare 1)an income statement,2)a statement of owner's equity,and 3)a balance sheet for the month ended March 31,200x for Bolthouse Company. J. Bolthouse, Capital (beg.) \ 2,000 Revenue 1000 Expenses 300 Withdrawals 150 Cash 3,000 Equipment 1,000 Accounts Receivable 150 Accounts Payable 2,000

(Essay)

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Question 61

The balance sheet shows the company's financial position as of a particular date.

(True/False)

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Question 62

Logan's Motor Sports buys $50,000 of supplies on credit.Which of the following is a true statement?

(Multiple Choice)

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Question 63

If the liabilities owed by a business total $150,000,then the assets must also total $150,000.

(True/False)

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Question 64

The four parts of owner's equity include capital,withdrawals,revenue,and expenses.

(True/False)

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Question 65

The type of business organization that can continue indefinitely is known as a:

(Multiple Choice)

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Question 66

Which accounts are affected when the company buys supplies for cash?

(Multiple Choice)

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Question 67

An acceptable variation of the accounting equation is:

(Multiple Choice)

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Question 68

Go Blue Retail Store collected $10,000 of its accounts receivable.The expanded accounting equation changes include:

(Multiple Choice)

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Question 69

Vic's Mart collects $200 of its accounts receivable.The expanded accounting equation impact is:

(Multiple Choice)

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Question 70

Which of the following is NOT an asset?

(Multiple Choice)

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Question 71

The left side of the accounting equation must always equal the right side of the equation.

(True/False)

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Question 72

If Ol' Fashioned Toys' revenues are less than its expenses during the accounting period:

(Multiple Choice)

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Question 73

A business received $3,000 from a customer in payment of an amount owed.The effect of the transaction on the accounting equation was to:

(Multiple Choice)

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Question 74

If total liabilities increased by $2,000 and the assets increased by $2,000 during the accounting period,what is the change in the owner's equity amount?

(Multiple Choice)

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Question 75

A corporation:

(Multiple Choice)

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Question 76

Which of the following transactions would cause an asset to decrease and the owner's equity to decrease?

(Multiple Choice)

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Question 77

Calculate the total Assets if the company has: Cash $400,Accounts Receivable $200,Accounts Payable $500,Equipment $300. $ ________

(Short Answer)

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Question 78

Katelyn purchased $10,000 of new electronic equipment for her DJ Company on account.The effect on the basic accounting equation was to:

(Multiple Choice)

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Question 79

Which of the following items is NOT listed on the balance sheet?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 124

Exam 1: Accounting Concepts and Procedures

The balance sheet shows the company's financial position as of a particular date.

Logan's Motor Sports buys $50,000 of supplies on credit.Which of the following is a true statement?

If the liabilities owed by a business total $150,000,then the assets must also total $150,000.

The four parts of owner's equity include capital,withdrawals,revenue,and expenses.

The type of business organization that can continue indefinitely is known as a:

Which accounts are affected when the company buys supplies for cash?

An acceptable variation of the accounting equation is:

Go Blue Retail Store collected $10,000 of its accounts receivable.The expanded accounting equation changes include:

Vic's Mart collects $200 of its accounts receivable.The expanded accounting equation impact is:

Which of the following is NOT an asset?

The left side of the accounting equation must always equal the right side of the equation.

If Ol' Fashioned Toys' revenues are less than its expenses during the accounting period:

A business received $3,000 from a customer in payment of an amount owed.The effect of the transaction on the accounting equation was to:

If total liabilities increased by $2,000 and the assets increased by $2,000 during the accounting period,what is the change in the owner's equity amount?

A corporation:

Which of the following transactions would cause an asset to decrease and the owner's equity to decrease?

Calculate the total Assets if the company has: Cash $400,Accounts Receivable $200,Accounts Payable $500,Equipment $300. $ ________

Katelyn purchased $10,000 of new electronic equipment for her DJ Company on account.The effect on the basic accounting equation was to:

Which of the following items is NOT listed on the balance sheet?

Debits and Credits: Analyzing and Recording Business Transactions

Beginning the Accounting Cycle

The Accounting Cycle Continued

The Accounting Cycle Completed

Banking Procedure and Control of Cash

Calculating Pay and Payroll Taxes: the Beginning of the Payroll Process

Paying,recording,and Reporting Payroll and Payroll Taxes:

Sales and Cash Receipts

Purchases and Cash Payments

Preparing a Worksheet for a Merchandise Company

Completion of the Accounting Cycle for a Merchandise Company

Accounting for Bad Debts

Notes Receivable and Notes Payable

Accounting for Merchandise Inventory

Accounting for Property,plant,equipment,and Intangible Assets

Partnership

Corporations: Organizations and Stock

Corporations: Stock Values,dividends,treasury Stocks,

Corporations and Bonds Payable

Statement of Cash Flows

Analyzing Financial Statements

The Voucher System

Departmental Accounting

Manufacturing Accounting

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