Question 1

Brock Corporation's end­of­year balance sheet consisted of the following amounts:   What is Brock's total liabilities balance at the end of the current year?

Accepted Answer

A) $8,000 
B) $65,000 
C) $108,000 
D) $173,000 
A) $8,000 
B) $65,000 
C) $108,000 
D) $173,000

Question 2

Front Corporation's end­of­year balance sheet consisted of the following amounts:   What is Front's owners' equity balance at the end of the current year?

Accepted Answer

A) $3,000 
B) $110,000 
C) $63,000 
D) $173,000 
A) $3,000 
B) $110,000 
C) $63,000 
D) $173,000

Question 3

The following information comes from the records of Morton Corporation.Assume no additional investment by owners when answering the following questions:   
A) What is the amount of owners' equity at January 1, 2014? __________________
B) What is the amount of liabilities at December 31, 2014? __________________
C) Assume that the company declared and paid dividends of $22,000 during the year.How much net income did it earn during the year?
D) Assume that the company paid no dividends during the year.Without looking at the income statement, how can you tell if the company is profitable or not?

Accepted Answer

A) $44,000
$98,000 Assets - $54,000 Liab

Question 4

Marcos Company reported the following items on its financial statements for the year ending December 31, 2015:   How much will be reported as retained earnings on Marcos' balance sheet at December 31, 2015, if this is the
First year of operations?

Accepted Answer

A) $ 45,000 
B) $ 65,000 
C) $ 85,000 
D) Not enough information is provided. 
A) $ 45,000 
B) $ 65,000 
C) $ 85,000 
D) Not enough information is provided.

Question 5

Classify the following items according to the financial statement on which each belongs, either the income statement IS) or the balance sheet BS).Also indicate whether each is a revenue R), expense E), asset A), liability L), or owners' equity OE) item.

Accepted Answer

The answer of Classify the following items according to the...

Question 6

Presented below are selected data from the accounting records for Micco's Gift Store for 2014.   
A) Calculate the net income or loss for 2014.
B) Explain how the amount from part "A" will affect the financial position of Micco's Gift Store.
C) Is the company profitable? Explain your answer.

Accepted Answer

A) $35,000
$190,000 Net sales - $30,000

Question 7

Because market values are subjective, many assets are carried on the balance sheet at their acquisition cost.

Accepted Answer

A) True 
 B)False

Question 8

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Accepted Answer

The answer of In 2002, Congress passed the Act to...

Question 9

Cerrato Company has assets of $350,000, liabilities of $130,000, and retained earnings of $180,000.How much is
Total owners' equity?

Accepted Answer

A) $ 40,000 
B) $ 170,000 
C) $ 220,000 
D) $ 350,000 
A) $ 40,000 
B) $ 170,000 
C) $ 220,000 
D) $ 350,000

Question 10

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000.If Sawaddee total liabilities increased by $31,000 and its owners' equity decreased by $53,000 during the year, what was the amount of its total assets at the end of the year?

Accepted Answer

A) $472,000 
B) $242,000 
C) $198,000 
D) $428,000 
A) $472,000 
B) $242,000 
C) $198,000 
D) $428,000

Question 11

is the type of accounting used by nonbusiness entities.

Accepted Answer

The answer of is the type of accounting used by...

Question 12

Wei Company reported the following items on its financial statements for the year ending December 31, 2015:   The income statement for Wei will report net income for the current year in the amount of

Accepted Answer

A) $ 45,000 
B) $ 65,000 
C) $ 85,000 
D) $ 465,000 
A) $ 45,000 
B) $ 65,000 
C) $ 85,000 
D) $ 465,000

Question 13

Below are several accounts from Costello Company's accounting records.Answer the questions that follow.   
A) How much is the balance of retained earnings at the end of the year?
B) Show the accounting equation for Costello Company at the end of the year with the respective dollar amounts.
C) If stockholders' equity increases during the year, does that mean that the company is profitable? Explain your answer.

Accepted Answer

A) $35,000
$15,000 Retained earnings, be

Question 14

In order for accounting information to be useful in making informed decisions, it must be

Accepted Answer

A) relevant 
B) reliable 
C) both relevant and reliable 
D) nether relevant nor reliable 
A) relevant 
B) reliable 
C) both relevant and reliable 
D) nether relevant nor reliable

Question 15

The beginning balance of retained earnings was $630,000, and the ending balance was $650,000.The company declared and paid dividends of $60,000.
A) Determine the amount of net income for the year.
B) What information would one find on the income statement in addition to net income?

Accepted Answer

A) $80,000
$650,000 Ending Retained Earn

Question 16

On January 1, 2015, Flaggler Company's balance in retained earnings was $70,000.During 2015, the company earned net income of $43,000 and paid $15,000 in dividends.Calculate the retained earnings balance at December 31, 2015.

Accepted Answer

A) $42,000 
B) $90,000 
C) $98,000 
D) $113,000 
A) $42,000 
B) $90,000 
C) $98,000 
D) $113,000

Question 17

The Securities and Exchange Commission SEC) is concerned with

Accepted Answer

A) All companies in the United States regardless of size. 
B) Companies that issue securities to the general public. 
C) Accounting reports issued by government entities. 
D) All domestic and international companies that issue accounting reports. 
A) All companies in the United States regardless of size. 
B) Companies that issue securities to the general public. 
C) Accounting reports issued by government entities. 
D) All domestic and international companies that issue accounting reports.

Question 18

Read the information for Taryn Corporation.Prepare a balance sheet for Taryn Corporation in good form.

Accepted Answer

The answer of Read the information for Taryn Corporation.Prepare a...

Question 19

The second step in the ethical decision-making model is to

Accepted Answer

A) List alternatives and evaluate the impact of each on those affected 
B) Select the best alternative 
C) Recognize an ethical dilemma 
D) Analyze the key elements in the situation 
A) List alternatives and evaluate the impact of each on those affected 
B) Select the best alternative 
C) Recognize an ethical dilemma 
D) Analyze the key elements in the situation

Question 20

Sun City Corporation's end­of­year balance sheet consisted of the following amounts:   What amount should Sun City report on its balance sheet for total assets?

Accepted Answer

A) $100,000 
B) $95,000 
C) $165,000 
D) $200,000 
A) $100,000 
B) $95,000 
C) $165,000 
D) $200,000

Brock Corporation's endofyear balance sheet consisted of the following amounts: What is Brock's total liabilities balance at the end of the current year?

Front Corporation's endofyear balance sheet consisted of the following amounts: What is Front's owners' equity balance at the end of the current year?

Marcos Company reported the following items on its financial statements for the year ending December 31, 2015: How much will be reported as retained earnings on Marcos' balance sheet at December 31, 2015, if this is the First year of operations?

Classify the following items according to the financial statement on which each belongs, either the income statement IS) or the balance sheet BS).Also indicate whether each is a revenue R), expense E), asset A), liability L), or owners' equity OE) item.

Presented below are selected data from the accounting records for Micco's Gift Store for 2014. A) Calculate the net income or loss for 2014. B) Explain how the amount from part "A" will affect the financial position of Micco's Gift Store. C) Is the company profitable? Explain your answer.

Because market values are subjective, many assets are carried on the balance sheet at their acquisition cost.

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Cerrato Company has assets of $350,000, liabilities of $130,000, and retained earnings of $180,000.How much is Total owners' equity?

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000.If Sawaddee total liabilities increased by $31,000 and its owners' equity decreased by $53,000 during the year, what was the amount of its total assets at the end of the year?

is the type of accounting used by nonbusiness entities.

Wei Company reported the following items on its financial statements for the year ending December 31, 2015: The income statement for Wei will report net income for the current year in the amount of

In order for accounting information to be useful in making informed decisions, it must be

The beginning balance of retained earnings was $630,000, and the ending balance was $650,000.The company declared and paid dividends of $60,000. A) Determine the amount of net income for the year. B) What information would one find on the income statement in addition to net income?

On January 1, 2015, Flaggler Company's balance in retained earnings was $70,000.During 2015, the company earned net income of $43,000 and paid $15,000 in dividends.Calculate the retained earnings balance at December 31, 2015.

The Securities and Exchange Commission SEC) is concerned with

Read the information for Taryn Corporation.Prepare a balance sheet for Taryn Corporation in good form.

The second step in the ethical decision-making model is to

Sun City Corporation's endofyear balance sheet consisted of the following amounts: What amount should Sun City report on its balance sheet for total assets?

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

Filters

Exam 1: Accounting As a Form of Communication

Brock Corporation's end­of­year balance sheet consisted of the following amounts: What is Brock's total liabilities balance at the end of the current year?

Front Corporation's end­of­year balance sheet consisted of the following amounts: What is Front's owners' equity balance at the end of the current year?

Marcos Company reported the following items on its financial statements for the year ending December 31, 2015: How much will be reported as retained earnings on Marcos' balance sheet at December 31, 2015, if this is the First year of operations?

Classify the following items according to the financial statement on which each belongs, either the income statement IS) or the balance sheet BS).Also indicate whether each is a revenue R), expense E), asset A), liability L), or owners' equity OE) item.

Presented below are selected data from the accounting records for Micco's Gift Store for 2014. A) Calculate the net income or loss for 2014. B) Explain how the amount from part "A" will affect the financial position of Micco's Gift Store. C) Is the company profitable? Explain your answer.

Because market values are subjective, many assets are carried on the balance sheet at their acquisition cost.

In 2002, Congress passed the Act to bring reform to corporate accountability and stewardship in the wake of a number of major corporate scandals.

Cerrato Company has assets of $350,000, liabilities of $130,000, and retained earnings of $180,000.How much is Total owners' equity?

Sawaddee Enterprises began the year with total assets of $450,000 and total liabilities of $230,000.If Sawaddee total liabilities increased by $31,000 and its owners' equity decreased by $53,000 during the year, what was the amount of its total assets at the end of the year?

is the type of accounting used by nonbusiness entities.

Wei Company reported the following items on its financial statements for the year ending December 31, 2015: The income statement for Wei will report net income for the current year in the amount of

In order for accounting information to be useful in making informed decisions, it must be

The beginning balance of retained earnings was $630,000, and the ending balance was $650,000.The company declared and paid dividends of $60,000. A) Determine the amount of net income for the year. B) What information would one find on the income statement in addition to net income?

On January 1, 2015, Flaggler Company's balance in retained earnings was $70,000.During 2015, the company earned net income of $43,000 and paid $15,000 in dividends.Calculate the retained earnings balance at December 31, 2015.

The Securities and Exchange Commission SEC) is concerned with

Read the information for Taryn Corporation.Prepare a balance sheet for Taryn Corporation in good form.

The second step in the ethical decision-making model is to

Sun City Corporation's end­of­year balance sheet consisted of the following amounts: What amount should Sun City report on its balance sheet for total assets?

Financial Statements and the Annual Report

Processing Accounting Information

Income Measurement and Accrual Accounting

Inventories and Cost of Goods Sold

Cash and Internal Control

Receivables and Investments

Operating Assets: Property, Plant, and Equipment, and Intangibles

Current Liabilities, Contingencies, and the Time Value of Money

Long-Term Liabilities

Stockholders Equity

The Statement of Cash Flows

Financial Statement Analysis

International Financial Reporting Standards

Filters

Brock Corporation's endofyear balance sheet consisted of the following amounts: What is Brock's total liabilities balance at the end of the current year?

Front Corporation's endofyear balance sheet consisted of the following amounts: What is Front's owners' equity balance at the end of the current year?

Sun City Corporation's endofyear balance sheet consisted of the following amounts: What amount should Sun City report on its balance sheet for total assets?