The accounts of Mason Company at the end of the past year report the following amounts: $\begin{array} { l }\text { Accounts }&\text { Amount }\\ \text {Owner Withdrawals, G. Mason. } &\$15,500 \\ \text {Revenues } &\$97,000 \\ \text {Expenses } &\$43,800 \\ \text {Owner investments } &2,000 \\ \end{array}$ If the beginning equity for the year was $173,000, calculate the ending equity for Mason Company.

The answer of The accounts of Mason Company at the...

Exam 1: Accounting in Business

The accounts of Mason Company at the end of the past year report the following amounts: Accounts Amount Owner Withdrawals, G. Mason. \1 5,500 Revenues \9 7,000 Expenses \4 3,800 Owner investments 2,000 If the beginning equity for the year was $173,000, calculate the ending equity for Mason Company.

(Short Answer)

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Question 121

Describe the income statement and the relation between revenues, expenses, and net income or loss.

(Essay)

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Question 122

The full disclosure principle:

(Multiple Choice)

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Question 123

A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?

(Multiple Choice)

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Question 124

U.S. government bonds are:

(Multiple Choice)

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Question 125

The time period assumption:

(Multiple Choice)

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Question 126

Increases in equity from a company's sales of products or services are:

(Multiple Choice)

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Question 127

Define risk and return and discuss the relation between them.

(Essay)

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Question 128

If assets are $365,000 and equity is $120,000, then liabilities are:

(Multiple Choice)

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Question 129

Dawson Electronic Services had revenues of $80,000 and expenses of $50,000 for the year. Its assets at the beginning of the year were $400,000. At the end of the year assets were worth $450,000. Calculate its return on assets.

(Multiple Choice)

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Question 130

Return on assets is often stated in ratio form as the amount of average total assets divided by income.

(True/False)

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Question 131

Revenue is properly recognized:

(Multiple Choice)

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Question 132

As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received.

(True/False)

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Question 133

External users of accounting information include all of the following except:

(Multiple Choice)

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Question 134

All of the following are true regarding ethics except:

(Multiple Choice)

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Question 135

Ethical behavior requires that:

(Multiple Choice)

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Question 136

If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have:

(Multiple Choice)

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Question 137

Which of the following accounts is not included in the calculation of net income?

(Multiple Choice)

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Question 138

Net income is sometimes called earnings or profit.

(True/False)

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Question 139

Return on assets is useful in evaluating management, analyzing and forecasting profits, and planning activities.

(True/False)

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Question 140

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The accounts of Mason Company at the end of the past year report the following amounts: Accounts Amount Owner Withdrawals, G. Mason. \1 5,500 Revenues \9 7,000 Expenses \4 3,800 Owner investments 2,000 If the beginning equity for the year was $173,000, calculate the ending equity for Mason Company.

Describe the income statement and the relation between revenues, expenses, and net income or loss.

The full disclosure principle:

A company reported total equity of $145,000 at the beginning of the year. The company reported $210,000 in revenues and $165,000 in expenses for the year. Liabilities at the end of the year totaled $92,000. What are the total assets of the company at the end of the year?

U.S. government bonds are:

The time period assumption:

Increases in equity from a company's sales of products or services are:

Define risk and return and discuss the relation between them.

If assets are $365,000 and equity is $120,000, then liabilities are:

Dawson Electronic Services had revenues of $80,000 and expenses of $50,000 for the year. Its assets at the beginning of the year were $400,000. At the end of the year assets were worth $450,000. Calculate its return on assets.

Return on assets is often stated in ratio form as the amount of average total assets divided by income.

Revenue is properly recognized:

As a general rule, revenues should not be recognized in the accounting records when earned, but rather when cash is received.

External users of accounting information include all of the following except:

All of the following are true regarding ethics except:

Ethical behavior requires that:

If the assets of a business increased $89,000 during a period of time and its liabilities increased $67,000 during the same period, equity in the business must have:

Which of the following accounts is not included in the calculation of net income?

Net income is sometimes called earnings or profit.

Return on assets is useful in evaluating management, analyzing and forecasting profits, and planning activities.

Analyzing and Recording Transactions

Adjusting Accounts and Preparing Financial Statements

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories and Cost of Sales

Accounting Information Systems

Cash and Internal Controls

Accounting for Receivables

Plant Assets, Natural Resoures, and Intangibles

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Accounting for Corporations

Long-Term Liabilities

Investments and International Operations

Reporting the Statement of Cash Flows

Analysis of Financial Statements

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