Exam 2: Analyzing for Business Transactions

During the month of March,Harley's Computer Services made purchases on account totaling $43,500.Also during the month of March,Harley was paid $8,000 by a customer for services to be provided in the future and paid $36,900 of cash on its accounts payable balance.If the balance in the accounts payable account at the beginning of March was $77,300,what is the balance in accounts payable at the end of March?

A company had total assets of $350,000,total liabilities of $101,500 and total equity of $248,500.Calculate the company's debt ratio.

Jackson Brown Footwear had total liabilities of $130 million and total assets of $375 million.Its debt ratio was ________.(round to one decimal place)

Identify the following accounts as appearing on either the Income Statement (IS) or Balance Sheet (BS). -Office Equipment

All of the following are asset accounts except:

Jerry's Butcher Shop had the following assets and liabilities at the beginning and end of the current year: Assets Liabilities Beginning of the year \ 114,000 \ 68,000 End of the year 135,000 73,000 If stockholders invested an additional $12,000 in the business during the year in exchange for common stock,but no dividends were paid during the year,what was the amount of net income earned by Jerry's Butcher Shop?

Identify the statement below that is correct.

The balance column in a ledger account is:

The debt ratio is used:

Which financial statement reports an organization's financial position at a single point in time?

Match the following terms with the appropriate definition. -Credit

Funky Music purchased $25,000 of equipment for cash.The Equipment asset account is ________ for $25,000 and the Cash account is ________ for $25,000.

Identify the item below that would cause the trial balance to not balance.

Identify each of the following accounts as a revenue (R), expense (E), asset (A), liability (L), or equity (SE). -Salary Expense

Match the following terms with the appropriate definition. -Balance column account

Describe what source documents are and the purpose they serve in a business.

Identify the following accounts as appearing on either the Income Statement (IS) or Balance Sheet (BS). -Common Stock

Andrea Apple opened Apple Photography on January 1 of the current year.During January,the following transactions occurred and were recorded in the company's books: Andrea invested $13,500 cash in the business in exchange for common stock. Andrea contributed $20,000 of photography equipment to the business. The company paid $2,100 cash for an insurance policy covering the next 24 months. The company received $5,700 cash for services provided during January. The company purchased $6,200 of office equipment on credit. The company provided $2,750 of services to customers on account. The company paid cash of $1,500 for monthly rent. The company paid $3,100 on the office equipment purchased in transaction #5 above. Paid $275 cash for January utilities. Based on this information,the balance in the cash account at the end of January would be:

Match the following terms with the appropriate definition. -Journal

A company's list of accounts and the identification numbers assigned to each account is called a: