Christian Company has the following data available: $\begin{array} { l } \text {Dividends declared in 201 }&\$8,000 \\ \text {Retained Earnings, December 31, 2014 }&\$30,000 \\ \text {Net income for the year ended December 31,2015 }&\$ 14,000\\ \text {Paid-in Capital, December 31, 2014 }&\$29,000 \\ \text {Paid-in Capital, December 31, 2015 }&\$ 26,000\\ \end{array}$ What is the company's total stockholders' equity on December 31,2015?

A) $36,000 B) $46,000 C) $62,000 D) $101,000 A) $36,000 B) $46,000 C) $62,000 D) $101,000

Barber Company has the following information available for the most current year: $\begin{array} { l } \text {Paid-in capital, January 1, 2014 }&\$ 475,000\\ \text {Retained earnings, January 1, 2014 }&\$100,000 \\ \text { Total revenues in 2014}&\$ 870,000\\ \text {Total expenses in 2014 }&\$550,000 \\ \text {Dividend declared in 2014 }&\$70,000 \\ \text {Dividend paid in 2014 }&\$ 0\\ \text {Investments by owners in 2014 }&\$10,000 \\ \end{array}$ What was the total amount of Retained Earnings for Barber Company at December 31,2014?

A) $30,000 B) $250,000 C) $350,000 D) $420,000 A) $30,000 B) $250,000 C) $350,000 D) $420,000

Paquin Company has the following information available for the most current year: $\begin{array} { l } \text {Paid-in capital, January 1, 2014 }&\$475,000\\ \text {Retained earnings, January 1, 2014 }&\$50,000 \\ \text {Total revenues in 2014 }&\$890,000 \\ \text { Total expenses in 2014}&\$550,000 \\ \text { Dividend declared in 2014}&\$70,000 \\ \end{array}$ What was the balance in Retained Earnings at December 31,2014?

A) $270,000 B) $320,000 C) $390,000 D) $405,000 A) $270,000 B) $320,000 C) $390,000 D) $405,000

Fahnstock Company has the following information available for the most current year: $\begin{array} { l } \text {Paid-in capital, January 1, 2014 }&\$ 475,000\\ \text {Retained earnings, January 1, 2014 }&\$100,000 \\ \text { Total revenues in 2014}&\$ 870,000\\ \text {Total expenses in 2014 }&\$550,000 \\ \text {Dividend declared in 2014 }&\$70,000 \\ \text {Dividend paid in 2014 }&\$ 0\\ \text {Investments by owners in 2014 }&\$10,000 \\ \end{array}$ What was the total amount of paid-in capital for Fahnstock Company at December 31,2014?

A) $475,000 B) $485,000 C) $535,000 D) $835,000 A) $475,000 B) $485,000 C) $535,000 D) $835,000

Exam 15: Basic Accounting: Concepts, techniques, and Conventions

Christian Company has the following data available: Dividends declared in 201 \8 ,000 Retained Earnings, December 31, 2014 \3 0,000 Net income for the year ended December 31,2015 \ 14,000 Paid-in Capital, December 31, 2014 \2 9,000 Paid-in Capital, December 31, 2015 \ 26,000 What is the company's total stockholders' equity on December 31,2015?

(Multiple Choice)

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Question 41

Barber Company has the following information available for the most current year: Paid-in capital, January 1, 2014 \ 475,000 Retained earnings, January 1, 2014 \1 00,000 Total revenues in 2014 \ 870,000 Total expenses in 2014 \5 50,000 Dividend declared in 2014 \7 0,000 Dividend paid in 2014 \ 0 Investments by owners in 2014 \1 0,000 What was the total amount of Retained Earnings for Barber Company at December 31,2014?

(Multiple Choice)

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Question 42

Paquin Company has the following information available for the most current year: Paid-in capital, January 1, 2014 \4 75,000 Retained earnings, January 1, 2014 \5 0,000 Total revenues in 2014 \8 90,000 Total expenses in 2014 \5 50,000 Dividend declared in 2014 \7 0,000 What was the balance in Retained Earnings at December 31,2014?

(Multiple Choice)

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Question 43

Most companies that follow accrual basis accounting recognize revenue after they ________.

(Multiple Choice)

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Question 44

Butters Company pays wages of $400 per day.The work week begins on Monday and ends on Friday.Wages are paid weekly on Friday.The current month ends on a Wednesday.The adjusting entry at the end of the month will ________.

(Multiple Choice)

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Question 45

Which of the following statements report the amount of net income earned by a company for a period of time?

(Multiple Choice)

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Question 46

Saint Paul Company owns a fixed asset with an original cost of $100,000.The company estimates it will use the fixed asset for four years,at which time it will be sold for $10,000.The company uses straight-line depreciation.The book value of the fixed asset after three years of use is ________.

(Multiple Choice)

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Question 47

The balance sheet is not linked to the income statement.

(True/False)

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Question 48

When a company purchases inventory for cash,the net effect on the amount of total assets is zero.

(True/False)

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Question 49

A cash payment of accounts payable does not affect stockholders' equity.

(True/False)

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Question 50

Consider a firm that provides services to customers.To record revenue,which of the following conditions must be met?

(Multiple Choice)

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Question 51

Stockholders' equity is composed of paid-in capital and retained earnings.

(True/False)

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Question 52

Financial statements for partnerships do not make distinctions between paid-in capital and retained earnings.

(True/False)

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Question 53

Fahnstock Company has the following information available for the most current year: Paid-in capital, January 1, 2014 \ 475,000 Retained earnings, January 1, 2014 \1 00,000 Total revenues in 2014 \ 870,000 Total expenses in 2014 \5 50,000 Dividend declared in 2014 \7 0,000 Dividend paid in 2014 \ 0 Investments by owners in 2014 \1 0,000 What was the total amount of paid-in capital for Fahnstock Company at December 31,2014?

(Multiple Choice)

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Question 54

On January 1,2012,a company paid $3,000 for rent.The rent covers the period January 1,2012 through June 30,2012.On June 30,2012,the fiscal year end,the company prepares an adjusting entry.What is the effect of this adjusting entry on stockholders' equity?

(Multiple Choice)

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Question 55

Revenues do not affect stockholders' equity.

(True/False)

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Question 56

The adjusting entry for ________ increases expenses and decreases assets.

(Multiple Choice)

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Question 57

On January 1,Latinovich Company paid $16,000 for rent.The rent covers the period January 1 through April 30.Latinovich Company recorded Prepaid Rent of $16,000.What is the balance in the Prepaid Rent account on April 1?

(Multiple Choice)

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Question 58

Audits of the financial statements of publicly held companies are conducted in accordance with standards approved by the ________.

(Multiple Choice)

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Question 59

The acquisition of inventory on account will ________.

(Multiple Choice)

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Question 60

Showing 41 - 60 of 150

Most companies that follow accrual basis accounting recognize revenue after they ________.

Butters Company pays wages of $400 per day.The work week begins on Monday and ends on Friday.Wages are paid weekly on Friday.The current month ends on a Wednesday.The adjusting entry at the end of the month will ________.

Which of the following statements report the amount of net income earned by a company for a period of time?

Saint Paul Company owns a fixed asset with an original cost of $100,000.The company estimates it will use the fixed asset for four years,at which time it will be sold for $10,000.The company uses straight-line depreciation.The book value of the fixed asset after three years of use is ________.

The balance sheet is not linked to the income statement.

When a company purchases inventory for cash,the net effect on the amount of total assets is zero.

A cash payment of accounts payable does not affect stockholders' equity.

Consider a firm that provides services to customers.To record revenue,which of the following conditions must be met?

Stockholders' equity is composed of paid-in capital and retained earnings.

Financial statements for partnerships do not make distinctions between paid-in capital and retained earnings.

On January 1,2012,a company paid $3,000 for rent.The rent covers the period January 1,2012 through June 30,2012.On June 30,2012,the fiscal year end,the company prepares an adjusting entry.What is the effect of this adjusting entry on stockholders' equity?

Revenues do not affect stockholders' equity.

The adjusting entry for ________ increases expenses and decreases assets.

On January 1,Latinovich Company paid $16,000 for rent.The rent covers the period January 1 through April 30.Latinovich Company recorded Prepaid Rent of $16,000.What is the balance in the Prepaid Rent account on April 1?

Audits of the financial statements of publicly held companies are conducted in accordance with standards approved by the ________.

The acquisition of inventory on account will ________.

Managerial Accounting,the Business Organization,and Professional Ethics

Introduction to Cost Behavior and Cost Volume Profit Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus on Pricing Decisions

Relevant Information for Decision Making With a Focus on Operational Decisions

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Job-Order Costing and Process-Costing Systems

Understanding Corporate Annual Reports: Basic Financial Statements

Understanding and Analyzing Consolidated Financial Statements

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