Zeman Company reports the following information on December 31,2014: \[\begin{array} { l l } \text { Cash } & \$ 20,000 \\ \text { Accounts receivable } & 112,000 \\ \text { Accounts payable } & 91,000 \\ \text { Accrued wages payable } & 6,000 \\ \text { Unearned revenue } & 2,000 \\ \text { Paid-in capital } & 59,000 \\ \text { Retained earnings } & 80,000 \\ \text { Inventory } & 30,000 \\ \text { Prepaid rent } & 4,000 \\ \text { Equipment (net) } & 12,000 \end{array}\] What are total liabilities at December 31,2014?

A) $91,000 B) $97,000 C) $99,000 D) $179,000 A) $91,000 B) $97,000 C) $99,000 D) $179,000

Double 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 balance in Retained Earnings on December 31,2015?

A) $2,000 B) $24,000 C) $36,000 D) $44,000 A) $2,000 B) $24,000 C) $36,000 D) $44,000

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

Seavers Company paid $2,700 for 6 months' insurance,covering the period of April 1 to September 30.At the time of the payment,the entire amount was used to increase the balance in the Prepaid Insurance account.The balance in the Prepaid Insurance account on May 31 is ________.

(Multiple Choice)

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Question 121

The following information was extracted from the accounting records of Kristie Company: Paid-in Capital, December 31, 2014 \8 7,000 Retained Earnings, December 31, 2014 \2 11,000 Total Assets, December 31, 2014 \4 55,000 Revenues for year ended December 31, 2015 \2 00,000 Expenses for year ended December 31, 2015 \1 65,000 Cash Dividends Declared \0 Total Assets, December 31, 2015 \6 05,000 Additional investments by owners in 2015 \0 At December 31,2015,what is the total amount of liabilities?

(Multiple Choice)

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Question 122

The ownership claim arising from funds contributed by the owners of the business is called ________.

(Multiple Choice)

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Question 123

The balance sheet shows a company's financial status at only one point in time.

(True/False)

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Question 124

The distinction between paid-in capital and retained earnings is not made for ________.

(Multiple Choice)

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Question 125

For a corporation,the excess of assets over liabilities are called ________.

(Multiple Choice)

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Question 126

Owners' equity represents the excess cash a company has made.

(True/False)

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Question 127

Under accrual basis accounting,unexpired costs are considered to be ________.

(Multiple Choice)

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Question 128

Liabilities are economic resources.

(True/False)

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Question 129

Nicholson Company sold inventory costing $1,000 for $3,000 on account.Nicholson Company operates under the accrual basis.What effect will the transaction have on the liabilities and owners' equity of the company?

(Multiple Choice)

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Question 130

Journal entries for the expiration of unexpired assets are usually made before the related cash flows.

(True/False)

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Question 131

Zeman Company reports the following information on December 31,2014: Cash \ 20,000 Accounts receivable 112,000 Accounts payable 91,000 Accrued wages payable 6,000 Unearned revenue 2,000 Paid-in capital 59,000 Retained earnings 80,000 Inventory 30,000 Prepaid rent 4,000 Equipment (net) 12,000 What are total liabilities at December 31,2014?

(Multiple Choice)

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Question 132

Unexpired costs are expenses.

(True/False)

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Question 133

Which of the following is(are)a deficiency(deficiencies)of cash-basis accounting?

(Multiple Choice)

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Question 134

Generally Accepted Accounting Principles in the United States are developed by the International Accounting Standards Committee.

(True/False)

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Question 135

The main sections of the balance sheet include ________.

(Multiple Choice)

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Question 136

Double 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 balance in Retained Earnings on December 31,2015?

(Multiple Choice)

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Question 137

For a corporation,assets must equal liabilities plus paid-in capital.

(True/False)

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Question 138

A sale of inventory results in a(n) in stockholders' equity equal to the selling price of the inventory.A sale of inventory also results in a(n) in stockholders' equity equal to the cost of the inventory sold.

(Multiple Choice)

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Question 139

Amounts due from customers are called accounts payable.

(True/False)

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Question 140

Seavers Company paid $2,700 for 6 months' insurance,covering the period of April 1 to September 30.At the time of the payment,the entire amount was used to increase the balance in the Prepaid Insurance account.The balance in the Prepaid Insurance account on May 31 is ________.

The ownership claim arising from funds contributed by the owners of the business is called ________.

The balance sheet shows a company's financial status at only one point in time.

The distinction between paid-in capital and retained earnings is not made for ________.

For a corporation,the excess of assets over liabilities are called ________.

Owners' equity represents the excess cash a company has made.

Under accrual basis accounting,unexpired costs are considered to be ________.

Liabilities are economic resources.

Nicholson Company sold inventory costing $1,000 for $3,000 on account.Nicholson Company operates under the accrual basis.What effect will the transaction have on the liabilities and owners' equity of the company?

Journal entries for the expiration of unexpired assets are usually made before the related cash flows.

Unexpired costs are expenses.

Which of the following is(are)a deficiency(deficiencies)of cash-basis accounting?

Generally Accepted Accounting Principles in the United States are developed by the International Accounting Standards Committee.

The main sections of the balance sheet include ________.

For a corporation,assets must equal liabilities plus paid-in capital.

A sale of inventory results in a(n) in stockholders' equity equal to the selling price of the inventory.A sale of inventory also results in a(n) in stockholders' equity equal to the cost of the inventory sold.

Amounts due from customers are called accounts payable.

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

Filters

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

Seavers Company paid $2,700 for 6 months' insurance,covering the period of April 1 to September 30.At the time of the payment,the entire amount was used to increase the balance in the Prepaid Insurance account.The balance in the Prepaid Insurance account on May 31 is ________.

The ownership claim arising from funds contributed by the owners of the business is called ________.

The balance sheet shows a company's financial status at only one point in time.

The distinction between paid-in capital and retained earnings is not made for ________.

For a corporation,the excess of assets over liabilities are called ________.

Owners' equity represents the excess cash a company has made.

Under accrual basis accounting,unexpired costs are considered to be ________.

Liabilities are economic resources.

Nicholson Company sold inventory costing $1,000 for $3,000 on account.Nicholson Company operates under the accrual basis.What effect will the transaction have on the liabilities and owners' equity of the company?

Journal entries for the expiration of unexpired assets are usually made before the related cash flows.

Unexpired costs are expenses.

Which of the following is(are)a deficiency(deficiencies)of cash-basis accounting?

Generally Accepted Accounting Principles in the United States are developed by the International Accounting Standards Committee.

The main sections of the balance sheet include ________.

For a corporation,assets must equal liabilities plus paid-in capital.

A sale of inventory results in a(n)________ in stockholders' equity equal to the selling price of the inventory.A sale of inventory also results in a(n)________ in stockholders' equity equal to the cost of the inventory sold.

Amounts due from customers are called accounts payable.

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

Filters

A sale of inventory results in a(n) in stockholders' equity equal to the selling price of the inventory.A sale of inventory also results in a(n) in stockholders' equity equal to the cost of the inventory sold.