1.

Elston Company compiled the following financial information as of December 31: Revenues $420,000

common stock 90,000

equipment 120,000

expenses 375,000

cash 105,000

dividends 30,000

supplies 15,000

accounts payable 60,000

accounts receivable 45,000

retained earnings 1/1 - 120,000 Elstons assets on December 31 are:

Select one:

a.

$705,000

b.

$510,000

c.

$240,000

d.

$285,000

2.

On 1/1/21, the Rainbow Company had total equity of $2,680 of which $1,006 was Retained Earnings. Additional data for 2021 and 2022 net income 2021 2022 $450 $210

common stock 330 100

didended declared and paid 170 0 Retained Earnings at 12/31/22 were:

Select one:

a.

$2,664

b.

$3,600

c.

$1,496

d.

$1,500

e.

$2,164

3.

Which transaction will affect the total of Current Assets?

Select one:

a.

collection of accounts receivable

no

accrual of wage expense yes

b. collection of accounts receivable

no

accrual of wage expense

no

c.collection of accounts receivable

yes

accrual of wage expense

yes

d.collection of accounts receivable

yes

accrual of wage expense no