1.

Given the following: What is accrual-basis expenses?

Select one:

a. $45

b. $63

c. $55

d. $52

e. $37

2.

Venice Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting. Venice had $120,000 in cash-basis pretax income for 2018. The following information pertains to Venice's operations for the years ended December 31, 2018 and 2017: Under the accrual method, what amount of income before taxes should Venice report on its December 31, 2018 income statement?

Select one:

a. $150,000

b. $90,000

c. $130,000

d. $110,000

e. $190,000

3.

Given the following: 2013 Net Loss is:

Select one:

a. $19

b. $16

c. $6

d. $12

e. $27

4.

The Walton Company collected an accounts receivable and recorded this journal entry. Determine the effect of the error on the following:

Select one:

a. Assets Overstated, Liabilities Overstated

b. Assets No Error, Liabilities No Error

c. Assets Overstated, Liabilities Understated

d. Assets Overstated, Liabilities No Error

e. Assets No Error, Liabilities Understated

5

On January 1, 2016, Colt Co. issued ten-year bonds with a face amount of $1,000,000 and a stated interest rate of 10% payable annually on January 1. The bonds were priced to yield 12%. The approximate total issue price of the bonds was:

Select one:

a. $1,122,888

b. $886,992

c. $1,134,198

d. $926,399

e. $1,077,217

1 Given the following: d Decrease in Prepaid Expenses Decrease in Unnamed Revenue Increase in Accrued Expenses Cash paid for expenses 54 $7 39 550 question What is accrual basis expenses? Select one: O . $45 O b. $63 Oc55 d. $52 e$37 Clear my choice Venice Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting Venice had $120,000 in cash-basis pretax income for 2018. The following information pertains to Venice's operations for the years ended December 31, 2018 and 2017 Accounts receivable Accounts payable $60 000 30 000 2017 540 000 20.000 eston Under the accrual method, what amount of income before taxes should Venice report on its December 31, 2018 income statement? Select one a $150,000 b. 590,000 5130.000 d. 5110,000 5190.000 Clear my choice Given the following: 1/1/13 Total Assets 12/31/13 Total Assets 1/1/13 Total Liabilities 12/31/13 Total Liabilities 2013 Dividends 2013 Contributions from Owners 2013 Increase in Treasury Stock $100 $80 $37 $35 $3 $15 $18 on 2013 Net Loss is: Select one a. $19 O b. $16 O c $6 O d. $12 O e. $27 The Walton Company collected an accounts receivable and recorded this journal entry. XX Cash Uneamed Revenue Determine the effect of the error on the following: Select one: O a. Assets Overstated, Liabilities Overstated b. Assets No Error, Liabilities No Error O c. Assets Overstated, Liabilities Understated O d. Assets Overstated, Liabilities No Error O e. Assets No Error, Liabilities Understated On January 1, 2016. Colt Co. issued ten-year bonds with a face amount of $1,000,000 and a stated interest rate of 10% payable annually on January 1. The bonds were priced to yield 12%. The approximate total issue price of the bonds was Select one O a $1,122,888 b. $886.992 O c. $1.134.198 d. 5926399 O e $1,077.217 1 Given the following: d Decrease in Prepaid Expenses Decrease in Unnamed Revenue Increase in Accrued Expenses Cash paid for expenses 54 $7 39 550 question What is accrual basis expenses? Select one: O . $45 O b. $63 Oc55 d. $52 e$37 Clear my choice Venice Corp. maintains its accounting records on the cash basis but restates its financial statements to the accrual method of accounting Venice had $120,000 in cash-basis pretax income for 2018. The following information pertains to Venice's operations for the years ended December 31, 2018 and 2017 Accounts receivable Accounts payable $60 000 30 000 2017 540 000 20.000 eston Under the accrual method, what amount of income before taxes should Venice report on its December 31, 2018 income statement? Select one a $150,000 b. 590,000 5130.000 d. 5110,000 5190.000 Clear my choice Given the following: 1/1/13 Total Assets 12/31/13 Total Assets 1/1/13 Total Liabilities 12/31/13 Total Liabilities 2013 Dividends 2013 Contributions from Owners 2013 Increase in Treasury Stock $100 $80 $37 $35 $3 $15 $18 on 2013 Net Loss is: Select one a. $19 O b. $16 O c $6 O d. $12 O e. $27 The Walton Company collected an accounts receivable and recorded this journal entry. XX Cash Uneamed Revenue Determine the effect of the error on the following: Select one: O a. Assets Overstated, Liabilities Overstated b. Assets No Error, Liabilities No Error O c. Assets Overstated, Liabilities Understated O d. Assets Overstated, Liabilities No Error O e. Assets No Error, Liabilities Understated On January 1, 2016. Colt Co. issued ten-year bonds with a face amount of $1,000,000 and a stated interest rate of 10% payable annually on January 1. The bonds were priced to yield 12%. The approximate total issue price of the bonds was Select one O a $1,122,888 b. $886.992 O c. $1.134.198 d. 5926399 O e $1,077.217