1) Junta Administration Services Ltd. had a retained earnings balance of 2,850 at the end of the year. At the beginning of the year Juntas retained earnings balance was 2,200. If the company declared and paid dividends of 450 during the year how much net income did Junta generate for the year?

Please explain

2) Which of the following items would cause an asset to be recorded on a companys balance sheet?

1. A bill from a supplier.
2. A sale to a customer on credit.
3. A loan from the bank.
4. The issue of shares to shareholders.
5. The people employed by the company.

3) Using the information below calculate the ending total asset of Lisa Inc.

1. Lisa Inc raises $2,000 of shareholders equity.
2. Lisa Inc purchases a building worth $300 for cash.
3. Lisa Inc takes out a loan for $500 and receives cash.
4. Lisa Inc purchases $300 of inventories, the supplier gives her credit.
5. Lisa Inc generates cash sales of $400, which cost her $250.

4) If Doone Tractors sold tillers to farmers worth $26,000, and it cost them $18,000, how much would inventories (stocks) fall by?

5) In which of the following transactions will revenue be recorded?

a. Cash payment received by an airline one month before the passenger plans to fly.

b. The purchase of raw materials from a supplier.

c. Payment of an invoice 30 days after the customer received the goods.

d. The delivery of goods to a customer who is given 30 days to pay.

e. None of the above.

Question 6:Given below is a list of transactions:

1. The settlement of an accounts payable by paying cash.
2. The settlement of an accounts payable by issuing a notes payable.
3. The purchase of equipment on credit.
4. An adjusting entry to record accrued salary.
5. The collection of interest previously accrued.
6. An adjusting entry to recognize periodic depreciation.

Match the effect of each transaction above with one of the effects given below.

a. Increase in assets, increase in liabilities

b. Increase in assets, decrease in liabilities

c. Increase in assets, decrease in assets

d. Decrease in Assets, decrease in liabilities

e. Decrease in liabilities, increase in liabilities

f. Increase in liabilities, decrease in owners equity g. Decrease in liabilities, increase in owners equity h. Increase in assets, increase in owners equity

i. Decrease in assets, decrease in owners equity

Question 7:Which of the effects in the list given above is never possible?