1.) On December 31, 2020, Nelson Company reported total assets of $390,000, total liabilities $110,000, and pretax income of $120,000 prior to the following adjustments:

Depreciation expense: $31,000

Accrued service revenues: $29,000

Accrued expenses: $12,000

Prepaid insurance expense (now expired): $9,000

Unearned rent revenue (now earned): $7,000

How much is Nelson's pretax income after these adjusting entries are made?

1. $113,000.

b. $104,000.

c. $106,000.

d. $128,000.

2. ) The following is a COMPLETE list of balance sheet account balances for Pete Co. What is the balance in Note Payable?

Equipment $58,000

Cash 13,500

Retained Earnings 15,360

Common Stock 15,200

Supplies 8,750

Accounts Payable 18,980

Note Payable ?????

1. $30,710
2. $53,430
3. $35,610
4. $22,710

3.) Sharapova Corporation began the year with a cash balance of $10,000 and had the following transactions during the year: Issued common stock $30,000; purchased equipment for $24,000 making a $6,000 down payment and signing a note for the balance; purchased $600 of supplies paying 40 percent with cash and 60 percent on credit; paid $3,600 on the note payable.

The balance in the cash account after these transactions are posted would be:

1. $10,160
2. $20,520
3. $33,760
4. $30,160

4.) The Federer Company has provided the following account balances:

Retained earnings $60,000

Long-term notes payable $92,000

Cash $38,000 Long-term notes receivable $2,000

Accounts payable $30,000

Short-term investments $4,000 Accounts receivable $48,000 Common stock $180,000 Intangible assets $6,000

Inventory $6,000 Equipment $96,000 Short-term notes payable $18,000

What is Federer's current ratio?

a. 2.0

b. 2.17

c. 2.71

d. 1.00

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