1. United Airlines 2016 balance sheet reported the following (in millions)

Total Assets	$40,091
Total Liabilities	31,485
Contributed Capital	3,573

What was United Airlines total liabilities and stockholders equity at December 31, 2016?

		$ 36,518 million
		$ 40,091 million
		$35,058 million
		$8,606 million
		$36,518 million

2. Identify which of the following items would be reported in the income statement.

a.	Cash	d.	Wage expense	g.	Net income
b.	Sales	e.	Wages payable	h.	Inventory
c.	Long-term debt	f.	Retained earnings	i.	Cost of goods sold

Items reported in the income statement would include:

		b, e, g, and h
		a, b, d, and i
		b, e, f, and g
		d, f, g, and h
		b, d, g, and i

3. The fiscal 2016 financial statements for Walgreens Boots Alliance, Inc., report sales of $117,351 million, net operating assets of $39,502 million. The 2015 balance sheet reports net operating assets of $42,683 million. Walgreens 2016 net operating asset turnover is:

		11.5%
		2.86
		13.3%
		2.97
		There is not enough information to calculate the ratio.

4. Which of the following accounts would not appear in a closing entry?

		Interest expense
		Accumulated depreciation
		Cost of goods sold
		Dividends
		Both B and D

5. Which of the following statement is NOT correct ?

		A balance sheet reports on investing and financing activities.
		The statement of cash flows reports the change in a companys cash balance over a period of time.
		The statement of equity reports on changes in the accounts that make up equity.
		The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time.
		A balance sheet reports on a companys assets and liabilities over a period of time.