15 ACCOUNT QUESTIONS! I NEED HELP WITH ASAP! THANK YOU SO MUCH!

1. A company reported total stockholders' equity of $290,000 on its Dec 31, 2015, balance sheet. The following information is available for the year ended Dec 31, 2016:

Revenues	$620,000
Expenses	330,000
Liabilities, on December 31, 2016	144,000

3. Samores Company sold merchandise on account for $3,000 to Cookie Company with credit terms of 2/10, n/30. Five days later, Cookie Company returned $1,000 of merchandise that was damaged, along with a check to settle the account.

What entry does Samores Company make upon receipt of the check?

Select one:

A.

Cash		1,960
Sales Returns and Allowances		1,040
	Accounts Receivable		3,000

B.

Cash		2,000
	Accounts Receivable		2,000

C.

Cash		1,960
Sales Returns and Allowances		1,000
Sales Discounts		40
	Accounts Receivable		3,000

D.

Cash		2,940
Sales Discounts		60
	Accounts Receivable		3,000

What are the total assets of the company on December 31, 2016?

Select one:

A. $420,000

B. $184,000

C. $724,000

D. $ 38,000

8. The following inventory was available for sale during the year for Thomasina Tools:

Beginning inventory	10 units at $80
First purchase	15 units at $110
Second purchase	30 units at $140
Third purchase	20 units at $130

Thomasina Tools has 25 units on hand at the end of the year.

What is the dollar amount of inventory at the end of the year according to the first-in, first-out method?

Select one:

A. $3,300

B. $3,150

C. $3,900

D. $5,950

9. The following amounts and costs of platters were available for sale by Corpus Christy Ceramics during 2016:

Beginning inventory	10 units at $41
First purchase	15 units at $55
Second purchase	30 units at $70
Third purchase	25 units at $65

Corpus Christy Ceramics has 35 platters on hand at the end of the year.

What is the dollar amount of inventory at the end of the year according to the weighted-average cost method?

Select one:

A. $4,340

B. $9,920

C. $3,465

D. $6,200

12. Determine Sales revenue for Ozzie Company with the following data:

Cost of Goods Sold	$840,000
Operating Expenses	210,000
Sales Discounts	15,000
Sales Returns and Allowances	97,500
Net Income	265,000

Select one:

A. $1,192,500

B. $1,222,500

C. $1,417,500

D. $1,387,500

17. Determine Sales revenue for Ozzie Company with the following data:

Cost of Goods Sold	$840,000
Operating Expenses	210,000
Sales Discounts	15,000
Sales Returns and Allowances	97,500
Net Income	265,000

Select one:

A. $1,192,500

B. $1,222,500

C. $1,417,500

D. $1,387,500

18. M. Fields Company reported the following year-end amounts:

Total Sales	$33,600
Sales Discounts	600
Sales Returns	?
Cost of Goods Sold	21,000
Gross Profit	4,350

What is the companys Sales Returns for the year?

Select one:

A. $ 7,650

B. $ 2,160

C. $10,860

D. $ 2,970

19. On September 1, the beginning inventory for Koppel Company was 110 units at $200 each. Purchases and sales during September were:

Purchases During Sept 2016				Sales During Sept 2016
Sept 7	120 units @ $224			Sept 12	70 units
Sept 17	70 units @ $176			Sept 22	110 units
Sept 25	100 units @ $168			Sept 29	90 units

What is the cost of ending inventory for Koppel Company on September 30 if the periodic LIFO costing method is used?

Select one:

A. $22,080

B. $26,480

C. $26,000

D. $28,640

24. On which financial statements would you look to find the total costs of merchandise that remains and the total that has been sold?

Select one:

A. Balance sheet and income statement

B. Statement of cash flows and balance sheet

C. Balance sheet and statement of cash flows

D. Statement of stockholders' equity and balance sheet

25. Which statement is true of the statement of stockholders' equity?

Select one:

A. It shows a company's stock issuances and dividends paid to shareholders.

B. It reports a company's assets, liabilities, and equities.

C. It reports a company's cash flows from operating activities, investing activities, and financing activities.

D. It reports a company's revenue and expenses for a period.

26. On September 1, the beginning inventory for Koppel Company was 110 units at $200 each. Purchases and sales during September were:

Purchases During Sept 2016				Sales During Sept 2016
Sept 7	120 units @ $224			Sept 12	70 units
Sept 17	70 units @ $176			Sept 22	110 units
Sept 25	100 units @ $168			Sept 29	90 units

What is the cost of ending inventory for Koppel Company on September 30 if the periodic LIFO costing method is used?

Select one:

A. $22,080

B. $26,480

C. $26,000

D. $28,640

27. The following hammers were available for sale during the year for Waiculus Tools:

Beginning inventory	10 units at $80
First purchase	15 units at $100
Second purchase	30 units at $120
Third purchase	25 units at $130

Waiculus Tools has 30 hammers on hand at the end of the year.

What is the dollar amount of cost of goods sold for the year according to the first-in, first-out method?

Select one:

A. $3,150

B. $3,950

C. $5,300

D. $3,900

29. Nickster Company purchased $8,000 worth of merchandise, FOB shipping point. Transportation costs were an additional $700. The company later returned $1,500 worth of merchandise and paid the invoice within the 2% cash discount period.

The total amount paid for this merchandise is:

Select one:

A. $7,040

B. $8,526

C. $7,070

D. $7,056

30. The following amounts and costs of platters were available for sale by Utah Pottery during 2016:

Beginning inventory	10 units at $82
First purchase	15 units at $110
Second purchase	30 units at $140
Third purchase	25 units at $130

Utah Pottery has 35 platters on hand at the end of the year.

How much is cost of goods sold in dollars at the end of the year according to the weighted-average cost method?

Select one:

A. $5,580

B. $3,465

C. $9,920

D. $3,720

31. Current assets are usually listed in the order of their:

Select one:

A. Lack of liquidity: least liquid to most liquid

B. Size: smallest to largest

C. Liquidity: most liquid to least liquid

D. Size: largest to smallest

34. Which of the following assets would not be classified as a current asset?

Select one:

A. Supplies

B. Equipment

C. Accounts receivable

D. Prepaid rent