99)ABC paid dividends of $2,410, $0, $1,570 and $1,060 over the first four years of the company's existence. If Retained Earnings after year four has an ending balance of $9,700, what is the average annual amount of net income (loss) over the past four years for ABC? A)$3,685. B)$840. C)$1,260. D)$14,740.

208)Consider the following list of accounts: Accounts Payable Cash Prepaid Rent Common Stock Salaries Payable Equipment Supplies Rent Expense How many of these accounts have a normal credit balance? A)Three. B)Four. C)Five. D)Two.

240)In a Balanced set of Accounting Records, EVERY Account must balance. A)True B)False

244)For a journal entry with only two lines, the following entry is valid: Decrease in an asset, Increase in Revenue. A) False B) True

58)ABC had the following final balances after the first year of operations: assets, $55,000; stockholders' equity, $25,000; dividends, $3,000; and net income, $10,000. What is the amount of ABC's liabilities? A)$30,000. B)$13,000. C)$7,000. D)$55,000.

59)ABC has the following information: Net credit sales = $400,000 Net income = $100,000 Average total assets = $80,000 Average accounts receivable = $20,000 What is ABC's average collection period (rounded to the nearest whole day)? A)9 days. B)5 days. C)18 days. D)73 days.

63)For a journal entry with only two lines, the following entry is valid: Increase in a liability, Decrease in Revenue. A) True B) False

64)For a journal entry with only two lines, the following entry is valid: Decrease in one Owners' Equity, Decrease in a second Owners' Equity. A) False B) True

65)Which of the following statements is NOT correct about the financial statements? A)A balance sheet reports assets, liabilities, revenues, and expenses. B)The statement of stockholders' equity presents common stock, dividends, and retained earnings information. C)An income statement reports revenues, expenses, and net income information. D)The statement of cash flows shows cash inflows and outflows from operating, financing, and investing activities.

69)A company receives a $50,000 cash deposit from a customer on October 15 but will not provide services until November 20. Which of the following statements is true? A)The company records service revenue on October 15. B)The company records cash collection on November 20. C)The company records nothing on October 15. D)The company records deferred revenue on October 15.

70)For a journal entry with only two lines, the following entry is valid: Increase in one Owners' Equity, Decrease in a second Owners' Equity. A) False B) True

71)ABC estimates uncollectible accounts based on the percentage of accounts receivable. What effect will recording the estimate of uncollectible accounts have on the accounting equation? A)Increase liabilities and decrease stockholders' equity. B)Decrease assets and decrease liabilities. C)Decrease assets and decrease stockholders' equity. D)Increase assets and decrease stockholders' equity.

72)For a journal entry with only two lines, the following entry is valid: Increase in one Liability, Decrease in a second second liability. A) True B) False

73)For a journal entry with only two lines, the following entry is valid: Increase in an asset, Increase in an Expense. A) False B) True

225)When a magazine sells one-year subscriptions to customers but receives the full amount of cash immediately, it is an example of a(n): A)Accrued revenue. B)Prepaid expense. C)Deferred revenue. D)Accrued expense.

247)Which of the following is NOT possible for a business transaction? A)Decrease assets and increase expense. B)Increase liabilities and increase expense. C)Decrease liabilities and increase revenue. D)Increase assets and decrease revenue.

248)ABC had a net income of $8,000, $5,000, $12,000, and $10,000 over the first four years of the company's existence. If the average annual amount of dividends paid over the last four years is $3,000, what is the ending retained earnings balance? A)$35,000. B)$23,000. C)$7,000. D)$47,000.

249)Consider the following transactions: Issued common stock for cash. Purchased equipment by signing a note payable. Provided services to customers on account. Collected cash from customers on account. How many of these four transactions increased the given company's total liabilities? A)Two. B)One. C)Four. D)Three.

250)Choose one: A)The Statement of Cash Flows always balances B)The Statement of Cash Flows never balances C)It is possible for Balance in Cash on the Statement of Cash Flows to be zero