Account Description

Cash $34,200

Accounts Receivable 18,000

Office Supplies 1,000

Prepaid Insurance 4,800

Store Equipment 215,000

Accumulated Depreciation,Store Equipment 43,000

Accounts Payable 16,300

Salaries Payable 5,500

Long-term Notes Payable 8,000

Common Stock 72,000

Retained Earnings, Beginning 60,000

Dividends 5,000

Service Revenue 215,000

Depreciation Expense - Store Equipment 36,000

Salary Expense 60,000

Rent Expense - Office Space 18,000

Advertising Expense 20,000

Utilities Expense - Office Space 6,000

Interest Expense 1,200

Maintenance & Repairs Expense 600

Question 1

Total expenses were:

$141,800

$146,800

$105,800

$73,200

Question 2

The last expense listed is:

Maintenance & Repairs Expense

Salary Expense

Utilities Expense - Office Space

The order of the expenses doesn't matter.

Question 3

Net Income was:

$73,200

$215,000

$68,200

$109,200

Question 4

Beginning retained earnings was:

$60,000

$0

$73,200

$128,200

Question 5

Dividends are included in which financial statement:

Statement of Retained Earnings

Income Statement

Balance Sheet

Statement of Cash Flows

Question 6

Total Current Assets were:

$58,000

$230,000

$273,000

$57,000

Question 7

Plant Assets (PP&E) totaled:

$172,000

$230,000

$215,000

$43,000

Question 8

Current liabilities totaled:

$21,800

$29,800

$8,000

$16,300

Question 9

Total Shareholders' Equity was:

$200,200

$72,000

$128,200

$132,000