Andrea Apple opened Apple Photography on January 1 of the current year During January, the following transactions occurred and were recorded in the company's books Andrea invested $15,100 cash in the business Andrea contributed $36,000 of photography equipment to the business The company paid $3,700 cash for office furniture The company received $7,300 cash for services provided during January The company purchased $7,800 of office equipment on credit The company provided $4,350 of services to customers on account The company paid cash of $3,100 for monthly rent The company paid $4,700 on the office equipment purchased in transaction 5 above Paid $435 cash for January utilities Based on this information, the amount reported as total shareholders equity on the balance sheet at month end would be rev 09 16 2020 QC CS 228722 Multiple Choice $59,215 $50,350 $46,715 $58,400 $53,800 Cushman Company had $844,000 in sales, sales discounts of $12,660, sales returns and allowances of $18,990, cost of goods sold of $400,900, and $290,335 in operating expenses Gross profit equals Multiple Choice $424,110 $430,440 $812,350 $411,450 $121,115 The correct adjusting entry for accrued and unpaid employee salaries of $9,400 on December 31 is Multiple Choice Debit Salary Expense, $9,400 credit Fees Earned, $9,400 Debit Salary Expense, $9,400 credit Salaries Payable, $9,400 Debit Salaries Payable, $9,400 credit Salary Expense $9,400 Debit Salary Expense, $9,400 credit Prepaid Salary, $9,400 Debit Salary Expense, $9,400 credit Cash, $9,400 Russell Co received a $680 utility bill for the current month's electricity It is not due until the end of the next month which is when they intend to pay it Which of the following general journal entries will Russell Co make to record the receipt of the bill Multiple Choice Cash 680 Utilities Expense 680 Accounts Payable 680 Utilities Expense 680 No journal entry is required Utilities Expense 680 Accounts Receivable 680 Utilities Expense 680 Accounts Payable 680 On November 1, Jovel Company loaned another company $150,000 at a 8 0 interest rate The note receivable plus interest will not be collected until March 1 of the following year The company's annual accounting period ends on December 31 The amount of interest revenue that should be reported in the first year is Multiple Choice $18,100 $5,875 $7,200 $2,000 $0 Speedy has net income of $27,955, and assets at the beginning of the year of $209,000 Assets at the end of the year total $255,000 Compute its return on assets Multiple Choice 12 0 13 4 11 0 10 8 15 8 A $24 credit to Sales was posted as a $240 credit By what amount is the Sales account in error Multiple Choice $240 understated $216 overstated $24 understated $240 overstated $216 understated

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Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company's books:

Andrea invested $15,100 cash in the business.
Andrea contributed $36,000 of photography equipment to the business.
The company paid $3,700 cash for office furniture.
The company received $7,300 cash for services provided during January.
The company purchased $7,800 of office equipment on credit.
The company provided $4,350 of services to customers on account.
The company paid cash of $3,100 for monthly rent.
The company paid $4,700 on the office equipment purchased in transaction #5 above.
Paid $435 cash for January utilities.

Based on this information, the amount reported as total shareholders equity on the balance sheet at month-end would be:

rev: 09_16_2020_QC_CS-228722

Multiple Choice

$59,215.
$50,350.
$46,715.
$58,400.
$53,800.

Cushman Company had $844,000 in sales, sales discounts of $12,660, sales returns and allowances of $18,990, cost of goods sold of $400,900, and $290,335 in operating expenses. Gross profit equals:

Multiple Choice

$424,110.
$430,440.
$812,350.
$411,450.
$121,115.

The correct adjusting entry for accrued and unpaid employee salaries of $9,400 on December 31 is:

Multiple Choice

Debit Salary Expense, $9,400; credit Fees Earned, $9,400.
Debit Salary Expense, $9,400; credit Salaries Payable, $9,400.
Debit Salaries Payable, $9,400; credit Salary Expense $9,400.
Debit Salary Expense, $9,400; credit Prepaid Salary, $9,400.
Debit Salary Expense, $9,400; credit Cash, $9,400.

Russell Co. received a $680 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Russell Co. make to record the receipt of the bill?

Multiple Choice

Cash 680

Utilities Expense 680
Accounts Payable 680

Utilities Expense 680
No journal entry is required
Utilities Expense 680

Accounts Receivable 680
Utilities Expense 680

Accounts Payable
680

On November 1, Jovel Company loaned another company $150,000 at a 8.0% interest rate. The note receivable plus interest will not be collected until March 1 of the following year. The company's annual accounting period ends on December 31. The amount of interest revenue that should be reported in the first year is:

Multiple Choice

$18,100.
$5,875.
$7,200.
$2,000.
$0.

Speedy has net income of $27,955, and assets at the beginning of the year of $209,000. Assets at the end of the year total $255,000. Compute its return on assets.

Multiple Choice