Can you help me answer the questions in the attachment.

1. QUESTION 1 R. Sparks, an interior decorator, started a business by investing $10,000 cash. The business would record this transaction: Debit Cash $10,000, Credit Revenue $10,000 Debit Cash $10,000, Credit Common Stock $10,000 Credit Cash $10,000, Debit Common Stock $10,000 Credit Cash $10,000, Debit Revenue $10,000 1 points 1. QUESTION 2 R Sparks business purchases a used car for $6,000 cash. The business would record this transaction: Debit Car expense $6,000, Credit Cash $6,000 Debit Cash 6,000, Credit Car expense $6,000 Debit Assets: Car $6,000, Credit Cash $6,000 Debit Cash $6,000, Credit Assets: Car $6,000 1 points 1. QUESTION 3 R. Sparks business purchases a one year liability insurance policy effective immediately for $1,200 cash. The business would record this transaction: Debit Asset: Prepaid insurance $1,200, Credit Cash $1,200 Debit Insurance expense $1,200, Credit Cash $1,200 Debit Cash $1,200, Credit Prepaid Insurance $1,200 Debit Cash $1,200, Credit Insurance Expense $1,200 1 points 1. QUESTION 4 R. Sparks business purchases six months of supplies on account for $550. The business would record this transaction: Debit Supplies Expense $550, Credit Cash $550 Debit Supplies Expense $550, Credit Accounts Payable $550 Debit Asset: Supplies $550, Credit Cash $550 Debit Asset: Supplies $550, Credit Accounts Payable $550 1 points QUESTION 5 1. R. Sparks business billed customers $2,100 for services performed. The business would record this transaction: Debit Accounts Receivable $2,100, Credit Service Revenues $2,100 Debit Cash $2,100, Credit Service Revenues $2,100 Debit Service Revenues $2,100, Credit Cash $2,100 Debit Service Revenues $2,100, Credit Accounts Receivable $2,100 1 points 1. QUESTION 6 R. Sparks withdrew from his business $300. The business would record this transaction: Debit Cash $300, Credit Withdrawals $300 Debit Withdrawals $300, Credit Cash $300 Debit Withdrawals expense $300, Credit Cash $300 Debit Cash $300, Credit Accounts Payable $300 1 points QUESTION 7 1. R. Sparks business received payment from customers previously billed $1,000. The business would record this transaction: Debit Cash $1,000, Credit Accounts Receivable $1,000 Debit Cash $1,000, Credit Accounts Payable $1,000 Debit Accounts Receivable $1,000, Credit Service revenue $1,000 Debit Service revenue $1,000, Credit Cash $1,000. 1 points 1. QUESTION 8 R. Sparks business received $800 cash in advance for services to be performed next quarter. The business would record this transaction: Debit Accounts Receivable $800, Credit Unearned Revenue $800 Debit Cash $800, Credit Earned Revenue $800 Debit Cash $800, Credit Unearned revenue $800 Debit Unearned revenue $800, Credit Cash $800 1 points 1. QUESTION 9 R. Sparks business had purchased office supplies for $1,000 and had recorded the purchase as Asset: Office Supplies. At month end, when preparing the financial statements, an inventory shows that $700 of Office Supplies is still on hand. The business would record an adjusting entry for this transaction: Debit Office Supplies expense $700, credit Asset: Office Supplies $700 Debit Office Supplies expense $300, credit Asset: Office Supplies $300 Debit Asset: Office Supplies $700, Credit Office Supplies expense $700 Debit Asset: Office Supplies $300, Credit Office Supplies expense $700 1 points QUESTION 10 1. R. Sparks business had purchased a one year insurance policy for $1,200. The business had recorded the cost of $1,200 to the asset: Prepaid Insurance. An adjusting entry for the one month expiration of insurance would be: Debit Prepaid Insurance $1,200, Credit Cash $1,200 Debit Prepaid Insurance $1,200, Credit Insurance expense $1,200 Debit Insurance expense $100, Credit Prepaid Insurance $100 Debit Prepaid Insurance $100, Credit Insurance expense $100 Use the following information as of December 31 to determine equity. Liabilities $ 153,000 Cash 58,200 Equipment 218,000 Buildings 187,000 $310,200 $616,200 $463,200 $58,200 $153,000 Determine the net income of a company for which the following information is available: Employee salaries expense Interest expense Rent expense Consulting revenue $ 200,000 30,000 40,000 600,000 $870,000 $600,000 $270,000 $330,000 $310,000 If net income for the period was $136,950, dividends distributed were $77,700 and ending retained earnings was $864,770, what was the beginning retained earnings for the period? $650,120 $924,020 $805,520 $1,079,420 $727,820 Beginning assets were $437,850, beginning liabilities were $262,660, common stock issued during the year totaled $45,100, revenue for the year was $414,450, expenses for the year were $280,100, dividends declared was $22,800, and ending liabilities is $$350,250.What is net income for the year? $700,510 $612,910 $175,190 $134,350 $331,840 Below is accounting information for Cascade Company for 2013: Revenue Cash Common stock Expenses Equipment Accounts receivable Notes payable Notes receivable $ 428,000 126,000 206,000 306,000 252,000 41,000 62,000 74,000 What were the total assets at year-end? $332,000 $493,000 $302,000 $328,000 $122,000 The organization that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the: AICPA FASB CAP SEC IASB The private board that currently has the authority to establish U.S. generally accepted accounting principles is the: APB FASB AAA AICPA SEC The following transactions occurred during July: a. Received $1,800 cash for services provided to a customer during July. b. Received $3,100 cash investment from Barbara Hanson, the owner of the business. c. Received $1,200 from a customer in partial payment of his account receivable, which arose from sales in June. d. Provided services to a customer on credit, $825. e. Signed a promissory note for a $9,600 bank loan. f. Received $1,700 cash from a customer for services to be rendered next year. What was the amount of revenue for July? $17,400 $2,625 $1,800 $5,525 $4,325 What would be the account balance in the Cash account after the following transactions, assuming a zero beginning balance? Owner invested cash. Purchased supplies with cash. $119,500 $29,100 Received bill for one month of rent. $3,110 Paid wages. Billed customer for services performed services performed. $1,190 $1,900 $91,110 $88,000 $90,420 $154,800 $89,210 A company had the following account balances at year-end: Cash Accounts receivable Accounts payable Fees earned Rent expense Insurance expense Supplies Common stock Retained earnings Dividends $30,850 33,000 20,600 66,950 15,450 4,950 5,150 5,150 15,250 18,550 If all of the accounts have normal balances, what are the total debits on the trial balance? $215,900 $192,200 $46,500 $107,950 $69,000 Stride Rite has total assets of $615 million. Its total liabilities are $205 million. Its equity is $410 million. Calculate the debt ratio. 15.00% 50.00% 33.3% 16.0% 66.67% On April 30, Holden Company had an Accounts Receivable balance of $22,200. During the month of May, total credits to Accounts Receivable were $62,500 from customer payments. The May 31 Accounts Receivable balance was $16,150. What was the amount of credit sales during May? $38,350 $68,550 $6,050 $56,450 $62,500 Unearned revenues are: Revenues that have been earned and received in cash. Revenues that have been earned but not yet collected in cash. Liabilities created when a customer pays in advance for products or services before the revenue is earned. Recorded as an asset in the accounting records. Increases to retained earnings. Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? Debit to Cash, debit to Service Revenue. Debit to Cash, credit to Service Revenue. Debit to Accounts Receivable, credit to Cash. Debit to Service Revenue, credit to Accounts Receivable. Debit to Accounts Receivable, credit to Service Revenue. Double-entry accounting is an accounting system: That records each transaction twice. That records the effects of transactions and other events in at least two accounts with equal debits and credits. In which the impact of each transaction is checked twice to ensure there are no errors. That may only be used if T-accounts are used. That records the effects of transactions on at least two financial statements. The main purpose of adjusting entries is to: Record external transactions and events. Record internal transactions and events. Recognize assets purchased during the period. Recognize debts paid during the period. Correct errors. Which of the following accounts would not be impacted by adjusting journal entries? Accounts Receivable Consulting Fee Earned Unearned Consulting Fees Cash Wages Payable Which of the following is true of accrued revenues? Accrued revenues at the end of one accounting period often result in cash receipts from customers in the next period. Accrued revenues at the end of one accounting period often result in cash payments in the next period. Accrued revenues are also called unearned revenues. Accrued revenues are listed on the balance sheet as liabilities. Accrued revenues are recorded at the end of an accounting period because cash has already been received for revenues earned. Which of the following statements is true? Retained earnings must be closed each accounting period. A post-closing trial balance should include only permanent accounts. Information on the work sheet can be used in place of preparing financial statements. By using a work sheet to prepare adjusting entries, you need not post these entries to the ledger accounts Closing entries are only necessary if errors have been made. ABC Co. leased a portion of its store to another company for eight months beginning on October 1, 2014, at a monthly rate of $1,000. This other company paid the entire $8,000 cash on October 1, which ABC Co. recorded as unearned revenue. The journal entry made by ABC Co. at year-end on December 31, 2014, would include: A credit to Unearned Rent for $3,000. A debit to Cash for $8,000. A debit to Rent Earned for $3,000. A credit to Rent Earned for $3,000. A debit to Unearned Rent for $5,000. The following information is available for the Travis Travel Agency. After the closing entries have been journalized and posted, what will be the balance in the Retained Earnings account? Total revenues Total expenses Retained earnings Dividends $135,000 70,000 90,000 20,000 $315,000 $70,000 $135,000 $155,000 $90,000 On June 30, 2014, Apricot Co. paid $6,800 cash for management services to be performed over a twoyear period. Apricot follows a policy of recording all prepaid expenses in asset accounts at the time of cash payment. On June 30, 2014 Apricot should record: A debit to an expense for $6,800. A credit to an expense for $6,800. A credit to a prepaid expense for $6,800. A debit to a prepaid expense for $6,800. A debit to Cash for $6,800. On April 1, 2014, a company paid $2,340 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2014? $65.00 $1,755.00 $585.00 $2,340.00 $780.00 A company had no office supplies at the beginning of the year. During the year, the company purchased $260 worth of office supplies. On December 31, $80 worth of office supplies remained. How much should the company report as office supplies expense for the year? $180 $340 $80 $130 $260 A company had revenue of $550,000, rent expense of $100,000, utility expense of $10,000, salary expense of $125,500, depreciation expense of $39,000, advertising expense of $40,200, dividends in the amount of $183,000, and an ending balance in retained earnings of $402,300. What is the appropriate journal entry to close income summary? a. b. c. d. One-third of the work related to $15,000 cash received in advance is performed this period. Wages of $10,000 are earned by workers but not paid as of December 31, 2013. Depreciation on the company's equipment for 2013 is $11,200. The Office Supplies account had a $310 debit balance on December 31, 2012. During 2013, $5,990 of office supplies are purchased. A physical count of supplies at December 31, 2013, shows $649 of supplies available. e. The Prepaid Insurance account had a $5,000 balance on December 31, 2012. An analysis of insurance policies shows that $3,000 of unexpired insurance benefits remain at December 31, 2013. f. The company has earned (but not recorded) $800 of interest from investments in CDs for the year ended December 31, 2013. The interest revenue will be received on January 10, 2014. g. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31, 2013. The company must pay the interest on January 2, 2014. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013. (Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially recorded as liabilities.) Account Title Cash Accounts receivable Office supplies Trucks Accumula ted depreciatio nTrucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciati on expense Trucks Salaries expense Office supplies expense Repairs expense Trucks Totals Debit $ Credit 9,200 18,500 7,975 198,000 $ 40,788 42,000 13,200 12,000 58,000 30,000 120,470 12,000 128,000 26,308 68,005 8,000 12,470 $ 402,458 $ 402,458 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2013. Following are Nintendo's revenue and expense accounts for a recent calendar year. Net sales Cost of sales Advertising expense Other expense, net 1,978,622 1,534,981 117,508 397,744 Prepare the company's closing entries for its revenues and its expenses. The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumula ted depreciatio nTrucks Land Accounts payable Interest payable Long-term notes payable Common Stock Retained earnings Dividends Trucking fees earned Debit $ Credit 8,400 17,500 3,000 198,000 $ 40,788 85,000 12,400 4,000 53,000 25,000 176,110 20,000 138,000 Depreciati on expense Trucks Salaries expense Office supplies expense Repairs expense Trucks Totals 26,308 64,722 14,500 11,868 $ 449,298 $ 449,298 Retained Earnings is $176,110 at December 31, 2012. 1. Prepare the income statement for the year ended December 31, 2013. 2. Prepare the statement of retained earnings for the year ended December 31, 2013. Following are the transactions of a new company called Pose for Pics. Aug. 1 Madison Harris, the owner, invested $9,250 cash and $39,775 of photography equipment in the company in exchange for common stock. 2 The company paid $3,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,758 cash. 20 The company received $3,900 cash in photography fees earned. 31 The company paid $867 cash for August utilities. Prepare general journal entries for the above transactions. Use the following information as of December 31 to determine equity. Liabilities $ 153,000 Cash 58,200 Equipment 218,000 Buildings 187,000 $310,200 $616,200 $463,200 $58,200 $153,000 Determine the net income of a company for which the following information is available: Employee salaries expense Interest expense Rent expense Consulting revenue $ 200,000 30,000 40,000 600,000 $870,000 $600,000 $270,000 $330,000 $310,000 If net income for the period was $136,950, dividends distributed were $77,700 and ending retained earnings was $864,770, what was the beginning retained earnings for the period? $650,120 $924,020 $805,520 $1,079,420 $727,820 Beginning assets were $437,850, beginning liabilities were $262,660, common stock issued during the year totaled $45,100, revenue for the year was $414,450, expenses for the year were $280,100, dividends declared was $22,800, and ending liabilities is $$350,250.What is net income for the year? $700,510 $612,910 $175,190 $134,350 $331,840 Below is accounting information for Cascade Company for 2013: Revenue Cash Common stock Expenses Equipment Accounts receivable Notes payable Notes receivable $ 428,000 126,000 206,000 306,000 252,000 41,000 62,000 74,000 What were the total assets at year-end? $332,000 $493,000 $302,000 $328,000 $122,000 The organization that attempts to create more harmony among the accounting practices of different countries by identifying preferred practices and encouraging their worldwide acceptance is the: AICPA FASB CAP SEC IASB The private board that currently has the authority to establish U.S. generally accepted accounting principles is the: APB FASB AAA AICPA SEC The following transactions occurred during July: a. Received $1,800 cash for services provided to a customer during July. b. Received $3,100 cash investment from Barbara Hanson, the owner of the business. c. Received $1,200 from a customer in partial payment of his account receivable, which arose from sales in June. d. Provided services to a customer on credit, $825. e. Signed a promissory note for a $9,600 bank loan. f. Received $1,700 cash from a customer for services to be rendered next year. What was the amount of revenue for July? $17,400 $2,625 $1,800 $5,525 $4,325 What would be the account balance in the Cash account after the following transactions, assuming a zero beginning balance? Owner invested cash. Purchased supplies with cash. $119,500 $29,100 Received bill for one month of rent. $3,110 Paid wages. Billed customer for services performed services performed. $1,190 $1,900 $91,110 $88,000 $90,420 $154,800 $89,210 A company had the following account balances at year-end: Cash Accounts receivable Accounts payable Fees earned Rent expense Insurance expense Supplies Common stock Retained earnings Dividends $30,850 33,000 20,600 66,950 15,450 4,950 5,150 5,150 15,250 18,550 If all of the accounts have normal balances, what are the total debits on the trial balance? $215,900 $192,200 $46,500 $107,950 $69,000 Stride Rite has total assets of $615 million. Its total liabilities are $205 million. Its equity is $410 million. Calculate the debt ratio. 15.00% 50.00% 33.3% 16.0% 66.67% On April 30, Holden Company had an Accounts Receivable balance of $22,200. During the month of May, total credits to Accounts Receivable were $62,500 from customer payments. The May 31 Accounts Receivable balance was $16,150. What was the amount of credit sales during May? $38,350 $68,550 $6,050 $56,450 $62,500 Unearned revenues are: Revenues that have been earned and received in cash. Revenues that have been earned but not yet collected in cash. Liabilities created when a customer pays in advance for products or services before the revenue is earned. Recorded as an asset in the accounting records. Increases to retained earnings. Which of the following is the appropriate journal entry if a company performs a service and then bills the customer? Debit to Cash, debit to Service Revenue. Debit to Cash, credit to Service Revenue. Debit to Accounts Receivable, credit to Cash. Debit to Service Revenue, credit to Accounts Receivable. Debit to Accounts Receivable, credit to Service Revenue. Double-entry accounting is an accounting system: That records each transaction twice. That records the effects of transactions and other events in at least two accounts with equal debits and credits. In which the impact of each transaction is checked twice to ensure there are no errors. That may only be used if T-accounts are used. That records the effects of transactions on at least two financial statements. The main purpose of adjusting entries is to: Record external transactions and events. Record internal transactions and events. Recognize assets purchased during the period. Recognize debts paid during the period. Correct errors. Which of the following accounts would not be impacted by adjusting journal entries? Accounts Receivable Consulting Fee Earned Unearned Consulting Fees Cash Wages Payable Which of the following is true of accrued revenues? Accrued revenues at the end of one accounting period often result in cash receipts from customers in the next period. Accrued revenues at the end of one accounting period often result in cash payments in the next period. Accrued revenues are also called unearned revenues. Accrued revenues are listed on the balance sheet as liabilities. Accrued revenues are recorded at the end of an accounting period because cash has already been received for revenues earned. Which of the following statements is true? Retained earnings must be closed each accounting period. A post-closing trial balance should include only permanent accounts. Information on the work sheet can be used in place of preparing financial statements. By using a work sheet to prepare adjusting entries, you need not post these entries to the ledger accounts Closing entries are only necessary if errors have been made. ABC Co. leased a portion of its store to another company for eight months beginning on October 1, 2014, at a monthly rate of $1,000. This other company paid the entire $8,000 cash on October 1, which ABC Co. recorded as unearned revenue. The journal entry made by ABC Co. at year-end on December 31, 2014, would include: A credit to Unearned Rent for $3,000. A debit to Cash for $8,000. A debit to Rent Earned for $3,000. A credit to Rent Earned for $3,000. A debit to Unearned Rent for $5,000. The following information is available for the Travis Travel Agency. After the closing entries have been journalized and posted, what will be the balance in the Retained Earnings account? Total revenues Total expenses Retained earnings Dividends $135,000 70,000 90,000 20,000 $315,000 $70,000 $135,000 $155,000 $90,000 On June 30, 2014, Apricot Co. paid $6,800 cash for management services to be performed over a twoyear period. Apricot follows a policy of recording all prepaid expenses in asset accounts at the time of cash payment. On June 30, 2014 Apricot should record: A debit to an expense for $6,800. A credit to an expense for $6,800. A credit to a prepaid expense for $6,800. A debit to a prepaid expense for $6,800. A debit to Cash for $6,800. On April 1, 2014, a company paid $2,340 premium on a three-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the year ended December 31, 2014? $65.00 $1,755.00 $585.00 $2,340.00 $780.00 A company had no office supplies at the beginning of the year. During the year, the company purchased $260 worth of office supplies. On December 31, $80 worth of office supplies remained. How much should the company report as office supplies expense for the year? $180 $340 $80 $130 $260 A company had revenue of $550,000, rent expense of $100,000, utility expense of $10,000, salary expense of $125,500, depreciation expense of $39,000, advertising expense of $40,200, dividends in the amount of $183,000, and an ending balance in retained earnings of $402,300. What is the appropriate journal entry to close income summary? a. b. c. d. One-third of the work related to $15,000 cash received in advance is performed this period. Wages of $10,000 are earned by workers but not paid as of December 31, 2013. Depreciation on the company's equipment for 2013 is $11,200. The Office Supplies account had a $310 debit balance on December 31, 2012. During 2013, $5,990 of office supplies are purchased. A physical count of supplies at December 31, 2013, shows $649 of supplies available. e. The Prepaid Insurance account had a $5,000 balance on December 31, 2012. An analysis of insurance policies shows that $3,000 of unexpired insurance benefits remain at December 31, 2013. f. The company has earned (but not recorded) $800 of interest from investments in CDs for the year ended December 31, 2013. The interest revenue will be received on January 10, 2014. g. The company has a bank loan and has incurred (but not recorded) interest expense of $3,500 for the year ended December 31, 2013. The company must pay the interest on January 2, 2014. For each of the above separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013. (Assume that prepaid expenses are initially recorded in asset accounts and that fees collected in advance of work are initially recorded as liabilities.) Account Title Cash Accounts receivable Office supplies Trucks Accumula ted depreciatio nTrucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciati on expense Trucks Salaries expense Office supplies expense Repairs expense Trucks Totals Debit $ Credit 9,200 18,500 7,975 198,000 $ 40,788 42,000 13,200 12,000 58,000 30,000 120,470 12,000 128,000 26,308 68,005 8,000 12,470 $ 402,458 $ 402,458 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31, 2013. Following are Nintendo's revenue and expense accounts for a recent calendar year. Net sales Cost of sales Advertising expense Other expense, net 1,978,622 1,534,981 117,508 397,744 Prepare the company's closing entries for its revenues and its expenses. The following is the adjusted trial balance of Wilson Trucking Company. Account Title Cash Accounts receivable Office supplies Trucks Accumula ted depreciatio nTrucks Land Accounts payable Interest payable Long-term notes payable Common Stock Retained earnings Dividends Trucking fees earned Debit $ Credit 8,400 17,500 3,000 198,000 $ 40,788 85,000 12,400 4,000 53,000 25,000 176,110 20,000 138,000 Depreciati on expense Trucks Salaries expense Office supplies expense Repairs expense Trucks Totals 26,308 64,722 14,500 11,868 $ 449,298 $ 449,298 Retained Earnings is $176,110 at December 31, 2012. 1. Prepare the income statement for the year ended December 31, 2013. 2. Prepare the statement of retained earnings for the year ended December 31, 2013. Following are the transactions of a new company called Pose for Pics. Aug. 1 Madison Harris, the owner, invested $9,250 cash and $39,775 of photography equipment in the company in exchange for common stock. 2 The company paid $3,500 cash for an insurance policy covering the next 24 months. 5 The company purchased office supplies for $1,758 cash. 20 The company received $3,900 cash in photography fees earned. 31 The company paid $867 cash for August utilities. Prepare general journal entries for the above transactions