Chapter 1 S TO 000 in B abies of $40.000, and retained revenues ST0 000 inexpenses, and 200 Mars Mechanical Repas Shop started a s of 18.000 Dung the year the the company and dividends of $15.000 T 1. The income ported by Mrs Mechanical of 000 core 100 000 L Shop for the year was 2 Mer's balance of stockholders' equity at the start of the year was Mes balance of retained earings at the end of the year was USE THE FOLLOWING INFORMATION FOR QUESTIONS 80-84 long list of account balances of various assets David Bash's Landscaping Company has complied the year of operations revenues and expenses on December 31, 2016. the end of 50.400 Common stock 10.000 Accounts payable 18.000 Salary expense Repairs expense 3.200 Dividends 20.000 Truck 34.000 Equipment 25.200 Notes payable Cash 70.400 Supplies expense Service revenue 87.200 Gasoline expense 32.800 6,400 3.200 4. The net income for David Bash's Landscaping for the year was 5. The total assets for David Bash's Landscaping on December 31, 2016 are: Chapter 2 6. The accounting equation for Sock Monkey Company is as follows: - Assets $480,000 Liabilities $240,000 - + Stockholders' Equity $240.000 If the company now issues stock for $60,000, the accounting equation will change to: Assets Liabilities Stockholders' Equity A) $480,000 = $180,000 + $300,000 B) $540,000 $300,000 - $240.000 C) $480,000 = $300,000 + $180,000 D) $540,000 = $240,000 + $300,000 The conting equation for Bear En s o If the company nos prepa e Bi $278.000 C) $240.000 D) $258.000 = - 5138 000 $120.000- $138.000 3109000 $135 000 $120.000 $120.000 8. The accounting equation for Woolsey Enterprises is as follows $720.000 $38000 if the company now purchases a truck on account for 350.000, the accounting equation will change to Labtes Stockholdes E $780,000 $420 000 300.000 $780 000 - $395.000 - 3354000 $780.000 $420,000 - $200.000 5720,000 - $380.000 - $380.000 to 9. Beginning and ending Cash account balances of Moonbeam, Inc. were 338.000 and 516.000, respectively cash received during the period was 574,000, what amount of cash was paid out during the period? Chapter 3 10. Early in the accounting period. Sam Smith paid $6,000 for services in advance of receiving them Cash was debited and Unearned Service Fees was credited for $6,000. At the end of the accounting period, two-thirds of the services paid for had yet to be performed The proper adjusting entry is 11. Leona Harper received $10,000 from a tenant on December 1 for five months' rent of an office. This rent was for December, January February March, and April 1 Leona debited Cash and credited Uneamed Rental Income for $10.000 on December 1, what necessary adjustment would be made on December 317 2.000 2,000 8,000 8,000 8.000 8.000 A) Unearned Rental Income Rental Income B) Rental Income Uneamed Rental Income C) Unearned Rental Income Rental Income D) Rental Income Unearned Rental Income 2,000 2.000 12. Hyundai Company signed a two-year lease on July 1, 2016, and paid the $34,800 total rent in advance. Hyun recorded the transaction as a debit to Prepaid Rent and a credit to Cash What adjusting entry should Hyundai make on December 31, 2016 (no previous adjustment has been made)? ng nos pery 13. Gay Company h a ny calculates that he 31 on should Gallery record this on December 317 14 Which of the following is a temporary account Chapter 4 15. Presented below is the statement of C o r Marte Originals Clothing Com MARGARETE ORIGINALS CLOTHING COMPANY Statement of Cash Flows For Year Ended December 31, 2019 5 2.000.000 Cash flows from operating activities Received from sales to customers Interest income received Payment for inventory Payment to employees Net increase from operating activities Cash flows from investing activities Payment for stock of another company Payment for purchase of equipment Net decrease from investing activities 40 000 P40.000 5 1.480.000 (200 000 1.000.000) Cash flows from financing activities Received from loans from bank From issuance of common stock From issuance of bonds Payment of dividends Net increase from financing activities Net increase in cash Determine the company's free cash flow. A) ($600.000) B) ($520,000) c) $480,000 D) $680,000 $ 200.000 800.000 400,000 000.000 31.500.000 16. Data from the financial statements of Dils Brothers Co. and J. Cox, Inc. are presented below in millions Total liabilities, 2016 Total liabilities, 2015 Total assets, 2016 Total assets, 2015 Net sales, 2016 Net income, 2015 Dils Brothers Co $73,044 72.208 92,372 93,028 322 932 2,600 J. Cox, Inc. $54.196 60,092 65,744 70.416 163.404 4.415 To the nearest hundredth of a percent, what is the return on sales ratio 2016 for J.Cox, Inc.? 17. The following amounts have been taken from the recent financial statements for Emma Enterprises Current liabilities $890,000 Cash from operations $4,200,000 Expenditures on PPE $1,500,000 Dividends (cash) $130,000 Which of the following amounts is the free cash flow for Emma Enterprises