Check m A company's financial records at the end of the year included the following amounts Cash Accounts Receivable Supplies Accounts Payable Notes Payable Retained Earnings, beginning of year Common Stock Service Revenue Wages Expense Advertising Expense Rent Expense $71,600 29,600 5,600 11,600 5,800 18,600 56,000 42,600 9,600 6,600 11,600 What is the amount of total stockholders' equity that would be reported on the Balance Sheet at the end of the year? Multiple Choice $106,800. $14,800. $74,600. Mc Graw Hill Education Check my wo A company began the year with assets of $117,000, liabilities of $28,500, and stockholders' equity of $88,500. During the year assets increased $56,700 and stockholders' equity increased $23,400. What was the change in liabilities for the year? Multiple Choice O Increase of $80,100 O Increase of $33,300 O O Decrease of $80,100 O Decrease of $33,300 Mc Graw HAN Check my v During its first year of operations, a company entered into the following transactions: . Borrowed $5,020 from the bank by signing a promissory note. Issued stock to owners for $10,200. Purchased $1,020 of supplies on account. Paid $420 to suppliers as payment on account for the supplies purchased What is the amount of total liabilities at the end of the year? Multiple Choice 0 $16,240 $16,240 0 $5,620 0 $6,040 0 $15,820 Mc Graw Hill Check my work Broadway, Inc.'s trial balance was in balance at the end of the period and showed the following accounts: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $24,400 43,400 21,000 10,000 37,000 45,000 What is the balance of the credit column on Broadway's trial balance? Multiple Choice 0 $183,800. 0 $69,400. 0 $90,400 0 $66,000 Mc Graw HII Education Check my work The following account balances were listed on the trial balance of Edgar Company at the end of the period: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $32,600 50,900 40,000 18,500 50,000 65,000 The company's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account? Multiple Choice $75,900. $36,500. $4,100. $69,100. Mc Graw Hill Check my worl The classified balance sheet for a company reported current assets of $1,753,812, total liabilities of $801,540, Common Stock of $1,020,000, and Retained Earnings of $132,260. The current ratio was 2.7. What is the total amount of noncurrent assets? Multiple Choice O $601,552 $952,272 $199,988 $649,560 MC Graw Hill Education Check my work 8 This month, a company performed $528,000 of services and incurred total expenses of $439,100. The company was paid in cash for all its services and paid cash for all its expenses. These transactions would cause: Multiple Choice O revenues to increase by $528,000, expenses to increase by $439,100, and cash to increase by $88,900. 0 revenues to increase by $528,000, expenses to increase by $439,100, and retained earnings to decrease by $88,900. 0 O cash to increase by $528,000, expenses to increase by $439,100, and common stock to increase by $88,900. 0 revenues to increase by $88,900, expenses to increase by $439,100, and cash to increase by $528,000. Mc Graw Hill Check my work The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650. 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses; $44,500 was paid in cash and $6,800 was on account and unpaid as of the end of the year. What is the balance of Accounts Receivable at December 31, 2019? Multiple Choice $62,650 $62.173 Mc Graw Hill Education Check my work Melody's Piano School operations for the month of May were limited to the following transactions: Provided $600 of piano lessons to students who paid in cash. Provided $460 of piano lessons on account. Collected $345 from students who took piano lessons during April. Paid April's piano rental bill of $225. Received May's piano rental bill of $275 and set it aside for payment in June. Assuming that the company uses cash basis accounting, what is net income for May? O $720 O $785 O $1,030 O $345 Mc Graw Hill Check my work Golden Enterprises started the year with the following: Assets $129,000; Liabilities $43,500; Common Stock $73,500; Retained Earnings $12,000. During the year, the company earned revenue of $6,800, all of which was received in cash, and incurred expenses of $3,900, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,800 to owners. Assume no other activities occurred during the year. The amount of Golden's liabilities at the end of the year is: Multiple Choice 0 $47,400. 0 $46,400. 0 $43,500. $43,500. 0 $40,600. Mc Graw Check m A company's financial records at the end of the year included the following amounts Cash Accounts Receivable Supplies Accounts Payable Notes Payable Retained Earnings, beginning of year Common Stock Service Revenue Wages Expense Advertising Expense Rent Expense $71,600 29,600 5,600 11,600 5,800 18,600 56,000 42,600 9,600 6,600 11,600 What is the amount of total stockholders' equity that would be reported on the Balance Sheet at the end of the year? Multiple Choice $106,800. $14,800. $74,600. Mc Graw Hill Education Check my wo A company began the year with assets of $117,000, liabilities of $28,500, and stockholders' equity of $88,500. During the year assets increased $56,700 and stockholders' equity increased $23,400. What was the change in liabilities for the year? Multiple Choice O Increase of $80,100 O Increase of $33,300 O O Decrease of $80,100 O Decrease of $33,300 Mc Graw HAN Check my v During its first year of operations, a company entered into the following transactions: . Borrowed $5,020 from the bank by signing a promissory note. Issued stock to owners for $10,200. Purchased $1,020 of supplies on account. Paid $420 to suppliers as payment on account for the supplies purchased What is the amount of total liabilities at the end of the year? Multiple Choice 0 $16,240 $16,240 0 $5,620 0 $6,040 0 $15,820 Mc Graw Hill Check my work Broadway, Inc.'s trial balance was in balance at the end of the period and showed the following accounts: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $24,400 43,400 21,000 10,000 37,000 45,000 What is the balance of the credit column on Broadway's trial balance? Multiple Choice 0 $183,800. 0 $69,400. 0 $90,400 0 $66,000 Mc Graw HII Education Check my work The following account balances were listed on the trial balance of Edgar Company at the end of the period: Account Accounts Payable Cash Common Stock Equipment Land Notes Payable Balance $32,600 50,900 40,000 18,500 50,000 65,000 The company's trial balance is not in balance and the company's accountant has determined that the error is in the cash account. What is the correct balance in the cash account? Multiple Choice $75,900. $36,500. $4,100. $69,100. Mc Graw Hill Check my worl The classified balance sheet for a company reported current assets of $1,753,812, total liabilities of $801,540, Common Stock of $1,020,000, and Retained Earnings of $132,260. The current ratio was 2.7. What is the total amount of noncurrent assets? Multiple Choice O $601,552 $952,272 $199,988 $649,560 MC Graw Hill Education Check my work 8 This month, a company performed $528,000 of services and incurred total expenses of $439,100. The company was paid in cash for all its services and paid cash for all its expenses. These transactions would cause: Multiple Choice O revenues to increase by $528,000, expenses to increase by $439,100, and cash to increase by $88,900. 0 revenues to increase by $528,000, expenses to increase by $439,100, and retained earnings to decrease by $88,900. 0 O cash to increase by $528,000, expenses to increase by $439,100, and common stock to increase by $88,900. 0 revenues to increase by $88,900, expenses to increase by $439,100, and cash to increase by $528,000. Mc Graw Hill Check my work The following account balances are taken from the December 31, 2018, financial statements of ABZ Advertising Company. The company uses accrual basis accounting. Advertising Revenue Cash Accounts Receivable Interest Expense Accounts Payable Operating Expenses Deferred Revenue Equipment Income Tax Expense $ 52,964 47,138 7,923 2,424 5,270 42,901 1,340 20,656 2,648 The following activities occurred in 2019: 1. Performed advertising services on account, $62,650. 2. Received cash payments on account, $12,000. 3. Received deposits from customers for advertising services to be performed in 2020, $3,600 4. Made payments to suppliers on account, $5,270. 5. Incurred $51,300 of operating expenses; $44,500 was paid in cash and $6,800 was on account and unpaid as of the end of the year. What is the balance of Accounts Receivable at December 31, 2019? Multiple Choice $62,650 $62.173 Mc Graw Hill Education Check my work Melody's Piano School operations for the month of May were limited to the following transactions: Provided $600 of piano lessons to students who paid in cash. Provided $460 of piano lessons on account. Collected $345 from students who took piano lessons during April. Paid April's piano rental bill of $225. Received May's piano rental bill of $275 and set it aside for payment in June. Assuming that the company uses cash basis accounting, what is net income for May? O $720 O $785 O $1,030 O $345 Mc Graw Hill Check my work Golden Enterprises started the year with the following: Assets $129,000; Liabilities $43,500; Common Stock $73,500; Retained Earnings $12,000. During the year, the company earned revenue of $6,800, all of which was received in cash, and incurred expenses of $3,900, all of which were unpaid as of the end of the year. In addition, the company paid dividends of $2,800 to owners. Assume no other activities occurred during the year. The amount of Golden's liabilities at the end of the year is: Multiple Choice 0 $47,400. 0 $46,400. 0 $43,500. $43,500. 0 $40,600. Mc Graw