Dawson Electronic Services had revenues of $116,000 and expenses of $68,000 for the year. Its assets at the beginning of the year were $418,000. At the end of the year assets were worth $468,000. Calculate its return on assets.

Multiple Choice

• 11.5%.

• 10.8%.

• 26.2%.

• 27.8%.

• 10.3%.

• Use the following information for Meeker Corp. to determine the amount of equity to report.

  Cash	$	60,000
  Buildings		119,500
  Land		201,000
  Liabilities		126,000

  Multiple Choice

• $267,500.

• $506,500.

• $254,500.

• $380,500.

• $15,500.

• A company's balance sheet shows: cash $41,000, accounts receivable $47,000, equipment $84,000, and equity $89,000. What is the amount of liabilities?

  rev: 12_06_2017_QC_CS-111494

  Multiple Choice

• $172,000.

• $261,000.

• $85,000.

• $83,000.

• $161,000.

• Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $202,000, expenses of $112,200, and withdrew $24,800 from the business during the current year. The owners capital account before closing had a balance of $314,000. The Net Income for the year is:

  Multiple Choice

• $89,800

• $65,000

• $202,000

• $379,000

• $403,800

• On January 1, a company purchased a five-year insurance policy for $3,400 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:

  Multiple Choice

• Debit Prepaid Insurance, $680; credit Insurance Expense, $680.

• Debit Prepaid Insurance, $3,400; credit Cash, $3,400.

• Debit Insurance Expense, $2,720; credit Prepaid Insurance, $2,720.

• Debit Insurance Expense, $680; credit Prepaid Insurance, $680.

• Debit Prepaid Insurance, $2,720; credit Insurance Expense, $2,720.