financial accounting

Question 16 (1 point)

On January 1, 2023, XYZ Company's general ledger correctly shows an inventory of supplies of $500. In 2023, purchases of supplies totaled $700. A physical count of supplies as of December 31, 2023, shows an ending balance of $400. What is the amount of supplies consumed in 2023?

Options for Question 16:

a)1 200 $

b)700 $

c)1 100 $

d)800 $

Question 17

Assume that ABC Inc. has recorded the following adjusting entry at the end of 2023:

Debit- Insurance expense

800 $

Credit - Prepaid Insurance

800 $

You are given the following information for the year 2023: The opening (initial) balance of the "prepaid insurance" account was $700. A new insurance policy for $1,500 has been posted to the prepaid insurance account. What would be the ending (final) balance of the "prepaid insurance" account (after the adjusting entry above)?

Options for Question 17:

a)Receivable of $100

b)Receivable of $2,200

c)Receivable of $1,500

d)Receivable of $1,400

Question 18 (1 point)

At the end of its first year of operation, ABC Inc. reports total assets of $225,000 and total liabilities of $100,000. The company generated income of $75,000 in the first year and distributed $30,000 in dividends. What was the company's initial capital stock (capital at the beginning of the year)?

Options from question 18:

a)95 000 $

b)50 000 $

c)125 000 $

d)80 000 $

Question 19 (1 point)

The following information is taken from Milburn Company's 20X2 income statement: Income before taxes, +$12,000; Total operating expenses, $20,000; Sales, $120,000. Calculate the cost of sales.

Options from question 19:

a)88 000$

b)100 000$

c)108 000$

d)112 000

Question 20 (1 point)

In 20X2, Landings, Inc. provided the following in its notes to the financial statements. The cost of goods available for sale was $4.5 million and the FIFO value of ending inventory was $2.1 million. Purchases were $4.1 million. What was the book value of the opening inventory (beginning inventory)?

Options from question 20 :

a)$6.4 million

b)0.4 million

c)2.4 million

d)2.0 million