has all the answers ,just wanted to double check i anawered correctly
Multiple Choice Identhe choice that has cometer the statement or cwers the guest 1. Which of the following represents the basic accounting equation? a Assets + Liabilities - Stockholder's Equity b. Assets -Liabilities - Stockholder's Equity Assets - Liabilities + Stockholder's Equity d. Assets + Stockholder's Equity - Liabilities A "current liability is best described as Obligations that will be paid after 1 year or the operating cycle The cumulative profit earned by a business, less any dividends distributed in the current cycle An investment in the debt and stock of other companies as well as government securities Obligations that will be payed either by cash or by providing goods or services within 1 year or the operating cycle, whichever is longer. 3. Which financial statement would you refer to in order to determine the company's resources and obligations at a specific point in time? a. Income Statement b. Balance Sheet) c. Statement of Cash Flows d. Statement of Retained Earnings 4. Which of the following statements regarding business activities is false? a. Financing Activities can include funds received from issuing stock or borrowing money Operating Activities involve earning revenue and paying expenses Investing Activities include obtaining funds to start a business All businesses engage in activities that can be categorized as financing, investing, or operating activities 5. Ruby Inc, reported the following information for the year ended December 31, 2018: Net income $ 580,000 Dividends 9,000 Retained earnings at December 31, 2018 965,000 965,000 What was the balance of Retained Earnings at January 1, 2018? a. $ 376,000 (b. $ 1,536,000 c. $ 385,000 d. $ 394,000 6. If a company has assets of $9,350,000 and liabilities of $7,500,000, and retained earnings of $320,000, how much is stockholder's equity? a $ 1,950,000 b. $ 1,530,000 C. $ 2,170,000 d. $ 1,850,000 - COGS 2,300,000 = Net- lepelny bez 7. Python Ltd. reports the following information at December 31, 2018: Sales $ 5,900,000 10,750,000 Cash Unearned Revenue 800,000 15,000 Dividends Gross Profit What is Python Ltd.'s Cost of Goods Sold? a. $ 2,785,000 2300 000 - 5.900000 - COG b. $ 3.600,000 c. $ 7,650.000 d. S 2.800,000 On January 1, 2018, Java Co.'s balance in retained earnings was $2,500,000. At December 31, 2018, the balance in retained earnings was $2.950,000. If Java Co. earned $560,000 of net income that year, how much did they record for dividends? a $ 1,010,000 150 000 b. $ 450,000 c. $ 110,000 d. $ 560,000 56000o - (2500000 - 20 9. If a company has current assets of $6,575.000 a current liabilities of $2,600,000, calculate its working capital a $ 3,975.000- b. $ 9,175,000 c. $ 6,575,000 d. $ 8,600,000 10. Swift Company reported the following balances as of December 31, 2018: 00 CA Inventory $ 420,000. Accounts Receivable $ 169,000 CA Patents IN 200,000 Accounts Payable 670,000 CL C Cash 950,000 Unearned Revenue 55,000 CL CA Prepaid Rent 30,000 Common Stock 570,000 Retained Earnings 300,000 Long-term Notes Payable 400,000 4L Assets What is Swift Company's current ratio? a. 2.09 b. 2.16 c. 1.93 d. 2.44 oblides
