Hi, please help with question 3, 8, 15 and 16. Please provide the detailed solution of how you get these answers in EXCEL format. Please make sure that you will answer all of these four questions. Thank you!
Chapter 1 first 3 of every chapter are True/False, then Multiple Choice and then exercise problems business organized as a separate legal entity owned by stockholders is a partnership. The accounting equation can be expressed as Assets Stockholders' Equity 2 asEets owned by a business total $150.000 and liabilities total $105.000. stockholders' equity totals $45,000. 3 4. The proprietorship form of business organization must have at least two owners in most states. generally receives favorable tax s with the personal records of the owner. combines the lcenarate legal entity. lative to a corporation C d. is classified f the following is not one of the three forms of business organization? 5. Which a. Corporations b. Partnerships c. Proprietorships d. Investors corporate form of business is that 6. An advantage ted life b. its owner's personal resources are at stake. its ownership is easily transferable via the sale of shares d. it is simple to establish. f stock. C Jack and Jill form a partnership. Jack runs the business in New York, while Jill vacations in Hawaii. During the time Jill is away from the business, Jack increases the debts of the business by $20,000. Which of the following statements is true regarding this debt? a. Only Jack is personally liable for the debt, since he has been the managing partner during that time. 7 onally liable for the debt of the business, since Jack has been working b. and she has not. c. Both Jack and Jill are personally liable for the business debt. d. Neither Jack nor Jill is personally liable for the business debt, since the partnership is a separate legal entity 8. Marvin Services Corporatian had the following accounts and balances: $18,000 Equipment 3,000 2 Uneamed Accounts payable receivable $21,000 21,000 6,000 A Buildings Cash evenue equity 9,000 Total sto ? If the balance of the Buildings account was $24,000 and $6.000 in cash, what would be the total liabilities and stockholders' aou ccounts Payable were paid a. $54,000 b. $78,000 c. $48,000 d. $72,000 Chapter 2 9. Cash and supplies are both classified as current assets. 10. Stockholders' equity is divided into two parts: common stock and retained earnings. 11. Earnings per share is calculated by dividing net income minus preferred stock dividends for the period by the average number of common shares outstanding during the period. 12. Which of the following is not considered an asset? Equipment b. Dividends a Accounts receivable d. Inventory 13. A current asset is the last hased by a bus iness. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification in the income statement. d. expected to be converted to cash or used in the business within a relatively short period of time. 14. On a classified balance sheet, companies usually list current assets a. in alphabetical order. b. with the largest dollar amounts first. in the order in which they are expected to be converted into cash. d. in the order of acquisition. C 15, Use the following data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31, 2014 Cash Accounts receivable Inventory $ 130,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities $140,000 100,000 110,000 60,000 170,000 180,000 20,000 160,000 $320,000 insurance Stock investments Land Buildings Less: Accumulated depreciation Trademarks Total assets $210,000 Common stock Retained earnings T $240,000 500,000 $740,000 (40,000) 170,000 140,000 $1.060.000 otal stockholders' equity abilities and stockholders' equity $1,060.000 a. $570,000 $400,000 c. $340,000 d. $290.000 16. Use the following data to calculate the current ratio. Carne Auto Supplies Balance Sheet December 31, 2014 EJKI S 65,000 10,000 90,000 $165,000 Accounts payable $ 35,000 Cash and wages payable Accounts receivable Mortgage payable Total liabilities Ived insurance 40,000 80,000 Stock investments 95,000 $120,000 250,000 $370,000 Land Common stock $100,000 Buildings Less: Accumulated nings Re Total stockholders' equity 85,000 (30,000) depreciation Total liabilities and stockholders' equity T $535,000 Total assets $535,000 a. 2.07 1 1.67 1 3.00: 1 b d. 2.60 1 Chapter 3 A credit means that an account has been increased. 17 An increase in an asset is recorded by a debit. 18 The complete effect of a transaction on the accounts is disclosed in the journal. 19 f total liabilities decreased by $4,000, then stockholders' equity must have decreased by $4,000 assets must have decreased by $4,000, or stockholders' equity must have increased 20 a by $4,000 assets and stockholders' equity each increased by $2,000. d. assets must have increased by $4,000 C 21.lf services are rendered for cash, then a assets will increase. liabilities will increase stockholders' equity will decrease. C
