I need help please on this accounting test that is due today
Novak Corp. compiled the following financial information as of December 31, 2017: Service revenue $1181000 Common stock 246000 Equipment 311000 Operating expenses 966000 Cash 275000 Dividends Supplies 82000 35000 Accounts payable 162000 Accounts receivable 103500 Retained earnings, 1/1/17 599000 Novak assets on December 31, 2017 are: $1323500. $622000. $724500. $1905500. 2. Metlock, Inc. started the year with total assets of $207000 and total liabilities of $117000. During the year the business recorded $333000 in revenues, $167000 in expenses, and dividends of $63000. The net income reported by Metlock, Inc. for the year was $197000. $144000. $117000. $166000. 3. Blue Spruce Corp. had the following accounts and balances: Accounts payable Accounts receivable Buildings Cash $30100 5100 ? 14550 Equipment Land Unearned service revenue Total stockholders' equity $35800 35900 9600 ? If the balance of the Buildings account was $69200 and $4900 of Accounts Payable were paid in cash, what would be the balance of the total stockholders' equity? $171200 $120850 $130450 $135400 4. Which of the following is not a current liability? Salaries and Wages Payable Accounts Payable Taxes Payable Bonds Payable 5. Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Eddy Auto Supplies Balance Sheet December 31, 2017 Cash Accounts receivable Inventory Prepaid insurance Stock Investments Land Buildings Less: Accumulated depreciation Trademarks Total assets $339,000 (60,000) $126,000 120,000 210,000 90,000 255,000 285,000 279,000 210,000 $1,050,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity $165,000 30,000 270,000 $465,000 $360,000 750,000 $1,110,000 $1,575,000 $1,029,000 $834,000 $774,000 $564,000 6. Blossom Company has current assets of $1610000 and current liabilities of $710000. If they issue $217000 of new stock what will their new current ratio be? (rounded) 2.27:1 2.6:1 2.0:1 2:1 7. Use the following data to determine the total dollar amount of assets to be classified as property, plant, and equipment. Swifty Corporation Balance Sheet December 31, 2017 Cash Accounts receivable Inventory Prepaid insurance Stock Investments Land Buildings Less: Accumulated depreciation Trademarks Total assets $201000 (64000) $71000 100000 100000 85000 183500 185000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities Common stock Retained earnings Total stockholders' equity Total liabilities and stockholders' equity 137000 102000 $1005500 $137000 16100 155000 $308100 $213400 484000 $697400 $386000 $322000 $464000 $505500 8. The accountant for Wildhorse Co. should have recorded the following correct entry: Jan. 15 Notes Receivable Equipment 262 262 $1005500