I want to know if my answes are correct Answer KEY 1 D 2 C 3 A 4 B 5 A 6 B 7 A 8 D 9 D 10 A 11 B 12 UNKNOWN QUESTION 1 The Anne Marie Corporation's June 30 unadjusted trial balance included many accounts, including the following Cash $19,000 Unearned Fees $11,900 Wages Payable $4,000 Fees Revenue $100,000 During May, the Corporation had received $16,000 from a customer for services to be provided to the customer during May, June, and July In May, the Corporation provided services of $4,100 to the client, in June it provided services of $5,700 to the client, and in July it intends to provide services of $6,200 to the client Determine the dollar amount of fees revenue the Corporation would report on its June income statement a $100,000 b $109,800 c $116,000 d $105,700 2 points QUESTION 2 The Stacey Corporation spent $5,000,000 for equipment The equipment was expected to have a 8 year life and a residual value of $600,000 The Corporation intends to use the double declining balance method to depreciate all its assets Calculate the equipment depreciation expense the Corporation will record for the second year it uses the equipment a $1,250,000 b $550,000 c $937,500 d $1,100,000 2 points QUESTION 3 The following information was taken from the financial statements of the Ryan Company Revenues, 1 1 02 12 31 02 $19,000 Liabilities, 12 31 02 $8,000 Retained Earnings, 1 1 02 $4,000 Retained Earnings 12 31 02 $7,000 Assets, 12 31 02 $20,000 Common Stock, 12 31 02 $5,000 Expenses, 1 1 02 12 31 02 $15,000 Determine the dollar amount of the Company's dividends in 2002 a $3,000 b $4,000 c $0 d $1,000 2 points QUESTION 4 The founders of the Phillip Corporation invested $18,000 in the Corporation and received common stock Determine the effects of the founders' investment in the Corporation a Assets increased by $18,000 and liabilities increased by $18,000 b Assets increased by $18,000 and stockholders' equity increased by $18,000 c Assets increased by $18,000 and assets decreased by $18,000 d Liabilities decreased by $18,000 and stockholders' equity increased by $18,000 2 points QUESTION 5 The Andover Corporation's March 31 unadjusted trial balance included many accounts, including the following Cash $21,000 Prepaid Rent $11,000 Fees Revenue $92,000 Rent Expense $0 During February, the company had paid $13,200 to use office space for six months, beginning on February 1 Determine the dollar amount of prepaid rent the Corporation would report on its March 31 balance sheet a $11,000 b $6,600 c $2,200 d $8,800 2 points QUESTION 6 The Chestnut Hill Company engaged in the following transactions with its customers in July July 1 provided services to customers who agreed to pay $1,800 by August 1 July 8 received $2,300 from customers serviced in May July 20 received $2,000 from customers for services to be provided to them in August July 27 provided services to customers and received $3,400 Show the total effects on the Company's resources and sources of resources resulting from its July cash transactions a Assets increase by $9,500, liabilities increase by $2,000, and stockholders' equity increases by $7,500 b Assets increase by $7,200, liabilities increase by $2,000, and stockholders' equity increases by $5,200 c Assets increase by $5,400, liabilities increase by $2,000, and stockholders' equity increases by $3,400 d Assets increase by $3,800, liabilities increase by $2,000, and stockholders' equity increases by $1,800 2 points QUESTION 7 The Charlotte Corporation's February 28 unadjusted trial balance included many accounts, including the following Cash $21,000 Supplies $18,000 Accounts Payable $21,000 Supplies Expense $7,500 During February, the company used up a total of $15,900 supplies Determine the dollar amount of supplies expense the Corporation would report on its February income statement a $15,900 b $8,400 c $2,100 d $9,600 2 points QUESTION 8 At the beginning of the year, the Sitha Corporation's liabilities were $970,000 and its stockholders' equity was $690,000 During the year, assets increased by $220,000 and stockholders' equity increased by $170,000 Determine the Corporation's liabilities at the end of the year a $50,000 b $920,000 c $970,000 d $1,020,000 2 points QUESTION 9 The Hudson Corporation provided $9,000 services to a customer The customer promised to pay for the services within 30 days Determine the effects on the Corporation's resources and sources of resources a Resources increase and decrease by $9,000 b Resources decrease by $9,000 and sources of resources decrease by $9,000 c Sources of resources increase and decrease by $9,000 d Resources increase by $9,000 and sources of resources increase by $9,000 2 points QUESTION 10 On January 1 the Tampa Corporation had 30 units of merchandise inventory on hand Each unit had cost the company $26 During January the company made the following purchases January 8, 40 units at $25 each and January 21, 50 units at $24 each The company made the following sales in January January 10, 36 units at $60 each and January 26, 48 units at $60 each The company uses the LIFO perpetual inventory method Calculate the cost of the Corporation's merchandise inventory on hand on January 31 a $928 b $2,052 c $864 d $2,116 2 points QUESTION 11 On January 31 the Ararat Corporation had the following account balances Fees Revenue $63,400 Wages Expense $47,000 Income Taxes Expense $3,900 Wages Payable $6,700 Income Taxes Payable $4,000 Accounts Payable $4,400 Rent Expense $6,000 Accounts Receivable $18,400 Retained Earnings $10,000 Cash $20,000 Supplies $7,500 Common Stock $25,100 Supplies Expense $9,000 Dividends $2,900 Calculate the dollar amount of the Corporation's total liabilities on January 31 a $4,400 b $15,100 c $8,400 d $11,100 2 points QUESTION 12 On September 30, the Cheryl Company's outstanding deposits were $2,098 and its outstanding checks were $1,764 The Company's checkbook balance on September 30 was $22,800 The Company's September 30 bank statement showed a balance of $22,481 after a $40 bank service charge and $55 interest revenue Determine the Company's September 30 adjusted checkbook balance a $22,800 b $23,134 c $22,785 d $22,815

Question

I want to know if my answes are correct  Answer KEY  1  D 2  C 3  A 4  B 5  A 6  B 7  A 8  D 9  D 10  A 11  B 12  UNKNOWN QUESTION 1 The Anne Marie Corporation's June 30 unadjusted trial balance included many accounts, including the following  Cash $19,000 Unearned Fees $11,900 Wages Payable $4,000 Fees Revenue $100,000 During May, the Corporation had received $16,000 from a customer for services to be provided to the customer during May, June, and July  In May, the Corporation provided services of $4,100 to the client, in June it provided services of $5,700 to the client, and in July it intends to provide services of $6,200 to the client  Determine the dollar amount of fees revenue the Corporation would report on its June income statement  a  $100,000 b  $109,800 c  $116,000 d  $105,700 2 points QUESTION 2 The Stacey Corporation spent $5,000,000 for equipment  The equipment was expected to have a 8 year life and a residual value of $600,000  The Corporation intends to use the double declining balance method to depreciate all its assets  Calculate the equipment depreciation expense the Corporation will record for the second year it uses the equipment  a  $1,250,000 b  $550,000 c  $937,500 d  $1,100,000 2 points QUESTION 3 The following information was taken from the financial statements of the Ryan Company  Revenues, 1 1 02 12 31 02 $19,000 Liabilities, 12 31 02 $8,000 Retained Earnings, 1 1 02 $4,000 Retained Earnings 12 31 02 $7,000 Assets, 12 31 02 $20,000 Common Stock, 12 31 02 $5,000 Expenses, 1 1 02 12 31 02 $15,000 Determine the dollar amount of the Company's dividends in 2002  a  $3,000 b  $4,000 c  $0 d  $1,000 2 points QUESTION 4 The founders of the Phillip Corporation invested $18,000 in the Corporation and received common stock  Determine the effects of the founders' investment in the Corporation  a  Assets increased by $18,000 and liabilities increased by $18,000  b  Assets increased by $18,000 and stockholders' equity increased by $18,000  c  Assets increased by $18,000 and assets decreased by $18,000  d  Liabilities decreased by $18,000 and stockholders' equity increased by $18,000  2 points QUESTION 5 The Andover Corporation's March 31 unadjusted trial balance included many accounts, including the following  Cash $21,000 Prepaid Rent $11,000 Fees Revenue $92,000 Rent Expense $0 During February, the company had paid $13,200 to use office space for six months, beginning on February 1  Determine the dollar amount of prepaid rent the Corporation would report on its March 31 balance sheet  a  $11,000 b  $6,600 c  $2,200 d  $8,800 2 points QUESTION 6 The Chestnut Hill Company engaged in the following transactions with its customers in July  July 1  provided services to customers who agreed to pay $1,800 by August 1  July 8  received $2,300 from customers serviced in May  July 20  received $2,000 from customers for services to be provided to them in August  July 27  provided services to customers and received $3,400  Show the total effects on the Company's resources and sources of resources resulting from its July cash transactions  a  Assets increase by $9,500, liabilities increase by $2,000, and stockholders' equity increases by $7,500  b  Assets increase by $7,200, liabilities increase by $2,000, and stockholders' equity increases by $5,200  c  Assets increase by $5,400, liabilities increase by $2,000, and stockholders' equity increases by $3,400  d  Assets increase by $3,800, liabilities increase by $2,000, and stockholders' equity increases by $1,800  2 points QUESTION 7 The Charlotte Corporation's February 28 unadjusted trial balance included many accounts, including the following  Cash $21,000 Supplies $18,000 Accounts Payable $21,000 Supplies Expense $7,500 During February, the company used up a total of $15,900 supplies  Determine the dollar amount of supplies expense the Corporation would report on its February income statement  a  $15,900 b  $8,400 c  $2,100 d  $9,600 2 points QUESTION 8 At the beginning of the year, the Sitha Corporation's liabilities were $970,000 and its stockholders' equity was $690,000  During the year, assets increased by $220,000 and stockholders' equity increased by $170,000  Determine the Corporation's liabilities at the end of the year  a  $50,000 b  $920,000 c  $970,000 d  $1,020,000 2 points QUESTION 9 The Hudson Corporation provided $9,000 services to a customer  The customer promised to pay for the services within 30 days  Determine the effects on the Corporation's resources and sources of resources  a  Resources increase and decrease by $9,000  b  Resources decrease by $9,000 and sources of resources decrease by $9,000  c  Sources of resources increase and decrease by $9,000  d  Resources increase by $9,000 and sources of resources increase by $9,000  2 points QUESTION 10 On January 1 the Tampa Corporation had 30 units of merchandise inventory on hand  Each unit had cost the company $26  During January the company made the following purchases  January 8, 40 units at $25 each and January 21, 50 units at $24 each  The company made the following sales in January  January 10, 36 units at $60 each and January 26, 48 units at $60 each  The company uses the LIFO perpetual inventory method  Calculate the cost of the Corporation's merchandise inventory on hand on January 31  a  $928 b  $2,052 c  $864 d  $2,116 2 points QUESTION 11 On January 31 the Ararat Corporation had the following account balances  Fees Revenue $63,400 Wages Expense $47,000 Income Taxes Expense $3,900 Wages Payable $6,700 Income Taxes Payable $4,000 Accounts Payable $4,400 Rent Expense $6,000 Accounts Receivable $18,400 Retained Earnings $10,000 Cash $20,000 Supplies $7,500 Common Stock $25,100 Supplies Expense $9,000 Dividends $2,900 Calculate the dollar amount of the Corporation's total liabilities on January 31  a  $4,400 b  $15,100 c  $8,400 d  $11,100 2 points QUESTION 12 On September 30, the Cheryl Company's outstanding deposits were $2,098 and its outstanding checks were $1,764  The Company's checkbook balance on September 30 was $22,800  The Company's September 30 bank statement showed a balance of $22,481 after a $40 bank service charge and $55 interest revenue  Determine the Company's September 30 adjusted checkbook balance  a  $22,800 b  $23,134 c  $22,785 d  $22,815

Accepted Answer

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	a.	Assets increased by $18,000 and liabilities increased by $18,000.
	b.	Assets increased by $18,000 and stockholders' equity increased by $18,000.
	c.	Assets increased by $18,000 and assets decreased by $18,000.
	d.	Liabilities decreased by $18,000 and stockholders' equity increased by $18,000.

	a.	Assets increase by $9,500, liabilities increase by $2,000, and stockholders' equity increases by $7,500.
	b.	Assets increase by $7,200, liabilities increase by $2,000, and stockholders' equity increases by $5,200.
	c.	Assets increase by $5,400, liabilities increase by $2,000, and stockholders' equity increases by $3,400.
	d.	Assets increase by $3,800, liabilities increase by $2,000, and stockholders' equity increases by $1,800.

	a.	Resources increase and decrease by $9,000.
	b.	Resources decrease by $9,000 and sources of resources decrease by $9,000.
	c.	Sources of resources increase and decrease by $9,000.
	d.	Resources increase by $9,000 and sources of resources increase by $9,000.

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I want to know if my answes are correct: Answer KEY: 1. D 2. C 3. A 4. B 5. A 6. B 7. A

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Cash	$19,000
Unearned Fees	$11,900
Wages Payable	$4,000
Fees Revenue	$100,000

Revenues, 1/1/02-12/31/02	$19,000
Liabilities, 12/31/02	$8,000
Retained Earnings, 1/1/02	$4,000
Retained Earnings 12/31/02	$7,000
Assets, 12/31/02	$20,000
Common Stock, 12/31/02	$5,000
Expenses, 1/1/02-12/31/02	$15,000

Cash	$21,000
Prepaid Rent	$11,000
Fees Revenue	$92,000
Rent Expense	$0

Cash	$21,000
Supplies	$18,000
Accounts Payable	$21,000
Supplies Expense	$7,500

Fees Revenue	$63,400	Wages Expense	$47,000
Income Taxes Expense	$3,900	Wages Payable	$6,700
Income Taxes Payable	$4,000	Accounts Payable	$4,400
Rent Expense	$6,000	Accounts Receivable	$18,400
Retained Earnings	$10,000	Cash	$20,000
Supplies	$7,500	Common Stock	$25,100
Supplies Expense	$9,000	Dividends	$2,900