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Instructions: To answer each of the following questions 1. which financial statement would you find information on the resources a company A. The Statement of Financial Position.e B. The Statement of Earnings. C. The Statement of Shareholder's Equity. D. The Statement of Cash Flows.e 2. After reading the Statement of Financial Position, where would be the best place to find additional information about the financial position of a company?e A. The statement of Earnings.e B. The auditor's report. C. The notes to the financial statements. D. The statement of cash flow.e 3. At the beginning of 2022, Juicy Inc. has liabilities of $240,000 and shareholder's equity of $260,000. During 2022, Juicy Inc. has transactions that increase its assets by $300,000 and decrease its shareholder's equity by $100,000. How much are Juicy Inc.'s assets and liabilities at the end of 2022?e-' A. Assets are $320,000 and liabilities areS440,OOO. B. Assets are $320,000 and liabilities are $640,000. C. Assets are $800,000 and liabilities are $440,000.e D. Assets are $800,000 and liabilities are $640,000. 4. Which of the following is one of the purposes of closing journal entriese A. To update retained earnings at the end of the period to include the current period's earnings. B. To correct errors that the accountant has discovered .e C. To ensure revenues and expenses are included in the proper period.e D. To assist in the evaluation of liquidity. 5. The following amounts relate to XYZ Inc. for 2022:e Income tax expense Net Income Total operating expenses Cost of sales 20% of pre-tax incomee $40, oooe S 40,oooe 40% of revenuee 7. Which of the following does not appear on the Statement of Cash Flowse A. Operating cash flows. B. Investing cash flows. c. Accrual cash flows. d. Financing cash flows.e 8. When should revenue for services be recognized in the statement of earnings: A. In the period cash is received for the services if the customer pays for the services in advance of the period, they will be provided in.e B. In the period the services are provided to the customer.e C. In the period the customer pays for the services when payment occurs in an accounting period subsequent to the services being provided.e D. In the period where the contract for the services is signed, regardless of when the services are provided. 9. Dolly Inc. has an October 31 fiscal ear end. Dolly Inc. has insurance contracts as follows: S 48,000 premium for the yeare July 1, 2021-July 1, 2022, S 60,000 premium for the yeare July 1, 2022-July 1, 2023, Which of the following statements is truee A. Insurance expense for the year ended October 31, 2022, is $52,000 and prepaid insurance at October 31, 2022 is $40,oooe B. Insurance expense for the year ended October 31, 2022, is $56,000 and prepaid insurance at October 31, 2022 is $32,oooe C. Insurance expense for the year ended October 31, 2022, is $52,000 and prepaid insurance at October 31, 2022 is $40,oooe D. Insurance expense for the year ended October 31, 2022, is $56,000 and prepaid insurance at October 31, 2022 is $20,oooe 10. If XYZ Inc. has total shareholder's equity of $30,000 and liabilities are 85% of assets, how much liabilities do XYZ lnc have?e $35,294e S100,oooe S170,oooe S200,oooe XYZ Inc. had no non-operating revenues, non-operating expenses, gains, losses or discontinued operations. Based on the above how much was XYZ Inc's total revenue?e A. S so,oooe B. $133,333e c. S150,oooe D. S225,ooooe Answer: Operating Gross profit = Operating income + Operating Revenue-Gross Purple and Gold Inc. had opening retained earnings at the beginning and end of 2022 of $100,000 and $140,000 respectively. During the year, Purple and Gold Inc. declared and paid dividends of $20,000. How much was Purple and Gold's Earnings for 2022?e-' B. $20,oooe