Question 1:

Total assets for our company are $500,000, and owners equity is $150,000. The company had net income equal to $50,000 and paid dividends of $5,000 during the year. What do our total liabilities equal?

Group of answer choices

$350,000

$455,000

$605,000

$650,000

Question 2:

The net income for our company this year is $20,000. The beginning and ending retained earnings balances were $46,000 and $52,000, respectively. The company issued no common stock. Calculate the amount of dividends paid by the company this year.

Group of answer choices

$14,000

$54,000

$60,000

$106,000

Question 3:

These questions are based on the following information compiled for our company at the end of the current year:

Cash	$2,000
Accounts receivable	$3,050
Equipment	$100
Vehicle	$4,000
Accounts payable	$1,000
Unearned revenue	$1,500
Common stock	$1,000
Retained earnings	$4,150 (Balance as of January 1 of the current year)
Dividends	$500
Service revenue	$4,000
Salaries expense	$1,500
Rent expense	$300
Advertising expense	$200

Calculate the dollar amount for net income on our current years income statement (December 31).

[ Select ] ["$1,500", "$2,000", "$2,500", "$4,000"]

Calculate the dollar amount for retained earnings on our balance sheet at the end of the current year (December 31).

[ Select ] ["$4,150", "$6,150", "$5,650", "$7,650"]

Calculate the dollar amount for total assets on our balance sheet at the end of the current year (December 31).

[ Select ] ["$9,150", "$7,100", "$6,100", "$10,150"]

Question 4:

Which of the following accounts is increased with a debit?

Group of answer choices

common stock

dividends

service revenue

accounts payable

Question 5:

On August 21, we paid four months rent in advance, which totaled $3,200. What account would we debit when we journalize this entry?

Group of answer choices

rent expense

cash

prepaid rent

account payable

Question 6:

On September 5, we received an $11,400 payment on account. What account would we debit when we journalize this entry?

Group of answer choices

accounts payable

cash

accounts receivable

fees earned

Question 7:

On September 11, we performed $5,750 of service and billed our customer. What account would we debit when we journalize this entry?

Group of answer choices

service revenue

cash

accounts receivable

retained earnings

Question 8:

On September 22, we purchased supplies on account for $1,150. What account would we credit when we journalize this entry?

Group of answer choices

supplies

cash

accounts payable

supplies expense