Question 11

Corresponds to CLO 2(c) Given the following adjusted trial balance amounts, what is the retained earnings ending balance to be reported on the statement of retained earnings? Debit balances Cash$8,000; Accounts receivable$12,000; Inventory$13,000; Property, plant, & equipment$30,000; Cost of goods sold$21,000; Salary expense$4,000; Depreciation expense$3,000 Credit balances Accumulated depreciation$9,000; Accounts payable$5,000; Common stock$35,000; Retained earnings$12,000; Revenue$30,000.

		$12,000
		$14,000
		$10,000
		$17,000

3 points

Question 12

Corresponds to CLO 2(d) Given the following adjusted trial balance amounts, total assets reported on the balance sheet is? Debit balances Cash$20,000; Accounts receivable$12,000; Equipment$60,000; Supplies$5,000; Expenses$110,000. Credit balances Accumulated depreciation$6,000; Accounts payable$1,000; Common stock$40,000; Retained earnings$10,000; Revenue$150,000.

		$141,000
		$97,000
		$91,000
		$86,000

3 points

Question 13

Corresponds to CLO 3(a) Flourish Company provided advertising services and billed the client $7,000. As a result of this transaction,

		assets increased by $7,000
		equity increased by $7,000
		both a and b.
		assets and equity remained unchanged.

3 points

Question 14

Corresponds to CLO 3(b) Delbert Industries purchased inventory of $15,000 on account. The entry to record this purchase will include:

		a debit to Inventory and a credit to Accounts Payable.
		a debit to Inventory expense and a credit to Accounts Receivable.
		a debit to Accounts Payable and a credit to Inventory.
		a debit to Inventory and a credit to Cash.

3 points

Question 15

Corresponds to CLO 3(c) During June 2013, its first month of operations, the owner of Jinx Enterprises invested cash of $70,000. Jinx had cash sales of $22,000, bought supplies of $2,000 on account, and paid expenses of $16,000. Assuming no other transactions impacted the cash account, what is the balance in Cash at June 30.

		$74,000 debit
		$74,000 credit
		$76,000 debit
		$76,000 credit