Simple Accounting Multi choice just highlight correct answers.

Question 23 (2 points) At the end of February 2016, Accounting Service had the following accounts: Cash, $27,000; Trucks, $25,500; Equipment, $17,000 and Accounts Payable $18,000. By the end of the month this company had: $57,000 of Revenues, $2,000 of Utilities Expenses, $250 of Phone Expenses, and $5,500 of Salaries Expenses. Please, calculate the net income to be reported by the company at the end of this month. Question 23 options: $64,750 $5,750 $49,250 $57,000 Save Question 24 (2 points) At the end of March 2017, Bella Services had the following accounts: Cash, $17,000; Inventory, $15,500; Equipment, $7,000 and Accounts Receivable $18,000. By the end of the month this company had: $27,000 of Revenues, $2,000 of Rent Expenses, $550 of Phone Expenses, and $500 of Insurance Expenses. Please, calculate the net income to be reported by the company at the end of this month. Question 24 options: $23,550 $3,550 $27,000 $23,950 Save Question 25 (2 points) At the end of April 2017, PychLoc Services had the following accounts: Cash, $17,000; Inventory, $15,500; Equipment, $7,000 and Accounts Receivable $18,000. By the end of the month this company had: $25,000 of Revenues, $2,000 of Rent Expenses, $550 of Phone Expenses, and $500 of Insurance Expenses. Please, calculate the net income to be reported by the company at the end of this month. Question 25 options: $21,950 $23,950 $25,000 $25,550 Save Question 26 (2 points) Which of the following accounts will appear on the company's income statement? Question 26 options: Assets and Liabilities Liabilities and Stockholders' Equity Revenues and Expenses Liabilities and Expenses Save Question 27 (2 points) The correct accounting equation formula is Question 27 options: Assets= Liabilities - Owner's Equity Assets= Liabilities + Owner's Equity Assets + Liabilities = Owner's Equity Assets + Liabilities = Owner's Equity Save Question 28 (2 points) Luca, Inc. purchases equipment costing $5,000. The company paid $2,500 right away and charge the remaining amount. To record this transaction, the company would: Question 28 options: Debit Equipment $5,000; Credit Cash $1,500 and Credit Accounts Payable $2,500 Debit Equipment $5,000; Credit Cash $2,500 and Credit Accounts Payable $1,500 Debit Equipment $2,500; Credit Cash $2,500 and Credit Accounts Payable $5,000 Debit Equipment $5,000; Credit Cash $2,500 and Credit Accounts Payable $2,500 Save Question 29 (2 points) Ella, Inc. purchases equipment costing $7,000. The company paid $2,000 right away and charge the remaining amount. To record this transaction, the company would: Question 29 options: Debit Equipment $7,000; Credit Cash $2,000 and Credit Accounts Receivable $5,000 Debit Equipment $7,000 and Credit Accounts Payable $5,000 Debit Equipment $7,000; Credit Cash $2,000 and Credit Accounts Payable $5,000 Debit Equipment $7,000; Credit Cash $7,000 Save Question 30 (2 points) Udaf, Inc. purchases a truck costing $8,000. The company paid $3,000 right away and charge the remaining amount. To record this transaction, the company would: Question 30 options: Debit Truck $8,000; Credit Cash $3,000 and Credit Accounts Payable $5,000 Debit Truck $8,000; Credit Cash $8,000 Debit Truck $5,000 and Credit Accounts Payable $3,000 Debit Truck $8,000; Credit Cash $3,000 and Credit Accounts Receivable $5,000 Save Question 31 (2 points) Castro, Inc. purchases a truck costing $25,000. The company paid $20,000 right away and charge the remaining amount. To record this transaction, the company would: Question 31 options: Debit Truck $25,000; Credit Cash $5,000 and Credit Accounts Receivable $20,000 Debit Truck $25,000; Credit Cash $20,000 and Credit Accounts Payable $5,000 Debit Truck $25,000; Credit Cash $25,000 Debit Truck $25,000 and Credit Accounts Payable $25,000 Save Question 32 (2 points) A company purchases supplies on account. The entry to record this transaction should be Question 32 options: Debit Supplies; Credit Accounts Receivable Credit Cash; Debit Accounts Receivable Debit Supplies; Credit Accounts Payable Credit Cash; Debit Accounts Payable Save Question 33 (2 points) On a statement of retained earnings, beginning capital is $30,000, Net Income for the year is $11,000 and Dividends Paid for the year is $6,000, the ending capital amount would be $24,000. Question 33 options: True False Save Question 34 (2 points) On a statement of retained earnings , beginning capital is $40,000, Net Income for the year is $11,000 and Cash Dividends paid for the year is $6,000, the ending capital amount would be Question 34 options: $40,000 $35,000 $45,000 $47,000 Save Question 35 (2 points) Debits are recorded to increase ... Question 35 options: revenue and assets accounts assets and liabilities accounts assets and expenses all listed above Save Question 36 (2 points) A company paid cash of $2,300 to reduce a debt. To record this transaction, the accountant would Question 36 options: debit Accounts Receivable and debit Accounts Payable credit Cash only debit Cash and debit Accounts Payable debit Accounts Payable and credit Cash Save Question 37 (1 point) The account used to record increases in stockholder's equity from services is Question 37 options: the Cash account the Accounts Receivable account the Revenue account the Inventory account Save Question 38 (2 points) The total of the figures on the left side of an Accounts Receivable account is $35,800. The total of the figures on the right side is $15,100. The balance of this account Question 38 options: is $20,700 and would be recorded on the right side of the account is $50,900 and would be recorded on the left side of the account is $50,900 and would be recorded on the right side of the account is $20,700 and would be recorded on the left side of the account Save Question 39 (2 points) The total of the figures on the left side of an Accounts Payable account is $35,800. The total of the figures on the right side is $15,100. The balance of this account Question 39 options: is $50,900 and would be recorded on the left side of the account is $20,700 and would be recorded on the right side of the account is $50,900 and would be recorded on the right side of the account is $20,700 and would be recorded on the left side of the account Save Question 40 (2 points) The total of the figures on the left side of a Cash account is $115,700. The total of the figures on the right side is $35,900. The balance of this account Question 40 options: is $79,800 and would be recorded on the right side of the account is $151,600 and would be recorded on the left side of the account is $151,600 and would be recorded on the right side of the account is $79,800 and would be recorded on the left side of the account Save Question 41 (2 points) The total of the figures on the left side of a Salary Payable account is $77,700. The total of the figures on the right side is $32,900. The balance of this account Question 41 options: is $44,800 and would be recorded on the right side of the account is $110,600 and would be recorded on the left side of the account is $110,600 and would be recorded on the right side of the account is $44,800 and would be recorded on the left side of the account Save Question 42 (2 points) Which of the following increase owner's equity or stockholder's equity? Question 42 options: cash revenue receiving cash from vendors receiving cash from clients Save Question 43 (2 points) Which of the following decrease owner's equity or stockholder's equity? Question 43 options: paying cash to vendors paying cash to clients revenue expenses Save Question 44 (2 points) The Net Income amount from the Income Statement is transferred to which of the following statements? Question 44 options: the loss statement the profit statement the retained earnings the balance sheet Save Question 45 (2 points) An accounting system that involves recording the effects of each transaction as debits and credits is Question 45 options: recording on the T accounts the double-entry system the financial statement rule 201 completing business activities Save