The accounts and balances shown below were gathered from Pastel Corporations trial balance on December 31, 2014. All adjusting entries have been made.

Wages Payable .................... $ 25,600

Cash ............................. 17,700

Mortgage Payable ................. 151,600

Dividents Payable ................ 14,000

Prepaid rent ..................... 13,600

Inventory ........................ 81,800

Sinking Fund Assets .............. 52,400

Short-Term Investments ........... 15,200

Premium on Bonds Payable ......... 4,600

Stock Investment in Subsidiary ... 102,400

Taxes Payable .................... 22,800

Accounts Payable ................. 24,800

Accounts Receivable .............. 36,600

See information for Pastel Corporation above. The amount that should be reported as current liabilities on Pastel Corporations balance sheet is

A $73,000, B. $87,000, C.$283,800, D. $91,800

The accounts and balances shown below were gathered from Pastel Corporations trial balance on December 31, 2014. All adjusting entries have been made.

Wages Payable ....................	$ 25,600
Cash .............................	17,700
Mortgage Payable .................	151,600
Dividents Payable ................	14,000
Prepaid rent .....................	13,600
Inventory ........................	81,800
Sinking Fund Assets ..............	52,400
Short-Term Investments ...........	15,200
Premium on Bonds Payable .........	4,600
Stock Investment in Subsidiary ...	102,400
Taxes Payable ....................	22,800
Accounts Payable .................	24,800
Accounts Receivable ..............	36,600

See information for Pastel Corporation above. Pastel Corporations working capital is

a.

$62,500.

b.

$73,100.

c.

$125,700.

d.

$77,700.

The accounts and balances shown below were gathered from Primer Corporations trial balance on December 31, 2014. All adjusting entries have been made.

Wages Payable ....................	$ 25,600
Cash .............................	17,700
Mortgage Payable .................	151,600
Dividents Payable ................	14,000
Prepaid rent .....................	13,600
Inventory ........................	81,800
Sinking Fund Assets ..............	52,400
Short-Term Investments ...........	15,200
Premium on Bonds Payable .........	4,600
Stock Investment in Subsidiary ...	102,400
Taxes Payable ....................	22,800
Accounts Payable .................	24,800
Accounts Receivable ..............	36,600

The amount that should be reported as current assets on Primer Corporations balance sheet is

a.

$267,300.

b.

$164,900.

c.

$151,300.

d.

$217,300.

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Volta Electronics Inc. reported the following items on its December 31, 2014, trial balance:

Accounts Payable ....................................	$108,900
Advances to Employees ...............................	4,500
Unearned Rent Revenue ...............................	28,800
Estimated Liability Under Warranties ................	25,800
Cash Surrender Value of Officers Life Insurance ....	7,500
Bonds Payable .......................................	555,000
Discount on Bonds Payable ...........................	22,500
Trademarks ..........................................	3,900

The amount that should be recorded on Voltas balance sheet as total liabilities is

a.

$696,000.

b.

$741,000.

c.

$703,500.

	d.	$700,500.

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The December 31, 2014, balance sheet of Giorgio Inc., reported total assets of $1,050,000 and total liabilities of $680,000. The following information relates to the year 2015:

	Madden Inc. issued an additional 5,000 shares of common stock at $25 per share on July 1, 2015.
	Madden Inc. paid dividends totaling $80,000.
	Net income for 2015 was $110,000.
	No other changes occurred in stockholders equity during 2015.

The stockholders equity section of the December 31, 2015, balance sheet would report a balance of

a.

$835,000.

b.

$525,000.

c.

$685,000.

	d.	$400,000.

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Information from Brian Companys balance sheet is as follows:

Current assets:
Cash ............................................	$ 1,200,000
Investment securities ...........................	3,750,000
Accounts receivable .............................	28,800,000
Inventories .....................................	33,150,000
Prepaid expenses ................................	600,000
Total current assets ............................	$67,500,000
Current liabilities:
Notes payable ...................................	$ 750,000
Accounts payable ................................	9,750,000
Accrued expenses ................................	6,250,000
Income taxes payable ............................	250,000
Payments due within one year on long-term debt ..	1,750,000
Total current liabilities .......................	$18,750,000

What is Brians current ratio?

a.

0.26 to 1

b.

3.60 to 1

c.

0.30 to 1

d.

1.80 to 1

-

The following amounts are from Silverton Co.s 2014 income statement:

Sales .................................................	$340,000
Sales returns and allowances ..........................	5,000
Cost of goods sold ....................................	132,000
Utilities expense .....................................	66,000
Interest revenue ......................................	1,000
Income tax on operations ..............................	28,000
Extraordinary loss due to earthquake, net of tax ......	5,000
Interest expense ......................................	4,000
Salaries expense ......................................	46,000
Loss on sale of investments ...........................	3,000

What amount would Silverton show for income from continuing operations on a multiple-step format income statement?

a.

$68,000

b.

$96,000

c.

$57,000

d.

$52,000