Total assets for our company are $500,000, and total liabilities are $250,000. The company paid $50,000 in
Question:
- Total assets for our company are $500,000, and total liabilities are $250,000. The company paid $50,000 in dividends during the year. What does the total owner's equity equal?
Group of answer choices
$250,000
$300,000
$700,000
$750,000
2 ) Our company paid $16,000 in dividends this year. The beginning and ending retained earnings balances were $46,000 and $80,000, respectively. The company issued no common stock. Calculate the company's net income for this year.
Group of answer choices
$18,000
$34,000
$50,000
$96,000
3
These questions are based on the following information compiled for our company at the end of the current year:
Cash$2,000Accounts receivable$3,050Equipment$100Vehicle$4,000Accounts payable$1,000Unearned revenue$1,500Common stock$1,000Retained earnings$4,150 (Balance as of January 1 of the current year)Dividends$500Service revenue$4,000Salaries expense$1,500Rent expense$300Advertising expense$200
Calculate the dollar amount for net income on our current year's income statement (December 31).
[ ?? ]
["
$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).
[ ]
["
$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).
[ ?? ]
["
$9,150
", "
$7,100
", "
$6,100
", "
$10,150
"]
4
Which of the following accounts is increased with a credit?
Group of answer choices
cash
prepaid insurance
salaries expense
unearned revenue
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
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
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
8
On September 22, we purchased supplies on account for $1,150. What account would we debit when we journalize this entry?
Group of answer choices
supplies
cash
accounts payable
supplies expense
9
Which of the following types of accounts have a normal debit balance?
Group of answer choices
assets and liabilities
liabilities and expenses
revenues and liabilities
expenses and dividends
10
Our company signed a contract on June 15, 2018, to perform services beginning on June 16. We will earn $12,000 per month and receive payment for our first month's services on July 15, 2018. What dollar amount of service revenue should we record on our June 30, 2018 adjusting entry?
Group of answer choices
$12,000
$6,000
$1,200
$0
11
Our unearned revenue account had a credit balance of $5,000 before adjusting entries were recorded. On December 31, we determined that $3,000 of the $5,000 had been earned during the current year. What account and amount would we debit when we record this adjusting entry in the general journal?
Group of answer choices
unearned revenue, $2,000
service revenue, $2,000
unearned revenue, $3,000
service revenue, $3,000
12
On December 31, we had accrued taxes of $6,000. What account would we debit when we record the adjusting entry for accrued taxes on December 31?
Group of answer choices
cash
income taxes expense
income taxes payable
accounts payable
13
Annual depreciation on equipment amounted to $27,950 for the current year. What account would we credit when we record this adjusting entry in the general journal?
Group of answer choices
depreciation expense
equipment
cash
accumulated depreciation, equipment
14
Usethe followingadjusted trial balance compiled for our company on December 31 of the current year to answer these questions.
DebitCreditCash$1,000Accounts receivable$2,000Equipment$3,250Accounts payable$2,500Common stock$1,500Retained earnings?Dividends$250Service revenue$4,500Salaries expense$1,100Advertising expense$900
[ ?? ]
["
A
", "
B
", "
C
", "
D
"] Select the correct closing entry for revenues from thetable below:
DebitCreditAService revenue$3,000Income summary$3,000BIncome summary$4,500Service revenue$4,500CIncome summary$3,000Service revenue$3,000DService revenue$4,500Income summary$4,500
[ ?? ]
["
A
", "
B
", "
C
", "
D
"] Select the correct closing entry for expenses from thetable below:
DebitCreditASalaries expense$1,100Advertising expense$900Income summary$2,000BIncome summary$2,000Salaries expense$1,100Advertising expense$900CExpenses$2,000Income summary$2,000DIncome summary$2,000Expenses$2,000
[ ?? ]
["
A
", "
B
", "
C
", "
D
"] Select the correct entry to close income summaryfrom thetable below:
DebitCreditARetained earnings$2,500Income summary$2,500BIncome summary$2,500Retained earnings$2,500CIncome summary$4,500Revenue$4,500DNet income$4,000Retained earnings$4,000
[
Expert Answer:
