Reference no: EM132229595

Questions -

Question 1 - Baltimore Company's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,950, Prepaid Rent $2,000, Supplies $400, Bank Loan $3,900, and Tools $300. Baltimore's total liabilities are: (All account balances are normal.)

Question 2 - Baltimore Company's complete assets and liabilities are Accounts Receivable $2,750, Equipment $10,000, Accounts Payable $6,900, Prepaid Rent $2,200, Supplies $575, Bank Loan $4,250, and Tools $835. Baltimore's total equity is: (All account balances are normal.)

Question 3 - Baltimore Company experienced a total increase in stockholders' equity of $20,000 during the current year. Stockholders' equity was increased by additional issuances of $48,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $114,000. How much was Baltimore's revenue for the year?

Question 4 - Baltimore Company experienced an increase in total assets of $18,500 during the current year. During the same time period, total liabilities increased $7,600. Shareholders made no investments during the year and no dividends were paid. How much was Baltimore's net income.

Question 5 - Annapolis Corporation's trial balance included debits to expense accounts of $155,000, credits to revenue accounts of $225,000, and debits to the Dividends account of $50,000. Based on this information, what is the amount of the company's net income or loss? Enter a loss as a negative number.

Question 6 - Baltimore Company reports total assets and total liabilities of $226,000 and $90,000, respectively, at the conclusion, of its first year of business. The company earned $83,500 during the first year, and distributed $28,000 to shareholders as dividends. How much did shareholders initially invest in the business?

Question 7 - During June, Bravo Magazine sold for cash six advertising spaces for $400 each to be run in the July through December issues. On that date, Bravo properly recognized Unearned Revenue. The adjusting entry to record on July 31 includes:

a debit to Unearned Revenue for $400

a credit to Revenue for $2,000

a credit to Unearned Revenue for $400

a debit to Cash for $2,000

Question 8 - On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still on hand. The proper adjusting journal entry at January 31 would:

include a debit to Supplies Expense for $600

include a debit to Supplies for $1,000

include a debit to Accounts Payable for $400

include a credit to Supplies for $400

Question 9 - On January 1, 20X1, Bravo Company borrowed $24,000 to purchase equipment. The loan is to be repaid plus interest of 10% per year, on December 31, 20X2. Prepared the general journal adjusting entry (without explanation) needed for December 31, 20X1. If no entry is required then write "No Entry Required."

Question 10 - On Tuesday March 31, 20X1 the Bravo Company had accrued wages of $2,000. Friday, April 3, Bravo paid employee wages of $5,000 for the week. Prepared the general journal entry (without explanation) needed for March 31, 20X1. If no entry is required then write "No Entry Required."

Question 11 - During 2018, Towson Company had credit sales of $52,000 and cash sales of $15,000. In 2018 Towson collected $31,000 of accounts receivable resulting from sales on credit. Towson incurred operating expenses of $65,000; of this amount, $42,900 was paid in 2018, and the remaining balance represented a liability at year-end. In addition to these operating expenses, Towson also purchased for cash a three-year insurance policy on January 1, 2018. The cost of this policy was $9,000. What is Towson's 2018 accrual basis net income or loss? Enter a loss as a negative number.

Question 12 - A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $38,000, Accounts receivable $58,500, Capital stock $100,000, Cash $52,000, Dividends $10,000, Goodwill $47,000, Interest expense $4,000, Interest payable $5,000, Inventory $32,000, Note payable $21,000, Prepaid expenses $5,600, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. The note payable balance is due in nine months. How much is Charlie's current ratio? (Round your answer to two decimal places.).