Reference no: EM132633044
Questions -
Q1. Baltimore Company's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,250, Prepaid Rent $2,000, Supplies $400, Bank Loan $3,550, and Tools $300. Baltimore's total liabilities are: (All account balances are normal.)
Q2. Baltimore Company's complete assets and liabilities are Accounts Receivable $1,950, Equipment $9,200, Accounts Payable $4,300, Prepaid Rent $2,000, Supplies $825, Bank Loan $3,500, and Tools $735. Baltimore's total equity is: (All account balances are normal.)
Q3. Baltimore Company experienced a total increase in stockholders' equity of $27,000 during the current year. Stockholders' equity was increased by additional issuances of $46,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $89,000. How much was Baltimore's revenue for the year?
Q4. Baltimore Company experienced an increase in total assets of $17,500 during the current year. During the same time period, total liabilities increased $3,600. Shareholders made no investments during the year and no dividends were paid. How much was Baltimore's net income
Q5. Annapolis Corporation's trial balance included debits to expense accounts of $105,000, credits to revenue accounts of $249,000, 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.
Q6. Baltimore Company reports total assets and total liabilities of $251,000 and $120,000, respectively, at the conclusion, of its first year of business. The company earned $77,500 during the first year, and distributed $31,000 to shareholders as dividends. How much did shareholders initially invest in the business?
Q7. 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. a debit to Cash for $2,000
b. a credit to Unearned Revenue for $400
c. a debit to Unearned Revenue for $400
d. a credit to Revenue for $2,000
Q8. 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:
a. include a debit to Supplies Expense for $600
b. include a debit to Supplies for $1,000
c. include a debit to Accounts Payable for $400
d. include a credit to Supplies for $400
Q9. During 2018, Towson Company had credit sales of $44,000 and cash sales of $13,000. 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 $3,000. What is Towson's 2018 accrual basis net income or loss? Enter a loss as a negative number.
Q10. A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal):
Accounts payable $48,500, Accounts receivable $54,000, Capital stock $100,000, Cash $57,000, Dividends $10,000, Interest expense $4,000, Interest payable $4,700, Inventory $32,000, Prepaid expenses $3,800, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much is Charle's current ratio? (Round your answer to two decimal places.)