Reference no: EM13337408
Multiple Choice Questions on Trial Balance
1. Neosho River Resort's total assets are:
a. $ 14,840
b. $ 44,520
c. $ 37,120
d. $135,120
2. Neosho River Resort's total liabilities are:
a. $ 4,220
b. $ 6,020
c. $ 13,420
d. $ 76,020
3. Neosho River Resort's net income is:
a. $135,120
b. $70,000
c. $76,500
d. $ 1,900
4. Neosho River Resort's total revenue is:
a. $ 76,500
b. $ 70,000
c. $ 1,900
d. $ 44,520
5. Neosho River Resort's total expenses is:
a. $ 70,600
b. $ 74,600
c. $ 1,900
d. $ 55,700
6. Neosho River Resort's ending Owner's Equity is:
a. $135,120
b. $ 47,100
c. $ 31,100
d. $ 16,000
7. Neosho River Resort's total Liabilities and Owner's Equity is:
a. $135,120
b. $ 37,120
c. $ 31,100
d. $ 6,020
8. In preparing their financial statements, Neosho River Resort would prepare which statement first?
a. Balance Sheet
b. Changes to Owner's Equity
c. Income Statement
d. Either the Income Statement or Changes to Owner's Equity
9. In order to prepare the Changes to Owner's Equity statement, Neosho River Resort must calculate:
a. Total Asset Balance
b. Total Liability Balance
c. Ending equity balance
d. Net Income
10. Drawings would be:
a. Added in the Changes to Owner's equity statement
b. Subtracted on the income statement
c. Added on the income statement
d. Subtracted in the Changes to Owner's equity statement
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