Reference no: EM132429456

Questions -

Q1. Baltimore Company's assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,850, Prepaid Rent $2,000, Supplies $400, Bank Loan $2,750, and Tools $300. Baltimore's total liabilities are: (All account balances are normal.)

Q2. Baltimore Company's assets and liabilities are Accounts Receivable $1,850, Equipment $8,200, Accounts Payable $4,700, Prepaid Rent $2,150, Supplies $975, Bank Loan $3,550, and Tools $585. Baltimore's total equity is: (All account balances are normal.)

Q3. Baltimore Company experienced a total increase in stockholders' equity of $14,000 during the current year. Stockholders' equity was increased by additional issuances of $44,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $100,000. How much was Baltimore's revenue for the year?

Q4. Baltimore Company experienced an increase in total assets of $15,500 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.

Q5. Annapolis Corporation's trial balance included debits to expense accounts of $175,000, credits to revenue accounts of $246,000, 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 $236,000 and $115,000, respectively, at the conclusion, of its first year of business. The company earned $75,500 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.

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.