Reference no: EM132558324

Question 1. A company has Liabilities of $23,500 and Stockholders' Equity of $56,500. How much does the company have in Assets?

Question 2. Beginning retained earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?

Question 3. The account "Salaries Expense" began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and increase of $350. What's the final balance of the "Salaries Expense" account, and is it a debit or credit?

Question 4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What journal entry is needed to correct this error?

Question 5. Allied, Inc. bought a two-year insurance policy on August 1 for $3,600. What's the adjusting journal entry on December 31?

Question 6. A company started the year with no supplies. During the year they bought $200worth of supplies on account and later paid $150 of this debt. If there were $40 worth of supplies left at the end of the year, what's the supply expense for the period?

Question 7. ABC Corporation received an invoice for $4,500 with terms of 3/15, n/50. If ABC pays the invoice on the seventeenth day, what is the effect on the Cash account and will the Cash account be debited or credited?

Question 8. Bond and Associates has the following account balances, listed in alphabetical order: Accumulated Depreciation, $23,000; Accounts Payable, $8,500; Accounts Receivable, $12,000; Cash, $3,500; Equipment, $44,000; Land, $21,000; Mortgage Payable, $45,000; Prepaid Insurance, $7,500; Supplies, $2,000; Unearned Revenue, $6,000; Wages Payable, $4,500. How much are Bonds

Question 9. Olympic Enterprises has the following inventory data: Assuming average cost, what is the cost of goods sold for the June 14 sale?

Date              Quantity                     Unit               Cost

June 1         Beginning Inventory         5             $52

June 4           Purchase                     10            $55

June 7               Sale                         12

June 11             Purchase                   9            $58

June 11               Purchase                 9           $58

Question 10. A company has $4,500 in net sales, $3,200 in gross profit, $1,300 in ending inventory, and $1,800 in beginning inventory. What is the company's cost of inventory, and $1,800 in beginning inventory. What is the company's cost of sold?