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chapter 1 multiple choice (147--172
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Questions in this quiz (28)
1147. A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash. This represents a(n):
- AA. Revenue activity
- BB. Operating activity
- CC. Expense activity
- DD. Investing activity
- EE. Financing activity
2148. FastForward had cash inflows from operations of $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:
- AA. $40,500 increase
- BB. $40,500 decrease
- CC. $134,500 decrease
- DD. $134,000 increase
- EE. $9,500 increase
3149. Use the following information as of December 31 to determine equity.
Accounts payable………………………… $ 800
Accounts receivable……………………. 700
Cash……………………………………… 2,300
Wages expense………………………… 9,000
Wages payable……………………… 1,200- AA. $1,000
- BB. $3,000
- CC. $5,000
- DD. $10,000
- EE. $11,000
4150. FastForward has beginning equity of $257,000, net income of $51,000, dividends of $40,000, and investments by owners in exchange for stock of $6,000. Its ending equity is:
- AA. $223,000
- BB. $240,000
- CC. $268,000
- DD. $274,000
- EE. $208,000
5151. Acme Company had equity of $55,000 at the end of the current year. During the year the company had a $2,000 net loss and investments by owners in exchange for stock of $7,000. Compute equity as of the beginning of the year.
- AA. $5,000
- BB. $46,000
- CC. $50,000
- DD. $52,000
- EE. $64,000
6152. Rent expense that is paid with cash appears on which of the following statements?
- AA. Balance sheet
- BB. Income statement
- CC. Statement of retained earnings
- DD. Schedule of accounts receivable
- EE. Statement of cash received
7153. Fees earned (but not yet received in cash) by a business in exchange for services that it has provided appear on which of the following statements?
- AA. Income statement
- BB. Statement of cash received
- CC. Statement of retained earnings
- DD. Statement of cash flows
- EE. Schedule of accounts receivable
8154. A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of equity?
- AA. $17,000
- BB. $29,000
- CC. $71,000
- DD. $88,000
- EE. $105,000
9155. A company reported total equity of $145,000 on its December 31, 2013, balance sheet. The following information is available for the year ended December 31, 2014:
2014 revenues…………….. $210,000
2014 expenses………………. 165,000
Liabilities, at December 31, 2014…. 92,000
What are the total assets of the company at December 31, 2014?- AA. $45,000
- BB. $92,000
- CC. $190,000
- DD. $210,000
- EE. $282,000
10155. A company reported total equity of $145,000 on its December 31, 2013, balance sheet. The following information is available for the year ended December 31, 2014:
2014 revenues…………….. $210,000
2014 expenses………………. 165,000
Liabilities, at December 31, 2014…. 92,000
What are the total assets of the company at December 31, 2014?- AA. $45,000
- BB. $92,000
- CC. $190,000
- DD. $210,000
- EE. $282,000
11156. A company had total equity of $89,000 on January 1, 2014. The following information is available for the year ended December 31, 2014:
2014 revenues $350,000
2014 expenses 403,000
Liabilities, at December 31, 2014 27,000
What are the total assets of the company at December 31, 2014?- AA. $27,000
- BB. $36,000
- CC. $53,000
- DD. $63,000
- EE. $350,000
12157. If beginning retained earnings was $184,300, the company distributed $46,000 in dividends and ending retained earnings was $345,000, what was the net income for the period?
- AA. $154,700
- BB. $206,700
- CC. $114,700
- DD. $575,300
- EE. $160,700
13158. If beginning retained earnings was $184,300, net income for the period was $200,000 and ending retained earnings was $322,000, what was the total amount of dividend distributed for the period?
- AA. $62,300
- BB. $306,300
- CC. $337,700
- DD. $706,300
- EE. $137,700
14159. If net income for the period was $134,250, dividends distributed were $76,530 and ending retained earnings was $862,520, what was the beginning retained earnings for the period?
- AA. $1,073,300
- BB. $651,740
- CC. $804,800
- DD. $920,240
- EE. $728,270
15160. Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000.
What was the beginning equity for the year?- AA. $700,160
- BB. $787,600
- CC. $187,600
- DD. $612,560
- EE. $175,040
16161. Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000.
What is the ending equity for the year?- AA. $700,160
- BB. $331,590
- CC. $134,250
- DD. $612,560
- EE. $175,040
17162. Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000.
What is net income for the year?- AA. $700,160
- BB. $331,590
- CC. $134,250
- DD. $612,560
- EE. $175,040
18163. Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000.
What are the ending assets for the year?- AA. $ 700,160
- BB. $ 612,560
- CC. $ 787,600
- DD. $ 681,590
- EE. $1,159,410
19164. Beginning assets were $700,000, beginning equity was $225,000, revenue for the year was $523,000, common stock issued during the year totaled $320,000, expenses for the year were $392,000, ending equity is $751,000, and ending assets are $963,000.
What were the total dividends declared?- AA. $75,000
- BB. $998,000
- CC. $131,000
- DD. $203,000
- EE. $308,000
20165. Beginning assets were $700,000, beginning equity was $225,000, revenue for the year was $523,000, common stock issued during the year totaled $320,000, expenses for the year were $392,000, ending equity is $751,000, and ending assets are $963,000.
What were the beginning liabilities for the year?- AA. $738,000
- BB. $998,000
- CC. $131,000
- DD. $203,000
- EE. $475,000
21166. Beginning assets were $700,000, beginning equity was $225,000, revenue for the year was $523,000, common stock issued during the year totaled $320,000, expenses for the year were $392,000, ending equity is $751,000, and ending assets are $963,000.
What are the ending liabilities for the year?- AA. $738,000
- BB. $998,000
- CC. $212,000
- DD. $203,000
- EE. $475,000
22167. Ending liabilities are 67,000, beginning equity was $87,000, common stock issued during year totaled $31,000, expenses for the year were $22,000, dividends declared totaled $13,000, ending equity for the year is $181,000, and beginning assets for the year were $222,000.
What are the ending assets for the year?- AA. $154,000
- BB. $134,000
- CC. $212,000
- DD. $248,000
- EE. $155,000
23168. Ending liabilities are 67,000, beginning equity was $87,000, common stock issued during year totaled $31,000, expenses for the year were $22,000, dividends declared totaled $13,000, ending equity for the year is $181,000, and beginning assets for the year were $222,000.
What was beginning liabilities for the year?- AA. $154,000
- BB. $155,000
- CC. $212,000
- DD. $248,000
- EE. $135,000
24169. Ending liabilities are 67,000, beginning equity was $87,000, common stock issued during year totaled $31,000, expenses for the year were $22,000, dividends declared totaled $13,000, ending equity for the year is $181,000, and beginning assets for the year were $222,000.
What was revenue for the year?- AA. $154,000
- BB. $155,000
- CC. $ 53,000
- DD. $ 98,000
- EE. $135,000
25170. Ending liabilities are 67,000, beginning equity was $87,000, common stock issued during year totaled $31,000, expenses for the year were $22,000, dividends declared totaled $13,000, ending equity for the year is $181,000, and beginning assets for the year were $222,000.
What was net income for the year?- AA. $ 41,000
- BB. $ 76,000
- CC. $ 53,000
- DD. $ 98,000
- EE. $ 35,000
26171. Below is accounting information for Cascade Company for 2013:
Revenue $416,000
Cash $120,000
Common stock $200,000
Expenses $300,000
Equipment $240,000
Accounts receivable $35,000
Notes payable $50,000
Notes receivable $62,000
What was net income for the year?- AA. $320,000
- BB. $296,000
- CC. $100,000
- DD. $457,000
- EE. $116,000
27172. Below is accounting information for Cascade Company for 2013, its first year of
business
Revenue $416,000
Cash $120,000
Common stock $200,000
Expenses $300,000
Equipment $240,000
Accounts receivable $35,000
Notes payable $50,000
Notes receivable $62,000
What was total equity at year end?- AA. $320,000
- BB. $296,000
- CC. $316,000
- DD. $457,000
- EE. $116,000
28173. Below is accounting information for Cascade Company for 2013:
Revenue $416,000
Cash $120,000
Common stock $200,000
Expenses $300,000
Equipment $240,000
Accounts receivable $35,000
Notes payable $50,000
Notes receivable $62,000
What were the total assets at year-end?- AA. $320,000
- BB. $296,000
- CC. $316,000
- DD. $457,000
- EE. $116,000
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- Accounting Quiz on chapter 1 multiple choice (147--172, created by Debbie Morgan on 11/05/2019.
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- Debbie Morgan
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