Test Bank for Financial Accounting Fundamentals 4th Edition by Wild Part 4
134. The statement of cash flows reports information on: ✖
- A. Revenue activities
- B. Expense activities
- C. Financing activities
- D. Equity activities
- E. Asset activities
169. 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? ✖
- A. $154,000
- B. $155,000
- C. $ 53,000
- D. $ 98,000
- E. $135,000
171. 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? ✖
- A. $320,000
- B. $296,000
- C. $100,000
- D. $457,000
- E. $116,000
154. 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? ✖
- A. $17,000
- B. $29,000
- C. $71,000
- D. $88,000
- E. $105,000
162. 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 $$350,000. What is net income for the year? ✖
- A. $700,160
- B. $331,590
- C. $134,250
- D. $612,560
- E. $175,040
155. A company reported total equity of $145,000 on its December 31, 2013, balance sheet. The following information is available for the year ended December 31, 2014: 2014 revenues…………….. $210,000 2014 expenses………………. 165,000 Liabilities, at December 31, 2014…. 92,000 What are the total assets of the company at December 31, 2014? ✖
- A. $45,000
- B. $92,000
- C. $190,000
- D. $210,000
- E. $282,000
161. Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000. What is the ending equity for the year? ✖
- A. $700,160
- B. $331,590
- C. $134,250
- D. $612,560
- E. $175,040
173. 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? ✖
- A. $320,000
- B. $296,000
- C. $316,000
- D. $457,000
- E. $116,000
145. Determine the net income of a company for which the following information is available: Employee salaries expense…………….. $180,000 Interest expense………………………… 10,000 Rent expense……………………………. 20,000 Consulting revenue…………………….. 400,000 ✖
- A. $190,000
- B. $210,000
- C. $230,000
- D. $400,000
- E. $610,000
164. 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? ✖
- A. $75,000
- B. $998,000
- C. $131,000
- D. $203,000
- E. $308,000
165. 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? ✖
- A. $738,000
- B. $998,000
- C. $131,000
- D. $203,000
- E. $475,000
141. Cash investments by owners in exchange for stock are listed on which of the following statements? ✖
- A. Balance sheet.
- B. Income statement.
- C. Statement of retained earnings.
- D. Statement of cash flows.
- E. Statement of cash received
163. 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? ✖
- A. $ 700,160
- B. $ 612,560
- C. $ 787,600
- D. $ 681,590
- E. $1,159,410 - Given
140. The financial statement that shows beginning and ending retained earnings balances and the effects of net income (loss) and a dividend for the period is the: ✖
- A. Statement of financial position.
- B. Statement of cash flows.
- C. Balance sheet.
- D. Income statement.
- E. Statement of retained earnings.
138. A financial statement providing information that helps users understand a company's financial status and lists the types and amounts of assets, liabilities, and equity as of a specific date is called a(n): ✖
- A. Balance sheet.
- B. Income statement.
- C. Statement of cash flows.
- D. Statement of retained earnings.
- E. Financial status statement.
156. 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? ✖
- A. $27,000
- B. $36,000
- C. $53,000
- D. $63,000
- E. $350,000
149. 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 ✖
- A. $1,000
- B. $3,000
- C. $5,000
- D. $10,000
- E. $11,000
167. 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? ✖
- A. $154,000
- B. $134,000
- C. $212,000
- D. $248,000
- E. $155,000
159. 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? ✖
- A. $1,073,300
- B. $651,740
- C. $804,800
- D. $920,240
- E. $728,270
168. 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? ✖
- A. $154,000
- B. $155,000
- C. $212,000
- D. $248,000
- E. $135,000
139. The financial statement that describes where a company's cash came from and how it was spent during the period is the: ✖
- A. Statement of financial position.
- B. Statement of cash flows.
- C. Balance sheet.
- D. Income statement.
- E. Statement of retained earnings.
144. Use the following information as of December 31 to determine equity. Liabilities……………………. $141,000 Cash………………………… 57,000 Equipment………………….. 206,000 Buildings…………………… 175,000 ✖
- A. $57,000
- B. $141,000
- C. $297,000
- D. $438,000
- E. $579,000
147. A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash. This represents a(n): ✖
- A. Revenue activity
- B. Operating activity
- C. Expense activity
- D. Investing activity
- E. Financing activity
142. Accounts payable appear on which of the following statements? ✖
- A. Balance sheet.
- B. Income statement.
- C. Statement of retained earnings.
- D. Statement of cash flows.
- E. Transaction statement.
153. 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? ✖
- A. Income statement
- B. Statement of cash received
- C. Statement of retained earnings
- D. Statement of cash flows
- E. Schedule of accounts receivable
136. The financial statement that reports whether the business earned a profit and also lists the types and amounts of the revenues and expenses is called a(n): ✖
- A. Balance sheet.
- B. Statement of retained earnings.
- C. Statement of cash flows.
- D. Income statement.
- E. Statement of financial position.
157. 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? ✖
- A. $154,700
- B. $206,700
- C. $114,700
- D. $575,300
- E. $160,700
151. 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. ✖
- A. $5,000
- B. $46,000
- C. $50,000
- D. $52,000
- E. $64,000
146. A company acquires equipment for $75,000 cash. This represents a(n): ✖
- A. Operating activity
- B. Investing activity
- C. Financing activity
- D. Revenue activity
- E. Expense activity
166. 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? ✖
- A. $738,000
- B. $998,000
- C. $212,000
- D. $203,000
- E. $475,000
135. The statement of retained earnings: ✖
- A. Reports how retained earnings changes at a point in time.
- B. Reports how retained earnings changes over a period of time.
- C. Reports on cash flows for operating, financing and investing activities over a period of time.
- D. Reports on cash flows for operating, financing and investing activities at a point in time
- E. Reports on amounts for assets, liabilities and equity at a point in time.
150. 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: ✖
- A. $223,000
- B. $240,000
- C. $268,000
- D. $274,000
- E. $208,000
148. 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: ✖
- A. $40,500 increase
- B. $40,500 decrease
- C. $134,500 decrease
- D. $134,000 increase
- E. $9,500 increase
143. The income statement reports all of the following except: ✖
- A. Revenues earned by a business.
- B. Expenses incurred by a business.
- C. Assets owned by a business.
- D. Net income or loss earned by a business.
- E. The time period over which the earnings occurred.
137. A balance sheet lists: ✖
- A. The types and amounts of the revenues and expenses of a business.
- B. Only the information about what happened to retained earnings during a time period.
- C. The types and amounts of assets, liabilities and equity of a business as of a specific date.
- D. The cash inflows and outflows during the period.
- E. The assets and liabilities of a company, but not the equity.
133. The statement of cash flows reports on cash flows for: A. Operating activities B. Revenue activities C. Expense activities D. Planning activities E. Equity activitiesA$#1 ✖
170. 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? ✖
- A. $ 41,000
- B. $ 76,000
- C. $ 53,000
- D. $ 98,000
- E. $ 35,000
158. 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? ✖
- A. $62,300
- B. $306,300
- C. $337,700
- D. $706,300
- E. $137,700
172. 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? ✖
- A. $320,000
- B. $296,000
- C. $316,000
- D. $457,000
- E. $116,000
152. Rent expense that is paid with cash appears on which of the following statements? ✖
- A. Balance sheet
- B. Income statement
- C. Statement of retained earnings
- D. Schedule of accounts receivable
- E. Statement of cash received
160. 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? ✖
- A. $700,160
- B. $787,600
- C. $187,600
- D. $612,560
- E. $175,040
Total Points: 0 correct out of 41
