acc 2301, 2302

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Test Bank for Financial Accounting Fundamentals 4th Edition by Wild Part 4

134. The statement of cash flows reports information on: ✖

  1. A. Revenue activities
  2. B. Expense activities
  3. C. Financing activities
  4. D. Equity activities
  5. 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? ✖

  1. A. $154,000
  2. B. $155,000
  3. C. $ 53,000
  4. D. $ 98,000
  5. 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? ✖

  1. A. $320,000
  2. B. $296,000
  3. C. $100,000
  4. D. $457,000
  5. 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? ✖

  1. A. $17,000
  2. B. $29,000
  3. C. $71,000
  4. D. $88,000
  5. 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? ✖

  1. A. $700,160
  2. B. $331,590
  3. C. $134,250
  4. D. $612,560
  5. 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? ✖

  1. A. $45,000
  2. B. $92,000
  3. C. $190,000
  4. D. $210,000
  5. 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? ✖

  1. A. $700,160
  2. B. $331,590
  3. C. $134,250
  4. D. $612,560
  5. 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? ✖

  1. A. $320,000
  2. B. $296,000
  3. C. $316,000
  4. D. $457,000
  5. 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 ✖

  1. A. $190,000
  2. B. $210,000
  3. C. $230,000
  4. D. $400,000
  5. 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? ✖

  1. A. $75,000
  2. B. $998,000
  3. C. $131,000
  4. D. $203,000
  5. 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? ✖

  1. A. $738,000
  2. B. $998,000
  3. C. $131,000
  4. D. $203,000
  5. E. $475,000

141. Cash investments by owners in exchange for stock are listed on which of the following statements? ✖

  1. A. Balance sheet.
  2. B. Income statement.
  3. C. Statement of retained earnings.
  4. D. Statement of cash flows.
  5. 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? ✖

  1. A. $ 700,160
  2. B. $ 612,560
  3. C. $ 787,600
  4. D. $ 681,590
  5. 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: ✖

  1. A. Statement of financial position.
  2. B. Statement of cash flows.
  3. C. Balance sheet.
  4. D. Income statement.
  5. 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): ✖

  1. A. Balance sheet.
  2. B. Income statement.
  3. C. Statement of cash flows.
  4. D. Statement of retained earnings.
  5. 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? ✖

  1. A. $27,000
  2. B. $36,000
  3. C. $53,000
  4. D. $63,000
  5. 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 ✖

  1. A. $1,000
  2. B. $3,000
  3. C. $5,000
  4. D. $10,000
  5. 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? ✖

  1. A. $154,000
  2. B. $134,000
  3. C. $212,000
  4. D. $248,000
  5. 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? ✖

  1. A. $1,073,300
  2. B. $651,740
  3. C. $804,800
  4. D. $920,240
  5. 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? ✖

  1. A. $154,000
  2. B. $155,000
  3. C. $212,000
  4. D. $248,000
  5. 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: ✖

  1. A. Statement of financial position.
  2. B. Statement of cash flows.
  3. C. Balance sheet.
  4. D. Income statement.
  5. 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 ✖

  1. A. $57,000
  2. B. $141,000
  3. C. $297,000
  4. D. $438,000
  5. E. $579,000

147. A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash. This represents a(n): ✖

  1. A. Revenue activity
  2. B. Operating activity
  3. C. Expense activity
  4. D. Investing activity
  5. E. Financing activity

142. Accounts payable appear on which of the following statements? ✖

  1. A. Balance sheet.
  2. B. Income statement.
  3. C. Statement of retained earnings.
  4. D. Statement of cash flows.
  5. 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? ✖

  1. A. Income statement
  2. B. Statement of cash received
  3. C. Statement of retained earnings
  4. D. Statement of cash flows
  5. 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): ✖

  1. A. Balance sheet.
  2. B. Statement of retained earnings.
  3. C. Statement of cash flows.
  4. D. Income statement.
  5. 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? ✖

  1. A. $154,700
  2. B. $206,700
  3. C. $114,700
  4. D. $575,300
  5. 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. ✖

  1. A. $5,000
  2. B. $46,000
  3. C. $50,000
  4. D. $52,000
  5. E. $64,000

146. A company acquires equipment for $75,000 cash. This represents a(n): ✖

  1. A. Operating activity
  2. B. Investing activity
  3. C. Financing activity
  4. D. Revenue activity
  5. 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? ✖

  1. A. $738,000
  2. B. $998,000
  3. C. $212,000
  4. D. $203,000
  5. E. $475,000

135. The statement of retained earnings: ✖

  1. A. Reports how retained earnings changes at a point in time.
  2. B. Reports how retained earnings changes over a period of time.
  3. C. Reports on cash flows for operating, financing and investing activities over a period of time.
  4. D. Reports on cash flows for operating, financing and investing activities at a point in time
  5. 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: ✖

  1. A. $223,000
  2. B. $240,000
  3. C. $268,000
  4. D. $274,000
  5. 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: ✖

  1. A. $40,500 increase
  2. B. $40,500 decrease
  3. C. $134,500 decrease
  4. D. $134,000 increase
  5. E. $9,500 increase

143. The income statement reports all of the following except: ✖

  1. A. Revenues earned by a business.
  2. B. Expenses incurred by a business.
  3. C. Assets owned by a business.
  4. D. Net income or loss earned by a business.
  5. E. The time period over which the earnings occurred.

137. A balance sheet lists: ✖

  1. A. The types and amounts of the revenues and expenses of a business.
  2. B. Only the information about what happened to retained earnings during a time period.
  3. C. The types and amounts of assets, liabilities and equity of a business as of a specific date.
  4. D. The cash inflows and outflows during the period.
  5. 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? ✖

    1. A. $ 41,000
    2. B. $ 76,000
    3. C. $ 53,000
    4. D. $ 98,000
    5. 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? ✖

    1. A. $62,300
    2. B. $306,300
    3. C. $337,700
    4. D. $706,300
    5. 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? ✖

    1. A. $320,000
    2. B. $296,000
    3. C. $316,000
    4. D. $457,000
    5. E. $116,000

    152. Rent expense that is paid with cash appears on which of the following statements? ✖

    1. A. Balance sheet
    2. B. Income statement
    3. C. Statement of retained earnings
    4. D. Schedule of accounts receivable
    5. 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? ✖

    1. A. $700,160
    2. B. $787,600
    3. C. $187,600
    4. D. $612,560
    5. E. $175,040
    Total Points: 0 correct out of 41
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