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Free Test Bank for Financial and Managerial Accounting Information for Decisions 5th Edition by Wild Part 4

46. 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$2

66. 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$3

61. 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$2

65. 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
  6. $5

48. 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$1

62. 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 - Given
  2. B. $331,590
  3. C. $134,250
  4. D. $612,560
  5. E. $175,040$3

41. 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$4

43. 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.$3

56. 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$4

69. 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$4

55. 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$5

42. 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.$1

45. 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$1

44. 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$3

63. 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$4

67. 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$4

51. 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
  6. $3

53. 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$1

47. 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$5

54. 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$3

60. 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$5

49. 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$1

50. 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$4

64. 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$1

57. 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$2

68. 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$5

59. 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$3

70. 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$2

58. 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$1

52. 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$2
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