ACCOUNTING

Jennings Company had a beginning Accounts Receivable account balance of $380.  During the period Jennings’ sold goods on account for $1,400.  Ending Accounts Receivable had a $630 balance.  How much was collected on account during the period?
(Essay)

Jorden Company reports total assets and total liabilities of $251,000 and $100,000, respectively, at the conclusion,of its first year of business.  The company earned $75,000 during the first year, and distributed $30,000 to shareholders as dividends.  How much did shareholders initially invest in the business?

(Essay)

Beginning and ending balances of Accounts Receivable were $43,000 and $22,000, respectively.  If collections from clients during the period were $65,000, how much were services rendered on account?

(Multiple Choice)

For purposes of reporting the results of operations, the life of a business is:

A.   considered to be one continuous reporting period..
B.   divided into discrete accounting periods.
C.   divided into one-year time intervals.
D.   divided into specific points in time.
E.   None of these.

(Multiple Choice)

On March 1, 20X3, Jimenez purchased a one-year insurance policy for $2,400.  On that date, Jimenez debited Prepaid Insurance for $2,400.  If Jimenez desires to prepare financial statements at the end of March, the adjusting journal entry would include a:

A.   debit to Insurance Expense for $2,400.
B.   debit to Insurance Expense for $200.
C.   credit to Insurance Expense for $2,200.
D.   credit to Prepaid Insurance for $2,200.
E.   None of these.

(Multiple Choice)

A company failed to record utilities consumed during the current period.  The company will be billed for the utilities during the next accounting period.  As a result, current period assets, liabilities, stockholders’ equity, and income, respectively, are:

A.   overstated, overstated, correct, correct..
B.   correct, understated, overstated, overstated.
C.   overstated, understated, overstated, overstated.
D.   overstated, understated, correct, correct.
E.   None of these.

(Multiple Choice)

The proper journal entry to record depreciation of a truck would entail which of the following?

A.   A debit to Depreciation Expense.
B.   A credit to Accumulated Depreciation.
C.   A credit to Truck.
D.   Two of the above.
E.   None of these.

(Multiple Choice)

On January 7, Collin purchased supplies on account for $1,000, and recorded this purchase to the Supplies account.  At the end of January, Collin had $600 of these supplies still on hand.  The proper adjusting journal entry at January 31 would:

A.   include a debit to Supplies for $1,000.
B.   include a credit to Supplies for $400.
C.   include a debit to Accounts Payable for $400.
D.   include a debit to Supplies Expense for $600.
E.   None of these.

(Multiple Choice)

On January 26, a customer paid Collin Printing $250 in advance for printing.  On January 28, Collin printed 500 posters for Grubb at a price of 30¢ each.  The proper entry on January 26 would include a:

A.   debit to Unearned Revenue of $250.
B.   credit to Unearned Revenue for $100.
C.   credit to Unearned Revenue for $250.
D.   debit to Unearned Revenue for $100.
E.   None of these.

(Multiple Choice)

On January 26, a customer paid Collin Printing $250 in advance for printing.  On January 28, Collin printed 500 posters for Grubb at a price of 30¢ each.  The proper entry on January 28 would include a:

A.   debit to Unearned Revenue of $250.
B.   credit to Unearned Revenue for $100.
C.   credit to Unearned Revenue for $250.
D.   debit to Unearned Revenue for $100.
E.   None of these.

(Multiple Choice)

Net income may be found in the:

A.   balance sheet and income statement.
B.   income statement and statement of retained earnings.
C.   income statement and balance sheet.
D.   balance sheet and statement of retained earnings.
E.   None of these.

(Multiple Choice)

After closing all Revenue and Expense accounts, Weiss Company had a debit balance in its Income Summary account of $5,000.  The proper entry to record the closing of the Income Summary account would include:

A.   a debit to Expenses of $5,000.
B.   a credit to Retained Earnings of $5,000.
C.   a credit to Income Summary of $5,000.
D.   a credit to Revenues of $5,000.
E.   None of these.

(Multiple Choice)

In a post-closing trial balance:

A.   debits should equal credits..
B.   no balances remain in the Dividends, Revenue, and Expense accounts.
C.   Retained earnings includes net income.
D.   All of the above.
E.   None of these.

(Multiple Choice)

Current assets are those assets which management intends to convert into cash or consume within:

A.   one year.
B.   the operating cycle.
C.   the longer of A or B.
D.   the shorter of A or B.
E.   None of these.

(Multiple Choice)

Lena White Corporation has a current ratio of 3:1.  If Lena uses cash to pay an outstanding accounts payable, the revised current ratio will:

A.   remain the same.
B.   increase.
C.   decrease.
D.

Cannot be determined from the information given.
E.

None of these.

The Essey question requires one “number” as answer.  However, please show your work in the next tab (tab 2). 

 

(Essay)

Conner Corporation’s adjusted trial balance included the following items:
Accounts payable ($65,000),  Accounts receivable ($45,000), Capital stock ($100,000), Cash ($50,000), Dividends ($10,000), Goodwill ($47,000), Interest expense ($4,000), Interest payable ($2,000), Inventory ($32,000), Notes payable ($80,000), Prepaid expenses ($5,000), Property, plant & equipment ($123,000), Retained earnings ($46,000), Rent expense ($18,000), Revenues ($101,000), and Salary expense ($60,000).  How much are total debits/credits in the trial balance?

(Essay)

Conner Corporation’s adjusted trial balance included the following items:
Accounts payable ($65,000),  Accounts receivable ($45,000), Capital stock ($100,000), Cash ($50,000), Dividends ($10,000), Goodwill ($47,000), Interest expense ($4,000), Interest payable ($2,000), Inventory ($32,000), Notes payable ($80,000), Prepaid expenses ($5,000), Property, plant & equipment ($123,000), Retained earnings ($46,000), Rent expense ($18,000), Revenues ($101,000), and Salary expense ($60,000).  How much is retained earnings to be reported in the balance sheet?

(Essay)

Conner Corporation’s adjusted trial balance included the following items:
Accounts payable ($65,000),  Accounts receivable ($45,000), Capital stock ($100,000), Cash ($50,000), Dividends ($10,000), Goodwill ($47,000), Interest expense ($4,000), Interest payable ($2,000), Inventory ($32,000), Notes payable ($80,000), Prepaid expenses ($5,000), Property, plant & equipment ($123,000), Retained earnings ($46,000), Rent expense ($18,000), Revenues ($101,000), and Salary expense ($60,000).  The note payable balance is not due for many years, although interest is paid annually.  How much is Conner’s quick ratio?

 

 

 

 

 

 

 

 

 

 

 

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