1st Long Exam
Submit via email using prescribed format no later than 6pm of October 27, 2020. Save in .pdf file using the filename: Tour 131 1st Exam Last Name First Name
1. Which of the following items would not fall under the definition of an asset? a) Land
d) Owner’s equity
2. Which one of the following items would fall under the definition of a liability? a) Cash b) Receivables
c) Owner’s equity
d) Tax owed
e) None of the above
3. A business has the following items in it:
Receivables 120,000 Cash 30,000
Owner’s equity 1,000,000 Bank Loan 500,000
What is the value of the land? _______________________
4. A business has the following items in it:
Debt 0 Owner’s equity ?
What is the value of the Owner’s equity? ____________________
5. __________-entry bookkeeping will result in at least two accounts being involved in every transaction.
6. Every transaction will have one account being credited and one account being __________.
7. The accounting equation is:
Assets = ____________________ + Stockholders' (or Owner's) Equity.
8. The profitability of a company for a specified period of time is reported on the __________ statement.
9. The main components or elements of the income statement are ______________, expenses, gains, and losses.
10. The first section of the statement of cash flows is the __________ activities.
11. The_______________________ ratio measures how fast a company can sell its inventory.
12. At year-end, if net income equals $15,000 and the ending owner’s equity is $20,000, and the owner invested an additional $2,600 in his business, while withdrawing $6,000 during the year, the beginning owner’s equity for this year was: a. $7,100
e. none of the above
Use the following information to answer the next three questions.
Joseph Forbes is the owner of his own business. On December 31, Forbes’ assets, liabilities, revenues and expenses were:
Insurance Expenses 3,000
Accounts Payable 4,000
Miscellaneous Expenses 900
Accounts Receivable 5,000
Rent Expenses 2,500
Cash 14,000 Salaries Expense
Supplies on hand
13. On December 31, total assets are equal to:
e) none of the above
14. On December 31, net income is equal to:
e) none of the above
15. On December 31, current assets equal:
e) none of the above
16. Prepare the year-end income statement and the corresponding balance sheet for Chenelyn Company based on the following account balances on December 31, 2019.
Cash Php 49,500
Accounts Receivable 125,000
Prepaid Insurance 12,000
Accounts Payable 80,000
Notes Payable 170,000
Common Stock 410,000
Retained Earnings 65,000
Service Revenue 174,000
Interest Revenue 1,000
Salaries Expense 52,000
Advertising Expense 17,000
Insurance Expense 5,000
Utilities Expense 13,750
Interest Expense 2,750
17. Prepare the 2012 common-size income statement and balance sheet for Bartlett. (Express as % rounded off to 2 decimal places.)
18. Prepare the Statement of Cash Flows for 2002 for Prufrock Corporation using the Indirect Method.
QUALITY: 100% ORIGINAL - NO PLAGIARISM
(USA, AUS, UK & CA PhD. Writers)
About Our Service
We are an online academic writing company that connects talented freelance writers with students in need of their services. Unlike other writing companies, our team is made up of native English speakers from countries such as the USA, UK, Canada, Australia, Ireland, and New Zealand.
- At ClassicWritersBay.com, most of our writers are degree-holding native speakers of English who are familiar with various writing styles. Our writers are proficient in many fields, including Economics, Business, Accounting, Finance, Medicine, Chemistry, Literature, Mathematics, Statistics, and many others.
- Making our customers happy is an important part of our service. So do not be surprised if you get your paper well before the deadline!
- We pay a lot of attention to ensuring that you get excellent customer service. You can contact our Customer Support Representatives 24/7. When you order from us, you can even track the progress of your paper as it is being written!
- We are attentive to the needs of our customers. Therefore, we follow all your instructions carefully so that you can get the best paper possible.
- It matters to us who writes for you, and we are serious about selecting the best candidates.
- Our writers are always learning something new, so they are familiar with the latest developments in the scientific world and can write papers with updated information and the latest findings.
- Quality original papers that follow your instructions carefully.
- On time delivery – you get the paper before the specified deadline.
- Attentive Customer Support Representatives available 24/7.
- Complete confidentiality – we do not share you details or papers with anybody else.