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Midterm you Practice Concerns (Acct 201 Fall 2012) 1 . Maintained earnings by the end of the period is comparable to a. stored earnings at the outset of the period additionally net income minus liabilities.

w. retained earnings at the beginning of the period plus net income minus returns. c. net income. d. assets plus liabilities. 2 . Pinson Company started out the year with retained profits of 550 dollar, 000. During the year, the company recorded revenues of $600, 000, expenses of $380, 500, and paid out dividends of $140, 1000. What was Pinson’s retained revenue at the end of the year? a. 910, 000 b. $630, 000 c. $1, 010, 000 deb. $480, 000 3. Patent would appear through which balance sheet section? a. Intangible assets m. Investments c. Property, grow, and products d. Current assets 5. A balance bed sheet shows a. revenues, liabilities, and stockholders’ equity. n. expenses, payouts, and stockholders’ equity. c. revenues, bills, and payouts. d. possessions, liabilities, and stockholders’ value. 5. This january Fielder Corporation reported net income of $30, 000, net sales $400, 000, and average reveal outstanding 12, 000. There was no recommended stock payouts.

What was the 2012 profits per talk about? a. $2. 33 w. $0. forty c. $33. 33 deb. $2. 40 6. Utilize following data to determine the total dollar amount of assets to get classified because current assets. Koonce Business office Supplies “balance sheet” December thirty-one, 2012 Cash$ 130, 000Accounts Payable$ a hundred and forty, 000 Prepay Insurance60, 000Salaries Payable20, 500 Accounts Receivable100, 000Mortgage Payable 160, 500 Inventory a hundred and forty, 000 Total Liabilities$320, 1000 Land kept for Investment150, 000 Land180, 000 Buildings$200, 000Common Stock$240, 000 Fewer AccumulatedRetained Revenue 500, 500

Depreciation(40, 000)160, 000 Total Stockholders’ Equity$740, 000 Art logos 140, 500 Total Financial obligations and Total Assets$1, 060, 000 Stockholders’ Equity$1, 060, 000 a. $580, 500. b. $430, 000. c. $360, 500. d. $290, 000. 7. Using the following balance sheet and income affirmation data, precisely what is the total amount of working capital? Current assets$ 13, 000Net income$ 24, 1000 Current liabilities8, 000Stockholders’ equity42, 000 Typical assets 70, 000Total liabilities18, 000 Total assets sixty, 000 Common common shares outstanding was 10, 500 a. dollar 2, 1000 b. $14, 000. bucks 4, 1000 d. $ 6, 000 8. Stockholders’ equity can be increased with a. dividends. b. revenues. c. expenses. g. liabilities. on the lookout for. McKinney Corporation had starting retained earnings of $2, 292, 1000 and closing retained earnings of $2, 499, 1000. During the year that they issued prevalent stock amassing $141, 500. What was their particular net income to get the year? a. $207, 1000 b. $ 66, 1000 c. $348, 000 deb. $273, 500 10. The purchase of a property by paying out cash a. increases assets and stockholders’ equity. n. increases property and financial obligations. c. diminishes assets and increases debts. d. eaves total property unchanged. 10. Which in the following accounts has a usual debit balance? a. Accounts Payable m. Prepaid Lease c. Retained Earnings d. Common Stock 12. Each time a company has performed a service but hasn’t yet received payment, this a. debits accounts receivable and credits revenue via services. b. debits revenue from solutions and credits accounts receivable. c. debits revenue coming from services and credits accounts payable. m. makes no entry until the cash is usually received. 13. When a organization receives a computer program bill but actually will not spend it immediately, it should. debit Utilities Charge and credit rating Accounts Receivable. b. debit Utilities Price and credit rating Accounts Payable. c. charge Accounts Payable and credit rating Utilities Expense. d. produce no admittance until the invoice is paid out. 14. In a service-type organization, revenue is considered earned: a. at the end in the month. n. at the end in the year. c. when the services is performed. deb. when money is received. 15. The following is selected info from D Corporation for the fiscal year closing October thirty-one, 2011. Funds received from customers| 300 dollar, 000| Income earned | 370, 000|

Cash taken care of expenses| 169, 000| Funds paid for computer systems on Nov 1, 2010 that will be intended for 3 years| 48, 000| Expenses incurred including any kind of depreciation| 216, 000| Arises from a mortgage, part of which was used to spend on the computers| 100, 000| Based on the accrual basis of accounting, what is L Businesses net income pertaining to the year finishing October 23, 2011? a. $184, 000 b. $154, 000 c. $152, 500 d. one hundred seventy dollars, 000 16. Boyce Organization purchased workplace supplies priced at $5, 000 and debited Office Products for the entire amount.

Towards the end of the accounting period, an actual count of office items revealed $1, 400 even now on hand. The appropriate adjusting diary entry to be made at the end of the period would be: a. debit Office Supplies Price, $3, 600, credit Business office Supplies, $3, 600. n. debit Workplace Supplies, $1, 400, credit Office Supplies Expense, $1, 400. c. debit Business office Supplies Price, $1, 500, credit Workplace Supplies, $1, 400. deb. debit Office Supplies, $3, 600, credit Office Materials Expense, $3, 600. 18. On January 1, 2010, Leardon Inc. urchased equipment for $45, 000. The business is downgrading the equipment with the rate of $600 monthly. At January 31, 2010, the modifying entry will be: in Accrued Depreciation is usually: a. charge Accumulated Depreciation $600 m. credit Accumulated Depreciation $600 c. cebit Equipment $600 d. credit rating Depreciation Expenditure $600 18. The final entry process consists of shutting: a. all asset and liability accounts. b. out the Retained Earnings account. c. all long lasting accounts. g. all momentary accounts.

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