Remember to show your work if an answer requires a mathematical solution. Answer each of the...
Remember to show your work if an answer requires a mathematical
solution.
Answer each of the following questions. Each answer is worth 4
points.
EXAMINATION NUMBER: 06158300
1. A company has Liabilities of $23,500 and Stockholders’ Equity of
$56,500. How much does the company have in Assets?
2. Beginning Retained Earnings are $65,000; sales are $29,500;
expenses are $33,000; and dividends paid are $3,500. How much is
the net income or loss for the company?
3. The account “Salaries Expense” began with a zero balance and
then had the following changes: increase of $450, decrease of $175,
increase of $600, and an increase of $350. What is the final
balance of the “Salaries Expense” account, and is it a debit or
credit?
4. A $375 purchase of supplies on account was recorded by debiting
Supplies for $375 and crediting Cash for $375. What is the journal
entry needed to correct this error
Homework Answers
1) ASSET = LIABILITIES + STOCK HOLDERS EQUITY
$23500+$56500=$80000(ASSET)
2) NET INCOME = REVENUE- EXPENSES =$29500-$33000= $3500 (LOSS)
3)SALARIES EXPENSES = 450+600+350-175=1225 DEBIT BALANCE (EXPENSES ACCOUNT
4) CASH $375
SUPPLIER A/C $ 375
(FOR RECTIFICATION OF ENTRY RECORDED WRONGLY)
Add Answer to:
Remember to show your work if an answer requires a mathematical
solution.
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