Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during...
Tiptoe Shoes, had annual revenues of $185,000, expenses of $103,700, and paid dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The ending retained earnings balance after closing is:
Multiple Choice
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$378,300
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$360,300
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$81,300
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$185,000
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$63,300
On July 1, a company paid the $2,400 premium on a one-year insurance policy with benefits beginning on that date. What will be the insurance expense on the annual income statement for the first year ended December 31?
Multiple Choice
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$400.
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$1,400.
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$1,000.
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$2,400.
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$1,200.
The adjusting entry to record the salaries earned due to employees for services provided but unpaid at the end of the accounting period affects the accounts in which of the following ways?
Multiple Choice
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Debit Cash and credit Salaries Expense.
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Debit Salaries Payable and credit Salaries Expense.
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Debit Salaries Expense and credit Cash.
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Debit Salaries Expense and credit Salaries Payable.
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Debit Accrued Salaries and credit Salaries Payable.
On May 1, Sellers Marketing Company received $1,500 from Franco Marcelli for a marketing campaign effective from May 1 this year to April 30 of the following year. The Cash receipt was recorded as unearned fees and at year-end on December 31, $1,000 of the fees had been earned. Assuming adjustments are only made at year-end, the adjusting entry on December 31 would be:
Multiple Choice
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A debit to Unearned Fees and a credit to Fees Earned for $1,000.
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A debit to Fees Earned and a credit to Cash for $1,000.
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A debit to Fees Earned and a credit to Cash for $500.
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A debit to Unearned Fees and a credit to Cash for $500.
Identify the account below that is classified as a liability account:
Multiple Choice
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Equipment
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Common Stock
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Accounts Payable
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Cash
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Salaries Expense
Identify the account below that impacts the Equity of a business:
Multiple Choice
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Accounts Receivable
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Accounts Payable
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Cash
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Unearned Revenue
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Utilities Expense
Determine the net income of a company for which the following
information is available for the month of September.
| Service revenue | $ | 300,000 |
| Rent expense | 48,000 | |
| Utilities expense | 3,200 | |
| Salaries expense | 81,000 | |
Multiple Choice
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$432,200.
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$171,000.
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$167,800.
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$252,000.
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$263,800.
Homework Answers
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Tiptoe Shoes, had annual revenues of $185,000, expenses of
$103,700, and paid dividends of $18,000 during...
High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year.
High Step Shoes had annual revenues of $185,000, expenses of $103,700, and dividends of $18,000 during the current year. The retained earnings account before closing had a balance of $297,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is:Multiple ChoiceDebit Retained earnings $297,000; credit Income Summary $297,000Debit Retained earnings $63,300; credit Income Summary $63,300Debit Income Summary $63,300; credit Retained earnings $63,300Debit Income Summary $81,300, credit Retained...
High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800...
High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800 during the current year. The retained earnings account before closing had a balance of $304,000. The ending retained earnings balance after closing is: Multiple Choice $192,000 $84,800 $368.000 $64,000 $388,800
Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $198,000, expenses of $110,200, and...
Tara Westmont, the proprietor of Tiptoe Shoes, had annual revenues of $198,000, expenses of $110,200, and withdrew $23,200 from the business during the current year. The owner’s capital account before closing had a balance of $310,000. The ending owner’s capital balance after closing is: A. $198,000 B. $64,600 C. $87,800 D. $374,600 E. $397,800
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance...
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation-building Accounts Payable Wages Payable Unearned revenue Notes Payable Capital Drawing Service fees earned Supplies (e) Insurance Vages elephone epreciation scellaneous TOTALS 83,000 32,000 1,000 16,700 31,000 190,000 4,000 119,000 1,300 2,400 14,500 400 42,000 100 472,700 472,700 sting journal entries pplies used during the period were $400.
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance...
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation building Accounts Payable Wages Payable Unearned revenue Notes Payable Capital Drawing Service fees earned Supplies (e) Insurance Wages Telephone Depreciation Miscellaneous TOTALS 83,000 32,000 1,000 16,700 31,000 190,000 4,000 119,000 1,300 2,400 14,500 400 42,000 1001 472,700 472,700 Adjusting journal entries 1. Supplies used during the period were $400. 2. Insurance premiums expired during the period were $300. 3....
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned...
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $13,600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Multiple Choice Debit Salaries payable $13,600, credit Salaries expense $13,600 ) 0 Debit Salaries expense $13,600; credit Salaries payable $13,600, 0 0 Debit Salaries payable $20,400; credit Cash...
Savvy Sightseeing had beginning equity of $73,000; revenues of $93,000, expenses of $66,000, and dividends to...
Savvy Sightseeing had beginning equity of $73,000; revenues of $93,000, expenses of $66,000, and dividends to stockholders of $9,100. There were no stockholder investments during the year. Calculate ending equity. Multiple Choice $27,000. $90,900. $46,000. $36,900. $100,000. On September 12, Vander Company sold merchandise in the amount of $7,400 to Jepson Company, with credit terms of 2/10, n/30. The cost of the items sold is $5,600. Vander uses the periodic inventory system and the gross method of accounting for sales....
1. Which of these accounts would not be present in the closing entries? a. Dividends Payable b. Utilities Expense c. Fee...
1. Which of these accounts would not be present in the closing entries? a. Dividends Payable b. Utilities Expense c. Fees Earned Revenue d. Insurance Expense 2. Which account would be credited when closing the account for fees earned for the year? a. Income Summary b. Accounts Receivable c. Fees Earned Revenue d. Unearned Fee Revenue 3. Which of the following accounts is considered a temporary or nominal account? a. Fees Earned Revenue b. Prepaid Advertising c. Unearned Service Revenue...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies...
Cash Capital Stock Accounts Receivable Retained Earnings Prepaid Rent Dividends Unexpired Insurance Income Summary Office Supplies Rental Fees Earned Rental Equipment Salaries Expense Accumulated Depreciation: Rental Equipment Maintenance Expense Notes Payable Utilities Expense Accounts Payable Rent Expense Interest Payable Office Supplies Expense Salaries Payable Depreciation Expense Dividends Payable Interest Expense Unearned Rental Fees Income Taxes Expense Income Taxes Payable The corporation performs adjusting entries monthly. Closing entries are performed annually on December 31. During December, the corporation entered into the...
High Step Shoes had annual revenues of $192,000, expenses of $107,200, and paid dividends of $20,800 during the current year. The retained earnings account before closing had a balance of $304,000. The ending retained earnings balance after closing is: Multiple Choice $192,000 $84,800 $368.000 $64,000 $388,800
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation-building Accounts Payable Wages Payable Unearned revenue Notes Payable Capital Drawing Service fees earned Supplies (e) Insurance Vages elephone epreciation scellaneous TOTALS 83,000 32,000 1,000 16,700 31,000 190,000 4,000 119,000 1,300 2,400 14,500 400 42,000 100 472,700 472,700 sting journal entries pplies used during the period were $400.
Unadjusted Trial Balance Debit Credit 23,000 35,000 3,600 1,400 185,000 160,000 Cash Accounts Receivable Prepaid Insurance Supplies Land Building Accumulated Depreciation building Accounts Payable Wages Payable Unearned revenue Notes Payable Capital Drawing Service fees earned Supplies (e) Insurance Wages Telephone Depreciation Miscellaneous TOTALS 83,000 32,000 1,000 16,700 31,000 190,000 4,000 119,000 1,300 2,400 14,500 400 42,000 1001 472,700 472,700 Adjusting journal entries 1. Supplies used during the period were $400. 2. Insurance premiums expired during the period were $300. 3....
Flagg records adjusting entries at its December 31 year end. At December 31, employees had earned $13,600 of unpaid and unrecorded salaries. The next payday is January 3, at which time $34,000 will be paid. Prepare the January 1 journal entry to reverse the effect of the December 31 salary expense accrual. Multiple Choice Debit Salaries payable $13,600, credit Salaries expense $13,600 ) 0 Debit Salaries expense $13,600; credit Salaries payable $13,600, 0 0 Debit Salaries payable $20,400; credit Cash...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
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