ACC201 Test 1

Skysong, Inc. paid dividends of $4100. As a result of this event, the

Dividends account was increased by $4100

Splish Brothers Inc. provided consulting services and billed the client $3000. As a result of this event

both assets and equity increased by $3000

During January 2017, Bramble Corp. paid a cash dividends of $1960. This transaction

reduces stockholder equity by $1960

At December 1 2017, Sunland Company Accounts Receivable balance was $16130. During December, Sunland had credit sales of $43200 and collected accounts receivable of $34560. At December 31, 2017, the Accounts Receivable balance is

$24770 debit Acc. Rec. Bal.+credit sales-accounts rec

If total liabilities increases by $100000 and stockholder's equity increased by $25000 during the time period, then total assets must change by what amount and direction during the same period?

125000 increase add them

An accountant has debited an asset account for $940 and credited a liability account for $470. What can be done to complete the recording of the transaction?

Credit another asset account for $470

On June 1, 2017, Splish Brothers Inc. reported a cash balance of $50400. During June, Splish made deposits of $19200 and made disbursements totaling $57600. What is the cash balance at the end of June?

$12000 debit balance cash balance+deposits-disbursements

Sunland company began the year with retained earning of $310000. During the year the company issued $410000 of common stock, recorded expenses of $1218000, and paid dividends of $81100. If sunland ending retained earnings was $330000, what was the company's revenue for the year?

$1319100

In the first month of operations, the total of the debit entries to the cash account amounted to $3300 and the total of the credit entries to the cash account amounted $1980. The Cash account has a

$1320 debit balance

Novak Corp. started the year with total assets of $215000 and total liabilites of $125000. During the year the business recorded $330000 in revenues, $160000 in expenses, and dividends of $71000. The net income reported by Novak Corp. for the year was

$170000

At January 1st 2017, Swifty Corp. reported retained earnings of $266000. During 2017, Swifty had a net loss of $57000 and paid dividends to the stockholders of $38000. At December 31 2017, the balance in retained earnings is

$171000 credit Retained Earnings-net loss-dividends

For 2017 Nash's Trading Post, LLC reported net income of $30500; net sales $350000; and average share outstanding of 15000. There were no preferred dividends. What was the 2017 earnings per share?

$2.03 net income/shares outstanding

Metlock Inc. has assets of $3595000, common stock of $946000, and retained earnings of $585000. What are the creditor's claims on their assets?

$2064000 assets-common stock-retained earnings

At Feburary 1, 2017, the balance in Sheridan Company supplies account was $2940. During Feburary, Sheridan purchased supplies of $2520 and used supplies of $3360. At the end of the month, the balance in the supplies account should be

$2100 debit supplies balance+purchased supplies-used supplies

Marigold corp started the year with total assets of $323000 and total liabilities of $263000. During the year, the business recorded $626000 in revenue, $331000 in expenses, and dividends of $60000. The net income reported by Marigold Corp. for the year was

$295000 revenue-expenses=net income

Sheridan company started the year with total assets of $306000 and total liabilities of $246000. During the year, the business recorded $629000 in revenue, $330000 in expenses, and dividends of $56000. Stockholder equity at the end of the year was

$303000 revenue-expenses-dividends+total assets-total liabilities

The Vaughn manufacturing plant has 5 plants nationwide that cost $305 million. The current fair value of the plants is $510 million. The plants will be reported as assets at

$305 million their cost=report as assets

In the first month of operations, the total of the debit entries to the cash account amounted to $7980 and the total of the credit entries to the cash account amounted to $4560. The cash account has a

$3420 debit balance debit cash entries-credit cash entries

Wildhorse Co. began the year with retained earnings of $933000. During the year, the company issued $134000 of common stock, recorded expenses of $3616000, and paid dividends of $244000. If Wildhorse ending retained earnings was $993000, what was the companys revenue for the year?

$3920000

Blossom Company began the year with retained earnings of $390000. During the year, the company recorded revenues of $489000, expenses of $379000, and paid dividends of $44500. What was the retained earnings at the end of the year?

$455500 Retained earnings=retained earnings (previous)+revenues-expenses-dividends

If total liabilities decreased by $81000 and stockholder's equity increased by $31000 during the time period, then total assets must change by what amount and direction during the same period?

$50000 decrease

If total liabilities decreased by $70000 and stockholders equity increased by $18000 during the period of time, then total assets must change by what amount and direction during the same time period?

$52000 decrease total liabilites-stockholder equity

During January 2017, the first month of operation, Blossom Company earned net income of $8020 and paid dividends to the owners of $2360. At January 31, the balance in Retained Earnings will be

$5660 credit net income-dividends

In 2017 Novak Corp. had cash receipts of $42700 and cash disbursements of $24400. Novak's ending cash balance at December 31,2017 was $79300. What was Novak's beginning cash balance?

$61000 ending cash balance-cash receipts+cash disbursements

Novak Corp. began the year with retained earnings of $669000. During the year the company recorded revenues of $577000, expenses of $375000, and paid dividends of $139500. What was Novak retained earnings at the end of the year?

$731500 Retained earnings+revenue-expenses-dividends

At October 1, 2017, Whispering Winds Corp. had an Accounts Payable balance of $128800. During the month, the company made purchases on account of $92000 and made payments on account of $147200. At October 31, 2017 the Accounts Payable Balance

$73600 Balance+purchases-payments

If total liabilities decreases by $122000 and stockholder's equity decreased by $33000 during the time period, then total assets must change by what amount and direction during the same period?

155000 decrease add them

During February, the first month of operations, the owner of Oriole Company invested cash of $112000. Oriole had cash sales of $22400 and paid expenses of $39200. Assuming no other transactions impacted the cash amount, what is the balance in cash at February 28?

16800 credit expenses-cash sales

Coronado Industries began the year by issuing $103000 of common stock for cash. The company recorded revenues of $1152000, expenses of $966000, and paid dividends of $75000. What is the net income for the year?

186000

Bramble Corp. started the year with total assets of $224000 and total liabilities of $118000. During the year, the business recorded $326000 in revenue, $157000 in expenses, and dividends of $51000. Stockholder equity at the end of the year was

224000

If total liabilities increased by $81000 and stockholders equity decreased by $30500 during the period of time, then total assets must change by what amount and direction during the same time period?

50500 increase

Equipment costing $16800 is purchased paying $4200 cash and signing a note payable for the remainder. The journal entry should include a

credit to notes payable

Whispering Winds Corp. purchased equipment for $1660 cash. As a result of this event,

total assets remained unchanged

An accountant has debited an asset account for $750 and credited a liability account for $660. Which of the following would be an incorrect way to complete the recording of the transaction?

Debit a stockholders's equity account for $90

Kingbird, Inc. purchased a 12-month insurance policy on March,1,2017 for $5760. At March 31,2017 the adjusting journal entry to record expiration of this asset will include

a debit to Insurance Expense and a credit to Prepaid Insurance for $480 divide by 12

On July 7 2017, Sunland Co. received cash $1340 for services rendered. The entry to record this transaction will include

a debit to cash of $1340

On January 14, Vaughn Manufacturing purchased supplies of $510 on account. The entry to record the purchase will include

a debit to supplies and a credit to accounts payable