ACC 211 Midterm (Chap1)

Savvy Sightseeing had beginning equity of $82,000; revenues of $120,000, expenses of $75,000, and dividends to stockholders of $10,000; there were no stock issuances. Calculate the ending equity.

$117,000.

A company's balance sheet shows: cash $58,000, accounts receivable $34,000, office equipment $68,000, and accounts payable $35,000. What is the amount of stockholders' equity?

$125,000.

If assets are $330,000 and liabilities are $194,000, then equity equals:

$136,000.

Rico's Taqueria had cash inflows from operating activities of $43,000; cash outflows from investing activities of $38,000, and cash outflows from financing activities of $28,000. Calculate the net increase or decrease in cash.

$23,000 decrease.

If assets are $379,000 and equity is $127,000, then liabilities are:

$252,000.

On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash $28,650; Supplies, $840; Equipment, $9,000; Accounts Payable, $7,800. What is the amount of stockholders' equity as of August 31 of the current year?

$30,690.

Zapper has beginning equity of $283,000, net income of $64,000, dividends paid of $53,000 and stockholder investments of $19,000. Its ending equity is:

$313,000.

A company reported total equity of $175,000 at the beginning of the year. The company reported $240,000 in revenues and $180,000 in expenses for the year. Liabilities at the end of the year totaled $107,000. What are the total assets of the company at the end of the year?

$342,000.

On May 31 of the current year, the assets and liabilities of Riser, Inc. are as follows: Cash $25,500; Accounts Receivable, $7,800; Supplies, $1,150; Equipment, $12,600; Accounts Payable, $9,850. What is the amount of stockholders' equity as of May 31 of the current year?

$37,200.

The assets of a company total $736,000; the liabilities, $218,000. What is the amount of equity?

$518,000.

If equity is $338,000 and liabilities are $188,000, then assets equal:

$526,000.

A company's balance sheet shows: cash $33,000, accounts receivable $39,000, equipment $68,000, and equity $81,000. What is the amount of liabilities?

$59,000.

Zippy had cash inflows from operations of $81,500; cash outflows from investing activities of $66,000; and cash inflows from financing of $44,000. The net change in cash was:

$59,500 increase.

If assets are $105,000 and liabilities are $35,000, then equity equals:

$70,000.

Dawson Electronic Services had revenues of $112,000 and expenses of $66,000 for the year. Its assets at the beginning of the year were $416,000. At the end of the year assets were worth $466,000. Calculate its return on assets.

10.4%.

If a company is considering the purchase of a parcel of land that was acquired by the seller for $91,000 is offered for sale at $162,000, is assessed for tax purposes at $101,000, is considered by the purchaser as easily being worth $152,000, and is purchased for $149,000, the land should be recorded in the purchaser's books at:

149,000

Speedy has net income of $38,955, and assets at the beginning of the year of $220,000. Assets at the end of the year total $266,000. Compute its return on assets.

16.0%

Cage Company had income of $384 million and average total assets of $2,090 million. Its return on assets (ROA) is:

18.4%.

Charlie's Chocolates' had stock issuances of $76,000 and dividends of $33,000. The company has revenues of $109,000 and expenses of $77,000. Calculate its net income.

32,000

Flitter reported net income of $21,500 for the past year. At the beginning of the year the company had $208,000 in assets and $58,000 in liabilities. By the end of the year, assets had increased to $308,000 and liabilities were $83,000. Calculate its return on assets:

8.3%

Rushing had income of $166 million and average total assets of $1,860 million. Its return on assets is:

8.9%.

If a company receives $13,700 from a stockholder, the effect on the accounting equation would be: a. Assets decrease $13,700 and equity decreases $13,700. b. Assets increase $13,700 and liabilities decrease $13,700. c. Assets increase $13,700 and liabilities increase $13,700. d. Liabilities increase $13,700 and equity decreases $13,700. e. Assets increase $13,700 and equity increases $13,700.

Assets increase $13,700 and equity increases $13,700.

If a company purchases equipment costing $4,400 on credit, the effect on the accounting equation would be: a. Assets increase $4,400 and liabilities decrease $4,400. b. Equity decreases $4,400 and liabilities increase $4,400. c. One asset increases $4,400 and another asset decreases $4,400. d. Assets increase $4,400 and liabilities increase $4,400. e. Equity increases $4,400 and liabilities decrease $4,400.

Assets increase $4,400 and liabilities increase $4,400.

Alpha Company has assets of $610,000, liabilities of $255,000, and equity of $355,000. It buys office equipment on credit for $80,000. What would be the effects of this transaction on the accounting equation? a. Assets increase by $80,000 and expenses increase by $80,000. b. Assets increase by $80,000 and expenses decrease by $80,000. c. Liabilities increase by $80,000 and expenses decrease by $80,000. d. Assets decrease by $80,000 and expenses decrease by $80,000. e. Assets increase by $80,000 and liabilities increase by $80,000.

Assets increase by $80,000 and liabilities increase by $80,000.

If the liabilities of a company increased $104,000 during a period of time and equity in the company decreased $34,000 during the same period, what was the effect on the assets?

Assets would have increased $70,000.

Saddleback Company paid off $34,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?

Assets, $34,000 decrease; liabilities, $34,000 decrease.

If the assets of a business increased $129,000 during a period of time and its liabilities increased $87,000 during the same period, equity in the business must have: a. Increased $42,000. b. Decreased $42,000. c. Increased $129,000. d. Decreased $216,000. e. Increased $216,000.

Increased $42,000.

If the liabilities of a business increased $77,000 during a period of time and the stockholders' equity in the business decreased $31,000 during the same period, the assets of the business must have: a. Decreased $108,000. b. Decreased $46,000. c. Increased $31,000. d. Increased $46,000. e. Increased $108,000.

Increased $46,000.

If a company uses $1,330 of its cash to purchase supplies, the effect on the accounting equation would be: a. Assets increase $1,330 and liabilities decrease $1,330 b. One asset increases $1,330 and another asset decreases $1,330, causing no effect. c. Assets decrease $1,330 and equity decreases $1,330. d. Assets decrease $1,330 and equity increases $1,330. e. Assets increase $1,330 and liabilities increase $1,330.

One asset increases $1,330 and another asset decreases $1,330, causing no effect.

If Houston Company billed a client for $30,000 of consulting work completed, the accounts receivable asset increases by $30,000 and: a. Accounts payable decreases $30,000. b. Accounts payable increases $30,000. c. Cash increases $30,000. d. Revenue increases $30,000. e. Revenue decreases $30,000.

Revenue increases $30,000.