Accounting Chapter 1

Nexis had beginning equity of $80,000; revenues of $114,000, and expenses of $82,800. The company had no other transactions impacting equity. Calculate the ending equity.

$111,200.

If assets are $319,000 and liabilities are $190,000, then equity equals:

$129,000.

A company is considering purchasing a parcel of land that was originally acquired by the seller for $92,000. While the land is currently offered for sale at $164,000, it is considered by the purchaser as easily being worth $154,000, and is finally purchased for $151,000, the land should be recorded in the purchaser's books at:

$151,000.

Determine the net income of a company for which the following information is available for the month of September. Service revenue$ 308,000 Rent expense52,000 Utilities expense3,600 Salaries expense85,000

$167,400.

Determine the net income of a company for which the following information is available for the month of July. Employee salaries expense $182,000 Interest expense 12,000 Rent expense 22,000 Consulting revenue 408,000

$192,000.

On May 31 of the current year, the assets and liabilities of Riser, Incorporated are as follows: Cash $14,800; Accounts Receivable, $6,950; Supplies, $500; Equipment, $11,550; Accounts Payable, $8,850. What is the amount of equity as of May 31 of the current year?

$24,950.

Use the following information for Meeker Corporation to determine the amount of equity to report. Cash $57,000 Buildings 118,000 Land 199,000 Liabilities 124,000

$250,000.

If assets are $389,000 and equity is $132,000, then liabilities are:

$257,000.

Lito Company had cash inflows from operating activities of $47,000; cash outflows from investing activities of $42,000, and cash outflows from financing activities of $32,000. Calculate the net increase or decrease in cash.

$27,000 decrease.

Zinc has beginning equity of $265,000, total revenues of $65,000, and total expenses of $44,000. The company has no other transactions impacting equity. Its ending equity is:

$286,000.

Charlie's Chocolates' has accounts receivable of $70,000 and accounts payable of $30,000. The company has revenues of $103,000 and expenses of $74,000. Calculate its net income.

$29,000.

Use the following information as of December 31 to determine equity. Cash $65,000 Buildings 183,000 Equipment 214,000 Liabilities 149,000

$313,000.

Darden has beginning equity of $279,000, total revenues of $65,000, and total expenses of $27,000. The company has no other transactions impacting equity. The company's ending equity is:

$317,000.

On August 31 of the current year, the assets and liabilities of Gladstone, Incorporated are as follows: Cash $30,750; Supplies, $660; Equipment, $10,500; Accounts Payable, $9,200. What is the amount of equity as of August 31 of the current year?

$32,710.

A company reported total equity of $171,000 at the beginning of the year. The company reported $236,000 in revenues and $178,000 in expenses for the year. Liabilities at the end of the year totaled $105,000. What are the total assets of the company at the end of the year?

$334,000.

Zippy had cash inflows from operating activities of $71,500; cash outflows from investing activities of $56,000; and cash inflows from financing activities of $34,000. The net change in cash was:

$49,500 increase.

The assets of a company total $712,000; the liabilities, $206,000. What is the amount of equity?

$506,000.

If equity is $389,000 and liabilities are $185,000, then assets equal:

$574,000.

If assets are $89,000 and liabilities are $27,800, then equity equals:

$61,200.

A company's balance sheet shows cash of $34,000, accounts receivable of $40,000, equipment of $70,000, and equity of $82,000. What is the amount of liabilities?

$62,000.

Doc's Ribhouse had beginning equity of $71,500; net income of $23,000. The company has no other transactions impacting equity. Calculate the ending equity.

$94,500.

A company's balance sheet shows: Cash $40,000, Accounts receivable $25,000, Office equipment $59,000, and Accounts payable $26,000. What is the amount of total equity?

$98,000.

Speedy Company has net income of $37,955, and assets at the beginning of the year of $219,000. Assets at the end of the year total $265,000. Compute its return on assets.

15.7%.

Cage Company had net income of $380 million and average total assets of $2,080 million. Its return on assets (ROA) is:

18.3%.

Chou Company has a net income of $54,000, assets at the beginning of the year are $261,000 and assets at the end of the year are $311,000. Compute its return on assets.

18.9%.

Cruz Company had revenues of $98,000 and expenses of $59,000 for the year. Its assets at the beginning of the year were $409,000. At the end of the year, assets were worth $459,000. Calculate its return on assets.

9.0%.

Flitter reported net income of $24,500 for the past year. At the beginning of the year the company had $214,000 in assets and $64,000 in liabilities. By year end, assets had increased to $314,000 and liabilities were $89,000. Calculate its return on assets:

9.3%.

Rush Company had net income of $183 million and average total assets of $1,920 million. Its return on assets (ROA) is:

9.5%.

Saddleback Company paid off $42,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation?

Assets decrease $42,000; liabilities decrease $42,000.

If a company receives $12,800 from a client for services provided, the effect on the accounting equation would be:

Assets increase $12,800 and equity increases $12,800.

If a company purchases equipment costing $4,900 on credit, the effect on the accounting equation would be:

Assets increase $4,900 and liabilities increase $4,900.

Echo Company has assets of $626,000, liabilities of $263,000, and equity of $363,000. It buys office equipment on credit for $88,000. What would be the effects of this transaction on the accounting equation?

Assets increase by $88,000 and liabilities increase by $88,000.

If the liabilities of a company increased $112,000 during a period of time and equity in the company decreased $38,000 during the same period, what was the effect on the assets?

Assets would have increased $74,000.

If the assets of a business increased $111,000 during a period of time and its liabilities increased $78,000 during the same period, equity in the business must have:

Increased $33,000.

If the liabilities of a business increased $109,000 during a period of time and equity in the business decreased $47,000 during the same period, the assets of the business must have:

Increased $62,000.

If a company uses $1,450 of its cash to purchase supplies, the effect on the accounting equation would be:

One asset increases $1,450 and another asset decreases $1,450, causing no effect.

If Dallas Company billed a client for $26,000 of consulting work completed, the accounts receivable asset increases by $26,000 and:

Revenue increases $26,000.