Accouting Midterm Chapter 1

Assets increased by $5,000 during the year. Liabilities decreased by $10,000 during the year. Dividends for the year were $4,000. Revenues for the year were $200,000. Capital contributions during the year were $45,000. Compute EXPENSES for the year.

$226,000

Stumptown Coffee Roasters began the year with $90,000 in assets and $60,000 in liabilities. During the year, they earned $88,000 in revenues and recorded $67,000 in expenses. They also paid dividends of $12,000. If Stumptown ended the year with $140,000 in assets and $75,000 in liabilities, what is the amount of additional investment by stockholder's during the year?

$26,000

Assets decreased by $100,000 during the year. Liabilities decreased by $30,000 during the year. Dividends for the year were $40,000. Revenues for the year were $200,000. Capital contributions during the year were $45,000. Compute EXPENSES for the year.

$275,000

Use the following appropriate amounts to calculate net income: Revenues, $12,000; Liabilities, $5,000; Expenses, $4,000; Assets, $19,000; Dividends, $4,000.

$8,000

Which of the following transactions are operating activities? Borrow $50,000 from the bank. Purchase $12,000 in supplies. Provide services to customers for $27,000. Pay the utility bill of $750. Purchase a delivery truck for $12,000. Receive $25,000 from issuing common stock.

(1) Purchase supplies, (2) Provide services to customers (3) Pay utility bill.