Free Test Bank for Cornerstones of Financial Accounting 3rd Edition by Rich
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11.What is unearned revenue?
49.If a company has assets of $5,000,000, liabilities of $3,000,000, and retained earnings of $1,200,000, how much is total stockholders' equity?
45. Beaver Tree Service: Beginning Retained Earnings$550,000. Ending Retained Earnings700,000. Dividends Paid100,000. Revenue525,000. Refer to Beaver Tree Service. What is the company’s net income?
46. Beaver Tree Service: Beginning Retained Earnings$550,000. Ending Retained Earnings700,000. Dividends Paid100,000. Revenue525,000. Refer to Beaver Tree Service. The company's expenses are:
6.Which of the following invests funds into a business and is considered an owner?
33.The resources used to earn revenues during a period are called
17.Which one of the following financial statements show the end of the year cash balance for a business entity?
27.Which one of the following items appears on a balance sheet?
42.A company had the following balance sheet amounts at the beginning of the year: Total assets$650,000. Total stockholder's equity250,000. During the year, total assets increased by $350,000, total liabilities increased by $100,000, and dividends were paid in the amount of $300,000. No other transactions occurred except revenues and expenses. How much is net income for the year?
37. Bay Camera: The company reported the following items on its financial statements for the year ended December 31, 2013: Sales$780,000Cost of Sales$700,000. Selling, general & administrative expense20,000Other Expense15,000. Dividends5,000Income Tax Expense12,500. Refer to Bay Camera. What amount will be reported as Retained Earnings on the Balance Sheet at December 31, 2013, assuming this is the first year of operations?
39. Beard Marine: The company reported the following information for the year ended December 31, 2013: Net income$100,000. Dividends6,000. Retained earnings at December 31, 2013$120,000. Refer to Beard Marine. What was the economic effect of the dividend payment?
24.Which of the following best describes the term "current assets"?
8.In which form of organization are the owners' legal responsibility for the debt of the business limited to the amount they invested in the business?
7.Which of the following is not a form of a business entity?
47.If a company has $10,500,000 of revenues, declares and pays $550,000 in dividends, and has net income of $1,600,000, how much were expenses for the year?
22.Bennett Motors is facing the following business decisions. Which decision will least likely require financial information?
21.How is the Balance Sheet linked to the other financial statements?
3.Which one of the following groups is considered an internal user of financial statements?
48.Suppose a company reports the following information at December 31, 2013: Sales$15,000,000 Cash$ 3,000,000 Unearned Revenue$ 400,000 Dividends$ 1,000,000 Cost of Sales$ 8,500,000 What is the company's Gross Profit?
34. Bargain Spot Fabrics: This company’s end-of-year balance sheet consisted of the following amounts: Cash$ 75,000Accounts Receivable$250,000. Property, plant & equipment350,000Long-term debt200,000. Capital stock500,000Accounts payable100,000. Retained earnings?Inventory175,000. Refer to Bargain Spot Fabrics. What amount should the company report on its Balance Sheet for Total Assets? Refer to Bargain Spot Fabrics. What amount should the company report on its Balance Sheet for Total Assets?
2.Which one of the following is not an external user of financial statements?
18.On January 1, 2013, a company reported assets of $1,000,000 and liabilities of $600,000. During 2013, assets decreased by $100,000 and Stockholders' Equity decreased $200,000. What is the amount of liabilities at December 31, 2013?
25.Which one of the following items is a classification on the Classified Balance Sheet?
36.Bay Camera: The company reported the following items on its financial statements for the year ended December 31, 2013: Sales$780,000Cost of Sales$700,000. Selling, general & administrative expense20,000Other Expense15,000. Dividends5,000Income Tax Expense12,500. Refer to Bay Camera. What is the company’s Net Income for the current year?
9.Businesses engage in which of the following three main activity categories?
26.Which of the following are Noncurrent assets?
16.Which financial statement would you refer to in order to determine how much resources (assets) the company owned?
14.You are a potential creditor and are concerned that a particular company you are ready to give a loan to might have too much debt. Which financial statement would provide you information needed in order to evaluate your concern?
29.Another term for Short Term Investments is
4.What is the name for a person who lends funds to a business entity and expects repayment with interest?
1.Which one of the following is an internal user of financial information?
19.Which one of the following correctly represents one of the basic financial statement models?
28.Which one of the following financial statements reports an entity's financial position at a specific date?
13.Which one of the following is not one of the three business activities?
23.Which of the following best describes the term "retained earnings" of a company?
10."Revenues" are best described as
44.On January 1, 2013, a company's balance in retained earnings was $275,000. During 2013, the company earned net income of $23,500 and paid $11,200 in dividends. Calculate the retained earnings balance at December 31, 2013.
35. Bargain Spot Fabrics: This company’s end-of-year balance sheet consisted of the following amounts: Cash$ 75,000Accounts Receivable$250,000. Property, plant & equipment350,000Long-term debt200,000. Capital stock500,000Accounts payable100,000. Retained earnings?Inventory175,000. Refer to Bargain Spot Fabrics. What is the retained earnings balance at the end of the current year?
32.Which statement summarizes the results of the company's operations?
5.What is the name of the branch of accounting concerned with providing outside decision makers with information to assess the amounts, timing and uncertainties of the company's future cash flows?
41.Barr Attorneys reported the following information for the year ended December 31, 2013. Revenue$14,000,000. Expenses11,500,000. Dividends1,000,000. Retained Earnings at December 31, 20131,750,000. What was the retained earnings balance at December 31, 2012?
38. Beard Marine: The company reported the following information for the year ended December 31, 2013: Net income$100,000. Dividends6,000. Retained earnings at December 31, 2013$120,000. Refer to Beard Marine. What was the balance of Retained Earnings at January 1, 2013?
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