Which of the following is not an asset

Which of the following is not an asset

1. Which of the following is not an asset:a. Accounts Payableb. Furnishing and Equipmentc. Suppliesd. Cash 2. Amy Co. acquired $500 worth of supplies on credit. Which of the following journal entries would be recorded?a. Debit supplies, credit cashb. Debit cash, credit suppliesc. Debit supplies, credit accounts payabled. Debit accounts payable, credit supplies payable3. Baker Company earned $10,000 revenue for services provided. Which of the following is correct?a. Baker would credit Revenue.b. Baker would debit Revenue.c. Baker must first collect the revenue before recognizing it.d. Baker would credit an asset.4. Candy Company collected $5,000 from a customer on account. What journal entry will Candy Company record?a. Debit cash, credit accounts receivableb. Debit cash, credit revenuec. Debit accounts receivable, credit revenued. Debit accounts receivable, credit cashe. None of the above5. Ernie Corporation capitalized a $20,000 automobile. Which of the following is mostly likely true?a. Ernie recorded a liability for $20,000.b. Ernie recorded an asset for $20,000.c. Ernie recorded an expense for $20,000.d. Ernie recorded revenue for $20,000.6. Liabilities are generally classified on a balance sheet asa. small liabilities and large liabilities.b. present liabilities and future liabilities.c. tangible liabilities and intangible liabilities.d. current liabilities and long-term liabilities.7. Office equipment is classified on the balance sheet asa. a current asset.b. property, plant, and equipment.c. an intangible asset.d. a long-term investment.Use the following information to answer questions 812:Benton Office SuppliesBalance SheetDecember 31, 2007Cash $ 65,000 Accounts Payable $ 70,000Prepaid Insurance 30,000 Salaries Payable 10,000Accounts Receivable 50,000 Mortgage Payable 80,000Inventory 70,000 Total Liabilities $160,000Land held for investment 75,000 Land 90,000 Building $100,000 Common Stock $120,000Less Accumulated Retained Earnings 250,000Depreciation (20,000) 80,000 Total stockholders equity $370,000Trademark 70,000 Total Liabilities and Total Assets $530,000 Stockholders Equity $530,0008. The total dollar amount of assets to be classified as current assets isa. $290,000.b. $215,000.c. $180,000.d. $145,000.9. The total dollar amount of assets to be classified as property, plant, and equipment isa. $320,000.b. $170,000.c. $245,000.d. $190,000.10. The total dollar amount of assets to be classified as investments isa. $0.b. $150,000.c. $75,000.d. $180,000.11. The total amount of working capital isa. $135,000.b. $295,000.c. $75,000.d. $60,000.12. The current ratio isa. 1.94 : 1.b. 1.57 : 1.c. 3.14 : 1.d. 2.69 : 1.13. Which of the following is a measure of liquidity?a. Working capitalb. Profit marginc. Earnings per shared. Debt to equity ratio14. Current assets divided by current liabilities is known as thea. working capital.b. current ratio.c. profit margin.d. capital structure.15.State the accounting equation:a. Assets + Liabilities = Equityb. Assets + Equity = Liabilitiesc. Assets = Liabilities Equityd. Assets = Liabilities + Equity16.On which of the following financial statements would you expect to find revenues and expenses?a. Balance Sheetb. Income Statementc. Statement of Cash Flowsd. Statement of Changes in Equity17.On which of the following financial statements would you expect to find financing, operating, and investing activities?a. Balance Sheetb. Income Statementc. Statement of Cash Flowsd. Statement of Changes in Equity18.On which of the following financial statements would you expect to find assets, liabilities, and stockholders equity?a. Balance Sheetb. Income Statementc. Statement of Cash Flowsd. Statement of Changes in Equity19. Based on the following data, what is the amount of current assets?Accounts payable.. $31,000Accounts receivable.. 50,000Cash. 15,000Intangible assets 50,000Inventory. 69,000Long-term investments. 80,000Long-term liabilities. 100,000Marketable securities. 40,000Notes payable. 28,000Plant assets 670,000Prepaid expenses.. 1,000a. $ 96,000b. $175,000c. $106,000d. $105,000Use the following balance sheet and income statement information to answer questions 2023:Current assets $ 7,000 Net income $ 12,000Current liabilities 4,000 Stockholders equity 27,000Average assets 40,000 Total liabilities 9,000Total assets 30,000 Average common shares outstanding was 10,00020. What is the total amount of working capital?a. $1,000b. $7,000c. $2,000d. $3,00021. What is the current ratio?a. 1.75 : 1b. 1.6 : 1c. 0.57 : 1d. 2 : 122. What is the earnings per share?a. $3.60b. $4.00 c. $1.20 d. $0.83 23. What is the debt to total assets?a. 22.5 percentb. 13 percentc. 75 percentd. 30 percent24. In 2006 Fione Corporation had cash receipts of $14,000 and cash disbursements of $8,000. Their ending cash balance at December 31, 2006 was $22,000. What was their beginning cash balance?a. $16,000b. $20,000c. $30,000d. $28,00025. The cost principle requires that when assets are acquired, they be recorded ata. market value.b. the amount paid for them.c. selling price.d. list price.The following information applies to Questions 26 29. At the beginning of 2006 Oslo Co. had the following account balances:Assets $10,000Liabilities 6,000Common stock 3,000Retained Earnings 1,000During 2006 the following cash events occurred:a. Provided services to customers for $8,000.b. Repaid $2,000 of debt.c. Owners invested an additional $3,000 in the business.d. Incurred operating expenses of $5,000.e. Dividends amounted to $1,000.26. Oslos net income for 2006 was:a. $1,000b. $2,000c. $3,000d. $4,00027. Total assets at the end of 2006 are:a. $ 3,000b. $13,000c. $15,000d. $18,00028. Total liabilities at the end of 2006 are:a. $ 0b. $4,000c. $6,000d. $8,00029. Retained earnings at the end of 2006 are:a. $1,000b. $2,000c. $3,000d. $4,00030. The following amounts were drawn from the records of Gregory Co.: Total Assets = $1,100; Common stock = $300; Retained Earnings = $200. Based on this information, total liabilities must be equal to:a. $300b. $600c. $800d. $90031. Hines Co. purchased land for $2,000 cash. As a result of this event:a. Cash flow from operating activities would decrease.b. Cash flow from investing activities would increase.c. Cash flow from financing activities would decrease.d. Cash flow from investing activities would decrease.32. Which of the following is a stockholders equity item:a. Property, Plant and Equipmentb. Accounts Payablec. Inventoryd. Contributed Capital33. Net Income is a. Assets minus Liabilitiesb. Revenues minus Expensesc. Contributed Capital minus Dividendsd. Stockholders Equity minus Liabilities34. The Injoy Corp. has assets of $20,000 and stockholders equity of $12,000. The amount of its liabilities is:a. $8,000b. $12,000c. $20,000d. $32,00035. Jumpy Company sold merchandise for $500,000. The merchandise that it sold had a cost of $300,000. Jumpy Company has net income of:a. $200,000b. $300,000c. $500,000d. $800,00036. Which of the following would appear in the cash flow from operations section of the statement of cash flows?a. cash paid to suppliers and employeesb. cash paid to purchase equipmentc. cash paid on notes payabled. cash paid for dividends37. includes cash, equipment and inventory.c. Stockholders Equityb. Net Incomec. Revenuesd. Assets


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