Reference no: EM132761812
Questions -
Q1. Baltimore Company's complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,250, Prepaid Rent $2,000, Supplies $400, Bank Loan $2,700, and Tools $300. Baltimore's total liabilities are: (All account balances are normal.)
Q2. Baltimore Company's complete assets and liabilities are Accounts Receivable $2,750, Equipment $8,000, Accounts Payable $4,900, Prepaid Rent $1,950, Supplies $725, Bank Loan $4,300, and Tools $535. Baltimore's total equity is: (All account balances are normal.)
Q3. Baltimore Company experienced a total increase in stockholders' equity of $28,000 during the current year. Stockholders' equity was increased by additional issuances of $49,000 capital stock during the year. No dividends were paid. Expenses incurred during the year were $84,000. How much was Baltimore's revenue for the year?
Q4. Baltimore Company experienced an increase in total assets of $14,500 during the current year. During the same time period, total liabilities increased $6,600. Shareholders made no investments during the year and no dividends were paid. How much was Baltimore's net income.
Q5. Annapolis Corporation's trial balance included debits to expense accounts of $125,000, credits to revenue accounts of $243,000, and debits to the Dividends account of $50,000. Based on this information, what is the amount of the company's net income or loss. Enter a loss as a negative number.
Q6. Baltimore Company reports total assets and total liabilities of $241,000 and $115,000, respectively, at the conclusion, of its first year of business. The company earned $85,500 during the first year, and distributed $26,000 to shareholders as dividends. How much did shareholders initially invest in the business?
Q7. During June, Bravo Magazine sold for cash six advertising spaces for $400 each to be run in the July through December issues. On that date, Bravo properly recognized Unearned Revenue. The adjusting entry to record on July 31 includes:
a. a credit to Unearned Revenue for $400
b. a credit to Revenue for $2,000
c. a debit to Unearned Revenue for $400
d. a debit to Cash for $2,000
Q8. On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still on hand. The proper adjusting journal entry at January 31 would:
a. include a debit to Accounts Payable for $400
b. include a credit to Supplies for $400
c. include a debit to Supplies Expense for $600
d. include a debit to Supplies for $1,000
Q9. A partial list shows that Charles Corporation's adjusted trial balance included the following items (all account balances are normal): Accounts payable $45,500, Accounts receivable $55,500, Capital stock $100,000, Cash $42,000, Dividends $10,000, Interest expense $4,000, Interest payable $4,700, Inventory $32,000, Prepaid expenses $6,000, Property, plant & equipment $123,000, Retained earnings $46,000, Rent expense $18,000, Revenues $101,000, and Salary expense $60,000. How much is Charle's current ratio?