Reference no: EM132318479

Question

1. The fourth pair of columns on a 10-column work sheet prepared at the end of the period would be the

A. Income Statement columns.

B. Adjusted Trial Balance columns.

C. Balance Sheet columns.

D. Adjustments columns.

2. The third pair of columns on a 10-column work sheet prepared at the end of the period would be the

A. Adjustments columns.

B. Adjusted Trial Balance columns.

C. Income Statement columns.

D. Balance Sheet columns.

3. The owner's equity in a business amounted to $52,000 at the beginning of the year and $100,000 at the end of the year. The owner had made no additional investments and had withdrawn $19,000 during the year. The net income for the year amounted to

A. $171,000.

B. $48,000.

C. $81,000.

D. $67,000.

4. Changes in owner's equity that result from investments or withdrawals of assets by the owner are included in the

A. statement of owner's equity.

B. income statement.

C. balance sheet.

D. chart of accounts.

5. Owner's equity can be increased through

A. investments by the owner.

B. withdrawals by the owner.

C. expenses exceeding revenues.

D. purchases of assets for cash.

6. The order in which financial statements should be prepared is

A. income statement, statement of owner's equity, balance sheet.

B. income statement, balance sheet, statement of owner's equity.

C. statement of owner's equity, balance sheet, income statement.

D. balance sheet, income statement, statement of owner's equity.

7. Joel Trump is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. Trump's regular rate is $8 per hour. During the week ended October 10, he worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday. Trump's total earnings for the week ended October 10 are

A. $110.

B. $516.

C. $430.

D. $320.

8. Sandra Wilson is paid one and one-half times the regular hourly rate for all hours worked in excess of 40 hours per week and double time for work on Sunday. Wilson's regular rate is $12 per hour. During the week ended July 3, she worked 9 hours each day from Monday through Friday, 6 hours on Saturday, and 4 hours on Sunday. Wilson's overtime earnings for the week ended July 3 are

A. $180.

B. $360.

C. $294.

D. $430.

9. Which of the following tax programs often has a merit-rating system to encourage employers to provide regular employment for workers?

A. workers' compensation insurance

B. SUTA

C. FICA

D. FUTA