Reference no: EM132421795

Question 1. What are the five accounting classifications?

Question 2. What accounting classifications are displayed on the Income Statement?

Question 3. Give two examples of a Current Asset

Question 4. What type of an asset is the account Patent?

Question 5. What is the definition of a current asset?

Question 6. Classify the account Mortgage Payable

Question 7. How do you calculate Gross Profit

Question 8. How do you calculate Operating Income?

Question 9. List an example of a non-operating expense.

Question 10. What classification is the account Common Stock?

Circle the Correct Answer. SHOW YOUR WORK Where Required

Question 1. Gilbert, Inc. had the following account balances at September 30, 2010. What is Gilbert's net income for the month of September?

• Inventory 10,000

• Cash 14,300

• Equipment 15,400

• Fees Earned 54,400

• Miscellaneous Expense 18,200

• Rent Expense 2,000

• Retained Earnings 6,550

• Wages Expense 13,900

a) $32,450

b) $10,300 SHOW YOUR WORK

c) $20,300

d) $1 8, 1 50

Question 2. Sales = $12,000, Cost of Sales = $4,000, Operating Expenses = $ 1,000, Other Expenses = $ 2,000. What is the Gross Profit?

Question 3. NBC Company had $32,000 in net sales, $15,000 in cost of merchandise sold, $14,000 in operating expenses, and $2,000 in other income. What is NBC Company's operating profit?

a) $17,000

b) $3,000 SHOW YOUR WORK

c) $1,000

d) ($1, 000)

Question 4. Income that CANNOT be traced directly to operations are identified as

a) Other income.

b) Operating expenses.

c) Cost of goods sold.

d) Other expenses.

Question 5. On the Statement of Cash Flows, where is the purchase of property, plant and equipment recorded?

Question 6. On the Statement of Cash Flows, where are dividends recorded?

Question 7. Assets = $ 13,000 Equity = $ 6,000 Liabilities =

Question 8. Liabilities = 4,000 Assets = $ 8,000 Equity = __________________

The Economy (Fill-In)

1. Which indicator is the best indicator of wholesale inflation?

2. Which indicator measures unemployment and employee hourly wages?

3. Which indicator is a leading indicator of economic growth

4. What can an increase in inventories mean?

5. Which economic theory believes that the government should not intervene during a fiscal crisis?

Domino's Pizza (Fill-In)

• Use the Domino's Pizza Statement of Cash Flows listed below to answer the following questions.

• Omit trailing zeros when entering data. Use brackets ( ) to indicate cash used in the statement.

1. 2012 Cash Flow from Operations

2. 2014 Cash Flow from Investing

3. 2014 Cash Flow from Financing

4. What was the primary Operating activity and the amount for 2013?

5. What was the primary Financing activity and the amount for 2012?

6. The company did not borrow funds in 2013 T F

7. The company paid dividends in 2012 T F

8. The company had a positive cash flow from Financing in 2013: T F

9. What was the highest amount borrowed over the three year period?