Centro-matic Company began the year with stockholders’ equity of $15,000. During the year, Centro-matic issued additional shares of stock in exchange for cash of $21,000, recorded expenses of $60,000, and paid dividends of $4,000. If Centro-matic’s ending stockholders’ equity was $56,000, what was the company’s revenue for the year?
$80,000.
$84,000.
$105,000.
$101,000.
Barsuk Company began the year with stockholders’ equity of $217,000. During the year, Barsuk issued stock for $294,000, recorded expenses of $840,000, and paid dividends of $56,000. If Barsuk’s ending stockholders’ equity was $581,000, what was the company’s revenue for the year?
$966,000.
$1,260,000.
$910,000.
$1,204,000.
At December 1, 2014, Cursive Company’s accounts receivable balance was $1,200. During December, Cursive had credit revenues of $4,800 and collected accounts receivable of $4,000. At December 31, 2014, the accounts receivable balance is
$400 debit.
$400 credit.
$2,000 debit.
$2,000 credit.
At January 31, 2014, the balance in Aislers Inc.’s supplies account was $250. During February, Aislers purchased supplies of $300 and used supplies of $375. At the end of February, the balance in the supplies account should be
$175 debit.
$325 credit.
$175 credit.
$325 debit.
On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client. Karl paid his telephone bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a
credit to Retained Earnings.
credit to Notes Payable.
debit to Accounts Receivable.
credit to Accounts Payable.
A flower shop makes a large sale for $1,200 on November 30. The customer is sent a statement on December 5 and a check is received on December 10. The flower shop follows GAAP and applies the revenue recognition principle. When is the $1,200 considered recognized?
December 1.
December 5.
December 10.
November 30.
As of March 31, Macon Company owes $500 to Boswell Co. for equipment rented during March. An entry was not previously recorded for this transaction and the equipment will be returned on April 2. If no adjustment is made for this item at March 31, how will Macon’s financial statement be affected?
The financial statement will be accurate since the $500 does not have to be paid yet.
Cash will be overstated at March 31.
Net income for March will be overstated.
Stockholders’ equity will be understated.
A business pays weekly salaries of $25,000 on Friday for a five-day week ending on that day. The adjusting entry necessary at the end of the fiscal period ending on a Thursday is
debit Salaries and Wages Expense, $20,000; credit Salaries and Wages Payable, $20,000.
debit Salaries and Wages Payable, $20,000; credit Cash, $20,000.
debit Salaries and Wages Expense, $20,000; credit Cash, $20,000.
debit Salaries and Wages Expense, $5,000; credit Salaries and Wages Payable, $5,000.
Buffalo Tom Cruises purchased a five-year insurance policy for its ships on April 1, 2013 for $50,000. Assuming that April 1 is the effective date of the policy, the adjusting entry on December 31, 2013 is
Insurance Expense2,500
Prepaid Insurance2,500
Prepaid Insurance7,500
Insurance Expense7,500
Insurance Expense10,000
Prepaid Insurance10,000
Insurance Expense7,500
Prepaid Insurance7,500
The following information is for Bright Eyes Auto Supplies:
Bright Eyes Auto Supplies
Balance Sheet
December 31, 2013
Cash$ 20,000Accounts Payable$ 65,000
Prepaid Insurance40,000Salaries and Wages Payable25,000
Accounts Receivable50,000Mortgage Payable75,000
Inventory70,000Total Liabilities$165,000
Land Held for Investment90,000
Land125,000
Building$100,000Common Stock$120,000
Less AccumulatedRetained Earnings250,000370,000
Depreciation(30,000)70,000
Trademark70,000Total Liabilities and
Total Assets$535,000Stockholders’ Equity$535,000
The total dollar amount of assets to be classified as investments is
$90,000.
$125,000.
$0.
$70,000.
On May 25, Yellow House Company received a $650 check from Grizzly Bean for services to be performed in the future. The bookkeeper for Yellow House Company incorrectly debited Cash for $650 and credited Accounts Receivable for $650. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should:
debit Accounts Receivable $650 and credit Unearned Service Revenue $650.
debit Accounts Receivable $650 and credit Cash $650.
debit Cash $650 and credit Unearned Service Revenue $650.
debit Accounts Receivable $650 and credit Service Revenue $650.
The following information is available for Baker Industries.
Baker Industies Inc.
Trial Balance
12/31/13
DebitCredit
Cash16
Accounts Receivable26
Supplies4
Equipment191
Accumulated Depreciation13
Accounts Payable21
Common Stock106
Retained Earnings56
Dividends11
Service Revenue189
Salaries and Wages Expense86
Depreciation Expense39
Supplies Expense12
385385
What is the balance in Retained Earnings after posting closing entries at December 31 for Baker Industries?
$97
$108
$237
$4
Which of the following companies would be least likely to use a worksheet to facilitate the adjustment process?
Small company with numerous accounts.
All companies, since worksheets are required under generally accepted accounting principles.
Large company with numerous accounts.
Small company with few accounts.
A lawyer collected $720 of legal fees in advance. He erroneously debited Cash for $270 and credited Accounts Receivable for $270. The correcting entry is
Cash…………………………………………450
Accounts Receivable……………..450
Cash…………………………………………450
Accounts Receivable……………………..270
Unearned Service Revenue…….720
Cash…………………………………………270
Accounts Receivable……………………..450
Unearned Service Revenue…….720
Cash…………………………………………720
Service Revenue…………………. 720
The following information is available for Baker Industries.
Baker Industies Inc.
Trial Balance
12/31/13
DebitCredit
Cash16
Accounts Receivable26
Supplies4
Equipment191
Accumulated Depreciation13
Accounts Payable21
Common Stock106
Retained Earnings56
Dividends11
Service Revenue189
Salaries and Wages Expense86
Depreciation Expense39
Supplies Expense12
385385
What is the amount of total debits on the post-closing trial balance for Baker Industries?
$224
$237
$289
$248
On September 23, Sebagoh Company received a $350 check from Surfer Rosa Inc. for services to be performed in the future. The bookkeeper for Sebadoh Company incorrectly debited Cash for $350 and credited Accounts Receivable for $350. The amounts have been posted to the ledger. To correct this entry, the bookkeeper should
debit Accounts Receivable $350 and credit Cash $350.
debit Cash $350 and credit Unearned Service Revenue $350.
debit Accounts Receivable $350 and credit Service Revenue $350.
debit Accounts Receivable $350 and credit Unearned Service Revenue $350.
Try it now!
How it works?
Follow these simple steps to get your paper done
Place your order
Fill in the order form and provide all details of your assignment.
Proceed with the payment
Choose the payment system that suits you most.
Receive the final file
Once your paper is ready, we will email it to you.
Our Services
Custom Writings Help is a Quality-Oriented Company in Online Writing as a result of hiring exceptional professionals to execute clients' tasks.
Essays
At Custom Writings Help,We understand the struggle of research paper writing, and that is why at Custom WritingS Help, we are all out to help you. We pride ourselves on having a team of clinical writers. The stringent and rigorous vetting process ensures that only the 'BEST' Writers are chosen for the job. We have highly qualified Ph.D. and MA writers working with us; we equally offer these experienced writers specific bonuses and incentives to make them deliver highly original, unique, and informative content at reasonably low prices.
Admissions
Thesis Writing Service
Worlwide, Many Masters Students are struggling with Thesis Completion. A thesis is likely to be the longest and most challenging piece of work a student has ever completed. However, unlike essays and other assignments, a student can pick a particular interest topic and work on their initiative. Fortunately, we are there for you. At Custom Writings Help, you are assured of an authentic, imaginative, informative, linguistically great, and advantageous thesis that adheres to all your needs. So, why continue considering different writers when you have discovered the best in the field?
Editing
Custom Papers
Not a single student can avoid writing custom papers. However, a total lack of experience, skills, and time makes it very hard to produce a superb writing piece. Therefore, if you are seeking professional help, turn to us. Our specialized and experienced writers compose a variety of model papers, including custom essays, college term papers, research papers, book reports, MBA essays, executive summaries, dissertations, Ph.D. theses, admission essays, and research proposals for college and university students at any level.
Coursework
Essay Writing
Most of the students disregard the critical principles of essay writing and compose papers below sensible guidelines. Therefore, with Custom Writings Help, one should not worry about his/her essay. Our Writers compose informative and engaging content on all complexities and topics. We write meaningful and smart essays while prioritizing all aspects that bring about a good grade, such as impeccable grammar, proper structure, zero-plagiarism, and conformance to guidelines.
Coursework
Coourse Work Writing
Don't let the seemingly never-ending onslaught of writing assignments get you down. If you are looking where to get course work assistance online, the writers at Custom Writings Help are here to assist you with all of your writing needs. We undertake to unique delivery of papers that meet the professor's requirements. The content is proofread, edited, and checked plagiarism before submission to customers. No matter how big or small your work is, we will deliver on time. Try US Now! !
Coursework
Dissertation Writing Service
High-Quality Dissertation Writing Services are rare. They require Ph.D. academicians – not easily found. However, are an exception. The years, time, and resources we have invested in the dissertation world has given us a competitive advantage over others. Choose to come to Custom Writings Help; You will find perfect Ph.D. consultants who have written hundreds of dissertations theses ready to help you. Let our dissertation-writing services help you craft your dissertation, for you are assured we will give you the results.