Question

Lange Company purchased land for $75,000 in 2017. In 2019, the land was valued at
$93,000. The land would appear on the company's December 31, 2019 balance sheet
at:

Group of answer choices

$93,000

$18,000

$84,000

$75,000

either (a) or (d) could be correct

Flag this Question

Question 23 pts

Classify the following accounts according to the appropriate financial statement category. Select your answer by clicking in the drop down box to the right of each account. Be careful with matching questions because carmen randomizes the matches. Thus, if you print out the quiz to work on it and then enter your answers later in the week, it is very likely the order of the matches will be different. Therefore, exercise caution when entering your answers into carmen. Quiz scores will not be adjusted for errors in entering choices.

Group of answer choices

accounts receivable

      [ Choose ]            revenue            liability            equity            asset            expense      

dividend revenue

      [ Choose ]            revenue            liability            equity            asset            expense      

mortgage payable

      [ Choose ]            revenue            liability            equity            asset            expense      

copyright

      [ Choose ]            revenue            liability            equity            asset            expense      

retained earnings

      [ Choose ]            revenue            liability            equity            asset            expense      

cost of goods sold

      [ Choose ]            revenue            liability            equity            asset            expense      

Flag this Question

Question 32.5 pts

The following information was taken from the accounting records of ABC Company
for the period ended January 31, 2019:

Cash                       $29,000
Retained Earnings          $66,000  (at January 1, 2019)
Advertising Expense        $17,000
Cost of Goods Sold         $36,000
Rental Revenue             $11,000
Accounts Payable           $38,000
Common Stock               $72,000
Accumulated Depreciation   $17,000
Accounts Receivable        $45,000
Income Tax Expense         $14,000
Inventory                  $51,000
Wage Expense               $12,000
Sales Revenue              $93,000
Trademark                  $10,000
Buildings and Land         $83,000

Calculate the amount of net income earned by ABC Company in the month of January.

Flag this Question

Question 42.5 pts

The following information is available for Buckeye Company:

                      January 1, 2018      December 31, 2018
Cash                     $25,000                $30,000
Land                       40,000                 42,000
Notes payable              29,000                 45,000
Retained earnings          33,000                 58,000
Accumulated depreciation    4,000                  7,000
Supplies                    8,000                 10,000
Accounts payable           16,000                 17,000
Equipment                  20,000                   ?
Accounts receivable        11,000                 26,000
Common stock               40,000                 40,000
Inventory                  18,000                 42,000

During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense
of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company
paid $9,000 of dividends during 2018. (Note - the amount of cost of goods sold
has been intentionally omitted from this problem).

Calculate the total current assets reported in Buckeye Company's balance sheet
at December 31, 2018.

Flag this Question

Question 53 pts

The following information is available for Buckeye Company:

                      January 1, 2018      December 31, 2018
Cash                     $25,000                $30,000
Land                       40,000                 42,000
Notes payable              29,000                 45,000
Retained earnings          33,000                 58,000
Accumulated depreciation    4,000                  7,000
Supplies                    8,000                 10,000
Accounts payable           16,000                 17,000
Equipment                  20,000                   ?
Accounts receivable        11,000                 26,000
Common stock               40,000                 40,000
Inventory                  18,000                 42,000

During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense
of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company
paid $9,000 of dividends during 2018. (Note - the amount of cost of goods sold
has been intentionally omitted from this problem).

Calculate the amount of net income earned by Buckeye Company during 2018.

Flag this Question

Question 63.5 pts

The following information is available for Buckeye Company:

                      January 1, 2018      December 31, 2018
Cash                     $25,000                $30,000
Land                       40,000                 42,000
Notes payable              29,000                 45,000
Retained earnings          33,000                 58,000
Accumulated depreciation    4,000                  7,000
Supplies                    8,000                 10,000
Accounts payable           16,000                 17,000
Equipment                  20,000                   ?
Accounts receivable        11,000                 26,000
Common stock               40,000                 40,000
Inventory                  18,000                 42,000

During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense
of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company
paid $9,000 of dividends during 2018. (Note - the amount of cost of goods sold
has been intentionally omitted from this problem).

Calculate the amount of equipment reported in Buckeye Company's balance sheet at
December 31, 2018.

Flag this Question

Question 73.5 pts

The following information is available for Buckeye Company:

                      January 1, 2018      December 31, 2018
Cash                     $25,000                $30,000
Land                       40,000                 42,000
Notes payable              29,000                 45,000
Retained earnings          33,000                 58,000
Accumulated depreciation    4,000                  7,000
Supplies                    8,000                 10,000
Accounts payable           16,000                 17,000
Equipment                  20,000                   ?
Accounts receivable        11,000                 26,000
Common stock               40,000                 40,000
Inventory                  18,000                 42,000

During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense
of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company
paid $9,000 of dividends during 2018. (Note - the amount of cost of goods sold
has been intentionally omitted from this problem).

Calculate the amount of gross profit earned by Buckeye Company during 2018.

Answer 1

1)75,000

23)

accounts receivable	Asset
dividend revenue	Revenue
mortgage payable	Liability
Copyright	Asset
Retained Earnings	Equity
Cost of Goods Sold	Expense

Q)

Sales Revenue	93,000.00
Rent Revenue	11,000.00
Cost of Goods Sold	- 36,000.00
Advertising Expense	- 17,000.00
Wage Expense	- 12,000.00
Income tax Expense	- 14,000.00
Net income	25,000.00

43)

Cash	25,000.00
Accounts Receivable	11,000.00
Inventory	18,000.00
Supplies	8,000.00
Total Current Assets	62,000.00

53)Net income = 52,000 -33,000 + 9,000 = 28,000

63)

Cash	30,000.00
Accounts Receivable	26,000.00
Inventory	24,000.00
Supplies	10,000.00
Land	42,000.00
Equipment	X
Accumulated Depreciation	-      7,000.00
Total Assets	125,000 + X

Notes payable	45,000.00
Accounts Payable	17,000.00
Total Liabilities	62,000.00

Retained earnings	52,000.00
Contributed capital	40,000.00
Total equity	92,000.00

Assets = Liabilities + Total Equity

125,000 + X = 62,000 + 92,000

Equipment = 29,000

73)

Retained Earnings Difference	19,000.00
Dividends	9,000.00
Rent Expense	17,000.00
Salaries Expense	22,000.00
	67,000.00