Question

1,The following is the adjusted trial balance for Stockton Company.

Stockton Company Adjusted Trial Balance December 31
Cash	6,884
Accounts Receivable	2,586
Prepaid Expenses	673
Equipment	13,187
Accumulated Depreciation		4,507
Accounts Payable		1,680
Notes Payable		4,505
Common Stock		1,000
Retained Earnings		9,345
Dividends	760
Fees Earned		7,072
Wages Expense	2,404
Rent Expense	872
Utilities Expense	461
Depreciation Expense	170
Miscellaneous Expense	112
Totals	28,109	28,109

Determine the total liabilities for the period.

a,$10,692

b,$18,823

c,$6,185

d,$10,345

2, On June 8, Williams Company issued an $72,980, 6%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar.

a.$77,359

b.$74,440

c.$4,379

d.$72,980

3, On June 8, Williams Company issued an $72,980, 6%, 120-day note payable to Brown Industries. Assuming a 360-day year for your calculations, what is the maturity value of the note? When required, round your answer to the nearest dollar.

a.$77,359

b.$74,440

c.$4,379

d, $72,980

4, Assuming a 360-day year, when a $14,978, 90-day, 11% interest-bearing note payable matures, total payment will be

a.$15,390

b.$1,648

c.$412

d.$16,626

5,The charter of a corporation provides for the issuance of 99,207 shares of common stock. Assume that 38,104 shares were originally issued and 3,449 were subsequently reacquired. What is the amount of cash dividends to be paid if a $2 per share dividend is declared?

a.$99,207

b.$69,310

c.$3,449

d.$38,104

5,Rodgers Company gathered the following reconciling information in preparing its May bank reconciliation. Calculate the adjusted cash balance per books on May 31.

Cash balance per books, 5/31	$4,261
Deposits in transit	267
Notes receivable and interest collected by bank	951
Bank charge for check printing	38
Outstanding checks	1,447
NSF check	186

a.$3,846

b.$4,988

c.$3,081

d.$1,218

6, The following is the adjusted trial balance for Stockton Company.

Stockton Company
Adjusted Trial Balance
December 31
Cash	7,530
Accounts Receivable	2,100
Prepaid Expenses	700
Equipment	13,700
Accumulated Depreciation		1,100
Accounts Payable		1,900
Notes Payable		4,300
Common Stock		1,000
Retained Earnings		12,940
Dividends	790
Fees Earned		9,250
Wages Expense	2,500
Rent Expense	1,960
Utilities Expense	775
Depreciation Expense	250
Miscellaneous Expense	185
Totals	30,490	30,490

Determine the retained earnings ending balance.

a.$6,480

b.$15,730

c.$21,400

d.$12,150

7, On January 1, Vermont Corporation had 40,000 shares of $10 par value common stock issued and outstanding. All 40,000 shares had been issued in a prior period at $20.00 per share. On February 1, Vermont purchased 3,750 shares of treasury stock for $24 per share and later sold the treasury shares for $21 per share on March 1.

The journal entry to record the purchase of the treasury shares on February 1 would include a

a.debit to a loss account for $112,500

b.credit to Treasury Stock for $90,000

c.credit to a gain account for $112,500

d.debit to Treasury Stock for $90,000

8,The Boxwood Company sells blankets for $38 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.

Date	Blankets	Units	Cost
May 3	Purchase	31	$12
10	Sale	12
17	Purchase	38	$14
20	Sale	22
23	Sale	5
30	Purchase	23	$15

Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method.

a.$120

b.$228

c.$70

d.$270

9,

A new machine with a purchase price of $86,451, with transportation costs of $9,562, installation costs of $6,642, and special acquisition fees of $2,312, would have a cost basis of

a.$86,451

b.$95,405

c.$104,967

d.$93,093

10, Gunnar Company gathered the following reconciling information in preparing its September bank reconciliation:

Cash balance per books, 9/30	$2,029
Deposits in transit	394
Notes receivable and interest collected by bank	787
Bank charge for check printing	31
Outstanding checks	1,340
NSF check	159

Calculate the adjusted cash balance per books on September 30.

a.$1,083.

b.$2,626.

c.$1,839.

d.$1,680.

11, The balance in the supplies account before adjustment at the end of the year is $6,250. The proper adjusting entry if the amount of supplies on hand at the end of the year is $1,500 would be

a.debit Supplies, $1,500; credit Supplies Expense, $1,500

b.debit Supplies Expense, $4,750; credit Supplies, $4,750

c.debit Supplies Expense, $1,500; credit Supplies, $1,500

d.debit Supplies, $4,750; credit Supplies Expense, $4,750

12, The balance in the prepaid rent account before adjustment at the end of the year is $32,000, which represents four months' rent paid on December 1. The adjusting entry required on December 31 is

a.debit Rent Expense, $8,000; credit Prepaid Rent, $8,000

b.debit Prepaid Rent, $8,000; credit Rent Expense, $8,000

c.debit Rent Expense, $24,000; credit Prepaid Rent, $8,000

d.debit Prepaid Rent, $24,000; credit Rent Expense, $8,000

PLS IF YOU CAN DO ALL THAT WOULD REALLY HELP ME OUT ALOT. THANK YOU

Answer 1

1	c $6,185
	The total liabilities for the period	$6,185
	(1,680 + 4,505)
2	b.$74,440
	The maturity value of the note	$74,440
	[72,980 + (72,980 x 6% x 120/360)]
3	b.$74,440
	The maturity value of the note	$74,440
	[72,980 + (72,980 x 6% x 120/360)]
4	a.$15,390
	The maturity value of the note	$15,390
	[14,978 + (14,978 x 11% x 120/360)]
5	b.$69,310
	The amount of cash dividends to be paid	$69,310
	[(38,104 - 3,449) x $2]