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Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.
Which of the following asset accounts is increased when a receivable is collected! Accounts Receivable Supplies Accounts Paya
15. The assets and liabilities of Bennett Designs at December 31, the end of the current year, and its revenue and expenses f
1. Deaner Company is selling a picce of land adjacent to its business premises. An appraisal reported the market value of the
28. The acts and stockholders cquity of a company are $199,000 and 595.000, respectively. Liabilities should $64,000 46,000
36. A business paid $7,000 to a creditor in payment of an amount owed. The effect of the transaction on the accounting equati
1. Deaner Company is selling a picce of land adjacent to its business premises. An appraisal reported the market value of the
28. The acts and stockholders cquity of a company are $199,000 and 595.000, respectively. Liabilities should $64,000 46,000
6.250 23. Gently Laser Clinic purchased laser equipment for $8.500 and paid $2.250 down, with the remainder to be paid Later.
7. Which of the following types of accounts have a normal credit balance Les and liabilities abilities and expenses revenues
15. Cash was paid by Janers Cleaning Service to creditors on account. Which of the following entries for Janets Cleaning Se
6.250 23. Gently Laser Clinic purchased laser equipment for $8.500 and paid $2.250 down, with the remainder to be paid Later.
18. March 10 Accounts Payable Cash Paid creditors on account. 800 800 What effects does this journal entry have on the accoun
35. The following errors took place in journalizing and posting transactions: 2.55,000 Dividends were recorded as a debit to
37. Journalize the following selected transactions for January. Explanations may be omitted Jam Received cash from the sale o
At the end of the fiscal year, the usual adjusting entry to prepaid insurance to record expired insurance was mitted. Which o






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Þ5. The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the
7.00 19. Jordon James started J Consulting on January 1. The following are the account balance at the end of the first month
Determine the total assets 1825.13 $1683 b 2293 2001 Which of the items below does not appear on the end-of-period spreadshee
2. Which of the statements below indicates that a company camed a net income for the period? The sum of the credits exceeds t
13. Notes receivable due in 390 days appear on the 1. balance sheet in the current assets section balance sheet in the noncur
17. Accumulated Depreciation appears on the balance sheet in the current assets section palance sheet in the property, plant,
20. The classified balance sheet will show which liability subsections current liabilities and long-term liabilities current
Subjective Short Answer Use the information below to answer the question that follows. All nine transactions for Ralston Spor
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Answer #1

Note - As per Chegg Policy we are allowed to attempt 4 sub question in 1 question.

Q.1 Liabilities to Stockholder's Equity -

Ratio Computation Year 2 Year 1 1 Liabilities to Stockholders Equity Total Liabilities Total Stockholders Equity $ 128,250

Q.2 Total Asset -

2 Total Asset II Total Liabilities + Total Stockholders Equity $132,000 + $244,000 II $376,000

Q.3 Income Statement Determines the profitability of the company.

3 a. Income Statement

Q.4 Earnings Revenue - Earning Revenue will increase Assets if income earned by the company and cash received or on credit the Accounts Receivables assets will go up. and revenue will increase stockholder's equity.

4 a. Increase Asset, Increase Stockholders Equity

Q.5 Resources owned by the company are called Assets and owed by company are called liabilities.

5 C. Assets

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