2 - Montauk Oil Company reports these account balances at December 31, Year 1 Accounts Payable...
2 -
Montauk Oil Company reports these account balances at December 31, Year 1
| Accounts Payable | $ 116,000 |
|---|---|
| Land | 206,000 |
| Notes Payable | 266,000 |
| Equipment | 166,000 |
| Cash | 86,000 |
| Accounts Receivable | 106,000 |
| Buildings | 246,000 |
| Capital Stock | 346,000 |
| Retained Earnings | 76,000 |
On January 2, Year 2, Montauk Oil collected $56,000 of its accounts receivable and paid $26,000 of its accounts payable.
In a trial balance prepared at January 3, Year 2, the total of the debit column is:
Multiple Choice
-
$1,624,000.
-
$382,000.
-
$784,000.
-
$758,000.
--------------------------------------------------------------------------------
3 -
Wilson Trucking, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order):
| Accounts Payable | $ 230,000 |
|---|---|
| Accounts Receivable | 210,000 |
| Buildings | 490,000 |
| Capital Stock | 690,000 |
| Cash | 170,000 |
| Equipment | 330,000 |
| Land | 410,000 |
| Notes Payable | 530,000 |
| Retained Earnings | 160,000 |
On January 5, Year 2, Wilson Trucking collected $185,000 of its accounts receivable, paid $160,000 on its accounts payable, and paid $21,000 on its note payable.
In a trial balance prepared for Wilson Trucking on January 6, Year 2, the total of the debit column is:
Multiple Choice
-
$1,620,000.
-
$3,220,000.
-
$1,429,000.
-
$1,660,000.
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7 -
Wilson Trucking, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order):
| Accounts Payable | $ 223,000 |
|---|---|
| Accounts Receivable | 203,000 |
| Buildings | 483,000 |
| Capital Stock | 683,000 |
| Cash | 163,000 |
| Equipment | 323,000 |
| Land | 403,000 |
| Notes Payable | 523,000 |
| Retained Earnings | 146,000 |
On January 5, Year 2, Wilson Trucking collected $178,000 of its accounts receivable, paid $153,000 on its accounts payable, and paid $14,000 on its note payable.
In a trial balance prepared on January 6, Year 2, the total of the credit column is:
Multiple Choice
-
$1,575,000.
-
$1,422,000.
-
$1,408,000.
-
$1,742,000.
------------------------------------------
10 -
Ceramic Products, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order):
| Accounts Payable | $ 34,000 |
|---|---|
| Accounts Receivable | 26,000 |
| Buildings | 159,000 |
| Capital Stock | 191,000 |
| Cash | 19,000 |
| Equipment | 26,000 |
| Land | 86,000 |
| Notes Payable | 30,000 |
| Retained Earnings | 55,000 |
On January 5, Year 2, Ceramic Products collected $18,000 of its accounts receivable and paid $17,000 on its note payable. On January 6, Year 2, total liabilities are:
Multiple Choice
-
$64,000.
-
$293,000.
-
$47,000.
-
$0.
-----------------------------------------------
12 -
Which of the following best defines an asset?
Multiple Choice
-
An economic resource representing cash or the right to receive cash in the near future.
-
Something with physical form that is valued at cost in the accounting records.
-
Something owned by a business that has a ready market value.
-
An economic resource owned by a business and expected to benefit future operations.
---------------------------------------------
15 -
Ceramic Products, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order):
| Accounts Payable | $ 26,000 |
|---|---|
| Accounts Receivable | 18,000 |
| Buildings | 151,000 |
| Capital Stock | 183,000 |
| Cash | 11,000 |
| Equipment | 18,000 |
| Land | 78,000 |
| Notes Payable | 22,000 |
| Retained Earnings | 47,000 |
On January 5, Ceramic Products collected $10,000 of its accounts receivable and paid $9,000 on its note payable.
In a trial balance prepared on January 6, Year 2, the total of the credit column is:
Multiple Choice
-
$279,000.
-
$287,000.
-
$269,000.
-
$278,000.
----------------------------------------
18 -
At December 31, Year 1, the accounting records of Braun Corporation contain the following items:
| Accounts Payable | $ 20,500 | Accounts Receivable | $ 49,000 |
|---|---|---|---|
| Land | $ 249,000 | Cash | ? |
| Capital Stock | ? | Equipment | $ 129,000 |
| Building | $ 189,000 | Notes Payable | $ 199,000 |
| Retained Earnings | $ 169,000 |
If Capital Stock is $269,000, what is the December 31, Year 1 cash balance?
Multiple Choice
-
$98,500.
-
$41,500.
-
$657,500.
-
$90,500.
-------------------------------------------------------------
19 -
At December 31, Year 1, the accounting records of Braun Corporation contain the following items:
| Accounts Payable | $ 12,000 | Accounts Receivable | $ 32,000 |
|---|---|---|---|
| Land | $ 232,000 | Cash | ? |
| Capital Stock | ? | Equipment | $ 112,000 |
| Building | $ 172,000 | Notes Payable | $ 182,000 |
| Retained Earnings | $ 152,000 |
If Cash at December 31, Year 1, is $58,000, total assets amounts to:
Multiple Choice
-
$618,000.
-
$758,000.
-
$606,000.
-
$574,000.
-----------------------------------------------------------------------------
21 -
If during the current year, liabilities of Corbett's Store increased by $212,000 and owners' equity increased by $156,000, then:
Multiple Choice
-
Assets at the end of the year total $56,000.
-
Assets increased during the year by $368,000.
-
Assets at the end of the year total $368,000.
-
Assets decreased during the year by $56,000.
Homework Answers
| 2) | Particulars | Debit | Credit | ||
| Accounts Payable | $ 1,16,000.00 | ||||
| Land | $ 2,06,000.00 | ||||
| Notes Payable | $ 2,66,000.00 | ||||
| Equipment | $ 1,66,000.00 | ||||
| Cash | $ 1,16,000.00 | ||||
| Accounts Receivable | $ 50,000.00 | ||||
| Buildings | $ 2,46,000.00 | ||||
| Capital Stock | $ 3,46,000.00 | ||||
| Retained Earnings | $ 76,000.00 | ||||
| Totals | $ 7,84,000.00 | $ 8,04,000.00 | |||
| Answer: | $ 7,84,000.00 | ||||
| 3) | Particulars | Debit | Credit | ||
| Accounts Payable | $ 70,000.00 | ||||
| Accounts Receivable | $ 25,000.00 | ||||
| Buildings | $ 4,90,000.00 | ||||
| Capital Stock | $ 6,90,000.00 | ||||
| Cash | $ 1,74,000.00 | ||||
| Equipment | $ 3,30,000.00 | ||||
| Land | $ 4,10,000.00 | ||||
| Notes Payable | $ 5,09,000.00 | ||||
| Retained Earnings | $ 1,60,000.00 | ||||
| Totals | $ 14,29,000.00 | $ 14,29,000.00 | |||
| Answer: | $ 14,29,000.00 | ||||
| 7) | Particulars | Debit | Credit | ||
| Accounts Payable | $ 70,000.00 | ||||
| Accounts Receivable | $ 25,000.00 | ||||
| Buildings | $ 4,83,000.00 | ||||
| Capital Stock | $ 6,83,000.00 | ||||
| Cash | $ 1,74,000.00 | ||||
| Equipment | $ 3,23,000.00 | ||||
| Land | $ 4,03,000.00 | ||||
| Notes Payable | $ 5,09,000.00 | ||||
| Retained Earnings | $ 1,46,000.00 | ||||
| Totals | $ 14,08,000.00 | $14,08,000.00 | |||
| Answer: | $14,08,000.00 | ||||
| 10) | Particulars | Debit | Credit | ||
| Accounts Payable | $ 34,000.00 | ||||
| Accounts Receivable | $ 8,000.00 | ||||
| Buildings | $ 1,59,000.00 | ||||
| Capital Stock | $ 1,91,000.00 | ||||
| Cash | $ 20,000.00 | ||||
| Equipment | $ 26,000.00 | ||||
| Land | $ 86,000.00 | ||||
| Notes Payable | $ 13,000.00 | ||||
| Retained Earnings | $ 55,000.00 | ||||
| Totals | $ 2,99,000.00 | $ 2,93,000.00 | |||
| Total Liabilities | = | $ 34000 + $ 13000 | |||
| = | $ 47,000.00 | ||||
| 12) | Answer: | An economic resource owned by a business and expected to benefit future operations. | ||
| 15) | Particulars | Debit | Credit | ||
| Accounts Payable | $ 26,000.00 | ||||
| Accounts Receivable | $ 8,000.00 | ||||
| Buildings | $ 1,51,000.00 | ||||
| Capital Stock | $ 1,83,000.00 | ||||
| Cash | $ 12,000.00 | ||||
| Equipment | $ 18,000.00 | ||||
| Land | $ 78,000.00 | ||||
| Notes Payable | $ 13,000.00 | ||||
| Retained Earnings | $ 47,000.00 | ||||
| Totals | $ 2,67,000.00 | $2,69,000.00 | |||
| Answer: | $2,69,000.00 | ||||
| 18) | Particulars | Debit | Credit | ||
| Accounts Payable | $ 20,500.00 | ||||
| Accounts Receivable | $ 49,000.00 | ||||
| Buildings | $ 1,89,000.00 | ||||
| Capital Stock | $ 2,69,000.00 | ||||
| Cash | |||||
| Equipment | $ 1,29,000.00 | ||||
| Land | $ 2,49,000.00 | ||||
| Notes Payable | $ 1,99,000.00 | ||||
| Retained Earnings | $ 1,69,000.00 | ||||
| Total | $ 6,16,000.00 | $ 6,57,500.00 | |||
| Cash | = | $ 657500 - $ 616000 | |||
| = | $41,500.00 | ||||
| 19) | Particulars | Debit | Credit | |
| Accounts Payable | $ 12,000.00 | |||
| Accounts Receivable | $ 32,000.00 | |||
| Buildings | $ 1,72,000.00 | |||
| Capital Stock | ||||
| Cash | $ 58,000.00 | |||
| Equipment | $ 1,12,000.00 | |||
| Land | $ 2,32,000.00 | |||
| Notes Payable | $ 1,82,000.00 | |||
| Retained Earnings | $ 1,52,000.00 | |||
| Total | $6,06,000.00 | $ 3,46,000.00 | ||
| Answer: | $6,06,000.00 | |||
| 21) | Asset increased by | = | $ 212000 + $ 156000 | ||
| = | $3,68,000.00 | ||||
Add Answer to:
2 -
Montauk Oil Company reports these account balances at December
31, Year 1
Accounts Payable...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000 Inventory …………………… $40,000 Accounts receivable ………….. $40,000 Land ………………………... $100,000 Bonds payable, long-term …… $250,000 Goodwill ……………………. $10,000 Buildings ……………………….. $160,000 Retained earnings ………… $115,000 Cash ……………………………. $50,000 Sales revenue ……………... $500,000 Common stock ………………… $100,000 Supplies inventory ………… $5,000 Cost of goods sold ……………. $200,000 Supplies expense …………. $20,000 Equipment ……………………... $80,000 Wages expense …………… $100,000 What is Daniels Company’s net income for...
2) The Monk Company reports the following accounts and balances on December 31, 2015. Accounts Payable $14,400 8,00...
2) The Monk Company reports the following accounts and balances on December 31, 2015. Accounts Payable $14,400 8,000 26,000 80,000 56,000 Long-term Note Payable 70,000 Merchandise Inventory 28,800 Accounts Receivable Cash Equipment Land Paid-in Capital Retained Earnings 14,400 Required: Prepare a balance sheet at December 31, 2015 I
1. At December 31, Year 1, the accounting records of Braun Corporation contain the following items:...
1. At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable $ 13,500 Accounts Receivable $ 35,000 Land $ 235,000 Cash ? Capital Stock ? Equipment $ 115,000 Building $ 175,000 Notes Payable $ 185,000 Retained Earnings $ 155,000 If Capital Stock is $315,000, total assets of Braun Corporation at December 31, Year 1, amounts to: Multiple Choice $668,500. $703,500. $98,500. 2. At December 31, Year 1, the accounting records of Braun Corporation...
Please find the answers and show how to solve: At December 31. Year 1, the accounting...
Please find the answers and show how to solve:
At December 31. Year 1, the accounting records of Braun Corporation contain the following items: 10 $ 11,000 $ 230,000 30,000 Accounts Payable Land Capital Stock Building Retained Earnings Accounts Receivable Cash Equipment Notes Payable $ 170,000 $ 150,000 $ 110,000 $ 180,000 cBook If Cash at December 31, Year 1, is $56,000, total assets amounts to: Multiple Choice $607.000 $746.000 Ο Ο Ο Ο $566,000. $596,000 At December 31, Year...
At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts...
At December 31, Year 1, the accounting records of Braun Corporation contain the following items: Accounts Payable $ 13,500 Accounts Receivable $ 35,000 Land $ 235,000 Cash ? Capital Stock ? Equipment $ 115,000 Building $ 175,000 Notes Payable $ 185,000 Retained Earnings $ 155,000 If Capital Stock is $255,000, what is the December 31, Year 1 cash balance? Multiple Choice $83,500. $608,500. $91,500.
Consider the following account balances of Evan McGruder, Inc., as of December 31, Year 3: Accounts...
Consider the following account balances of Evan McGruder, Inc., as of December 31, Year 3: Accounts Payable $116,180 Equipment 422,300 Common Stock 203,500 Income Tax Payable 3,970 Retained Earnings 55,400 Notes Payable, due Year 5 343,900 Accounts Receivable 203, 200 Cash 97,450 Required: Prepare a classified balance sheet at December 31, Year 3. EVAN MCGRUDER, INC. Balance Sheet The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3: Accounts Payable Accounts Receivable Cash...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,000 Accounts receivable 16,500 Office supplies 2,000 Trucks 189,000 Accumulated depreciation—Trucks $ 38,934 Land 75,000 Accounts payable 13,000 Interest payable 3,000 Long-term notes payable 52,000 Common stock 35,880 Retained earnings 137,500 Dividends 19,000 Trucking fees earned 135,500 Depreciation expense—Trucks 25,112 Salaries expense 63,549 Office supplies expense 5,000 Repairs expense—Trucks 11,653 Totals $ 415,814 $ 415,814 The Retained Earnings account balance...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit...
The following adjusted year-end trial balance at December 31 of Wilson Trucking Company. Account Title Debit Credit Cash $ 9,800 Accounts receivable 16,500 Office supplies 2,000 Trucks 195,000 Accumulated depreciation—Trucks $ 40,170 Land 75,000 Accounts payable 13,800 Interest payable 3,000 Long-term notes payable 52,000 Common stock 38,828 Retained earnings 140,000 Dividends 19,000 Trucking revenue 142,500 Depreciation expense—Trucks 25,910 Salaries expense 66,833 Office supplies expense 8,000 Repairs expense—Trucks 12,255 Totals $ 430,298 $ 430,298 Use the above-adjusted trial balance to prepare...
Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019....
Listed below are account balances for Accounts Company for the fiscal year ended December 31, 2019. Long-term investments Notes payable, long-term Prepaid insurance Wages payable Common Stock Equipment Land Interest payable Interest expense Income tax payable Cost of goods sold Cash Accounts payable Buildings Accumulated depreciation Dividends General and administrative expenses Accounts receivable Inventory Notes payable, current portion Selling expenses Trademarks Sales revenue Income tax expense Supplies Retained earnings, Jan. 1, 2019 $26,250 208,500 5,250 13,500 225,000 183,750 26,250 10,500...
The following information applies to the questions displayed below.] Ceramic Products, Inc. reports these account balanses...
The following information applies to the questions displayed below.] Ceramic Products, Inc. reports these account balanses at January 1. 2018 (shown in alphabetical order) Accounts Payable Accounts Receivable Buildings Capital Stock Cash Equipment Land Notes Payable Retained Earnings 28.000 20,000 153,000 185.000 13,000 20,000 80,000 24,000 49,000 On January 5, Ceramic Products collected $12,000 of its accounts receivable and paid $11,000 on its note payabl 11) In a trial balance prepared on January 6, 2018, the total of the credit...
2) The Monk Company reports the following accounts and balances on December 31, 2015. Accounts Payable $14,400 8,000 26,000 80,000 56,000 Long-term Note Payable 70,000 Merchandise Inventory 28,800 Accounts Receivable Cash Equipment Land Paid-in Capital Retained Earnings 14,400 Required: Prepare a balance sheet at December 31, 2015 I
Please find the answers and show how to solve:
At December 31. Year 1, the accounting records of Braun Corporation contain the following items: 10 $ 11,000 $ 230,000 30,000 Accounts Payable Land Capital Stock Building Retained Earnings Accounts Receivable Cash Equipment Notes Payable $ 170,000 $ 150,000 $ 110,000 $ 180,000 cBook If Cash at December 31, Year 1, is $56,000, total assets amounts to: Multiple Choice $607.000 $746.000 Ο Ο Ο Ο $566,000. $596,000 At December 31, Year...
Consider the following account balances of Evan McGruder, Inc., as of December 31, Year 3: Accounts Payable $116,180 Equipment 422,300 Common Stock 203,500 Income Tax Payable 3,970 Retained Earnings 55,400 Notes Payable, due Year 5 343,900 Accounts Receivable 203, 200 Cash 97,450 Required: Prepare a classified balance sheet at December 31, Year 3. EVAN MCGRUDER, INC. Balance Sheet The following is a list of account balances for Pick-A-Pet, Inc., as of June 30, Year 3: Accounts Payable Accounts Receivable Cash...
The following information applies to the questions displayed below.] Ceramic Products, Inc. reports these account balanses at January 1. 2018 (shown in alphabetical order) Accounts Payable Accounts Receivable Buildings Capital Stock Cash Equipment Land Notes Payable Retained Earnings 28.000 20,000 153,000 185.000 13,000 20,000 80,000 24,000 49,000 On January 5, Ceramic Products collected $12,000 of its accounts receivable and paid $11,000 on its note payabl 11) In a trial balance prepared on January 6, 2018, the total of the credit...
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