Homework Answers
Answer for the above multiple choice question are as follows:
1. Which of the following will not be reported as liability in Balance Sheet:
Answer:
B. Common Stock
Explanation: It is reported under Stockholder's Equity.
2. Which of the following statement about financial statement information is correct?
Answer:
B. A company with total stockholder's equity of $ 120,000 and Common stock of $ 75,000 must have the reatined earnings of $ 45,000.
Explanation: Stockholder's Equity consists = Common stock + Retained Earnings.
3. Amount of Total Stockholder's Equity to be reported at the end of the year in Balance Sheet is
Answer:
C. 87,000
Service Revenue - 53,000
Less:
Wages - 8,000
Advertisement 5,000
Rent 10,000
--------------
Total Income 30,000
Common Stock 40,000
Retained earnings 17,000 (Opening balance)
------------------
Stockholder's Equity 87,000
4. Who provided more financing:
Answer:
E. There is not enough information available to determine who provided more financing.
Explanation:
Total Assets - 3,347,700 ----------------(A)
Total Liabilities excluding Creditors - 2,909,900 ----------------(B)
Creditors (A - B) ------------437,800
Since closing balance of Stockholder's equity is given along with closing balance of Retained earnings, it is impossible to say if there is any financing by way of additional capital has been introduced by Owners. If they have not introduced any new funds during the period then the answer will be option
B. Neither provided any financing.
Add Answer to:
^a- 102,000
b- 30,000
c-87,000
d-57,000
^same question
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