Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

Penn Foster 06155600: Financial Accounting Study Guide (25 Questions) in $39 only (Instant Download)Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

1. A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How much does the company have in Assets?

Sample Answer:

23500+56500 = 80000

2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?

3. Theaccount“Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit orcredit?

4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct thiserror?

5. Allied, Inc. bought a two-year insurance policy on August 1 for $3,600. What is the adjusting journal entry on December 31?

6. A company started the year with no supplies. During the year they bought $200 worth of supplies on account and later paid $150 of this debt. If there were $40 worth of supplies left at the end of the year, what is the supply expense for the period?

22. Accounts receivable amounts to $215,000 for the beginning of the year and $245,000 for the end of the year. Income reported on the income statement for the year is $300,000. How much is the cash flow from operating activities on the cash flow statement using
the indirect method?

23. Operating expenses other than depreciation for the year were $400,000. Accrued expenses increased by $35,000. What are the cash payments for operating expenses reported on the cash flow statement using the direct method?

24. Red Line, Inc. has a cash balance of $80,000, short-term investments of $20,000, net receivables of $60,000, and inventory of $450,000. Current liabilities total $200,000. What is Red Line’s quick ratio?

25.River City, Inc. reported the following for 2014:
What are the earnings per share for River City, Inc. (to the nearest cent)?

Sample Answer:

Net sales $220,000
Net income $37,000
Market price per share of common stock $28.75
Dividends $4,100
Average number of shares of common stock
outstanding 10,000

37000/10000 = $3.70 earnings per share

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