Question

What would be the account balance in the Cash account after the following transactions. Assume a zero beginning Cash balance.

Owner invested cash in the business	$100,000
Purchase supplies with cash.	$20,000
Received a bill for one month of rent owed to landlord	$2,200
Paid wages earned in the month in cash	$800
Billed a customer for services performed	$1,250

	A.	$124,250
	B.	$80,400
	C.	$77,800
	D.	$79,200
	E.	$80,000

What would the account balance in Accounts Receivable after the following transactions, assuming a zero beginning balance?

Performed services and left a bill with the customer $4,200

Performed services and collected immediately $3,500

Performed services and billed customer $2.200

Performed services on account $6,000

Received partial payment on account. $1,500

A.		$17,400
B.		$10,900
C.		$14,400
D.		$4,500
E.		$11,400

A partial trial balance of Ledger accounts at year-end had the following balances. If all the accounts have normal balances, what are the total debits on the Trial Balance?

Cash	30,000
Account receivable	32,000
Supplies	5,000
Accounts payable	20,000
Fees Earned	65,000
Rent expense	15,000
Insurance expense	4,800
Common Stock	5,000
Retained Earnings	14,800
Dividends paid	18,000

	A.	$45,200
	B.	$67,000
	C.	$68,800
	D.	$104,800

The following information is available for three competing toy companies. Which company earned the highest return on assets?

	Company 1	Company 2	Company 3
Assets	90,500	64,000	32,500
Liabilities	11.765	46,720	26,650
Average Assets	100,000	40,000	50,000
Net income	20,000	3,800	650

A.

Company 1

B.

Company 2

C.

Company 3

D.

Cannot be calculated from the data provided.

Answer 1