In: Accounting
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.