Mary Company had the following data available: $\begin{array} { l } \text {Paid-in capital, December 31, 2014 }&\$43,000 \\ \text { Retained earnings, December 31,2014}&\$27,000 \\ \text { Net income for the year ended December 31,2015 }&\$ 35,400\\ \text { Dividends declared in 2015}&\$ 20,000\\ \end{array}$ What is the balance in Retained Earnings on December 31,2015?

A) $23,400 B) $42,400 C) $52,400 D) $66,400 A) $23,400 B) $42,400 C) $52,400 D) $66,400

Michigan Company has the following data available: $\begin{array}{lll}&\text { December } & \text { December } \\ &31,2011 & 31,2012\\ \text { Fixed Assets } & \$ 125 & \$ 125 \\ \text { Accumulated Depreciation } & \$ 110 & \$ 117 \\ \text { Long-term debt } & \$ 125 & \$ 5 \\ \text { Commonstock } & \$ 300 & \$ 400 \\ \text { Retained earnings } & \$ 100 & \$ 120 \end{array}$ Dividends of $20 were declared on December 1,2012.What is the net income for the year ended December 31,2012?

A) $10 B) $20 C) $30 D) $40 A) $10 B) $20 C) $30 D) $40

Exam 16: Understanding Corporate Annual Reports: Basic Financial Statements

Cash receipts of interest income are reported in the ________ section of the statement of cash flows.The direct method is used.

(Multiple Choice)

4.8/5

(81)

Question 21

The net amount a company expects to collects on Accounts Receivable is equal to ________.

(Multiple Choice)

4.8/5

(80)

Question 22

Nonoperating items on a multiple-step income statement do NOT include ________.

(Multiple Choice)

4.8/5

(87)

Question 23

The wages expense of Florida Corporation was $45,000 as per its income statement.Beginning wages payable was $6,000.Ending wages payable was $3,000.The cash paid to employees was ________.

(Multiple Choice)

4.9/5

(81)

Question 24

How should Unearned Rent Revenue be classified on a balance sheet at December 31,2013? The rental contract covers the period,January 1,2013 through December 31,2015.

(Multiple Choice)

4.9/5

(79)

Question 25

Under the direct method of preparing the statement of cash flows,the cash collected from customers is determined for the operating activities section.

(True/False)

4.9/5

(77)

Question 26

Accounts payable,wages payable and income taxes payable are all considered to be current liabilities.

(True/False)

4.9/5

(79)

Question 27

Mary Company had the following data available: Paid-in capital, December 31, 2014 \4 3,000 Retained earnings, December 31,2014 \2 7,000 Net income for the year ended December 31,2015 \ 35,400 Dividends declared in 2015 \ 20,000 What is the balance in Retained Earnings on December 31,2015?

(Multiple Choice)

4.7/5

(83)

Question 28

Michigan Company has the following data available: December December 31,2011 31,2012 Fixed Assets \ 125 \ 125 Accumulated Depreciation \ 110 \ 117 Long-term debt \ 125 \ 5 Commonstock \ 300 \ 400 Retained earnings \ 100 \ 120 Dividends of $20 were declared on December 1,2012.What is the net income for the year ended December 31,2012?

(Multiple Choice)

4.9/5

(77)

Question 29

The purpose of depreciation is to ________.

(Multiple Choice)

4.9/5

(76)

Question 30

The account Unearned Revenue is a revenue account.

(True/False)

4.9/5

(86)

Question 31

Nebraska Company gave a long-term note payable in the amount of $285,000 to acquire a new piece of land.This transaction will be reported on the statement of cash flows as a ________.

(Multiple Choice)

5.0/5

(70)

Question 32

A multiple step income statement has several measures of profit that do NOT include ________.

(Multiple Choice)

4.9/5

(83)

Question 33

The cash received from the sale of bonds payable is included in the ________ section of the statement of cash flows.

(Multiple Choice)

4.9/5

(87)

Question 34

The limited liability of stockholders in a corporation means that ________.

(Multiple Choice)

5.0/5

(80)

Question 35

Intangible assets are ________.

(Multiple Choice)

4.9/5

(74)

Question 36

Accrued interest payable is a long-term liability because it relates to a long-term bond payable.

(True/False)

5.0/5

(67)

Question 37

________ summarizes the results of the basic operating activities of a company.

(Multiple Choice)

4.8/5

(74)

Question 38

The cash received from the sale of land is included in the ________ section of the statement of cash flows.

(Multiple Choice)

4.7/5

(87)

Question 39

An example of a noncash transaction on the statement of cash flows is the purchase of equipment with a long-term note payable.

(True/False)

4.9/5

(72)

Question 40

Showing 21 - 40 of 141

Cash receipts of interest income are reported in the ________ section of the statement of cash flows.The direct method is used.

The net amount a company expects to collects on Accounts Receivable is equal to ________.

Nonoperating items on a multiple-step income statement do NOT include ________.

The wages expense of Florida Corporation was $45,000 as per its income statement.Beginning wages payable was $6,000.Ending wages payable was $3,000.The cash paid to employees was ________.

How should Unearned Rent Revenue be classified on a balance sheet at December 31,2013? The rental contract covers the period,January 1,2013 through December 31,2015.

Under the direct method of preparing the statement of cash flows,the cash collected from customers is determined for the operating activities section.

Accounts payable,wages payable and income taxes payable are all considered to be current liabilities.

Mary Company had the following data available: Paid-in capital, December 31, 2014 \4 3,000 Retained earnings, December 31,2014 \2 7,000 Net income for the year ended December 31,2015 \ 35,400 Dividends declared in 2015 \ 20,000 What is the balance in Retained Earnings on December 31,2015?

The purpose of depreciation is to ________.

The account Unearned Revenue is a revenue account.

Nebraska Company gave a long-term note payable in the amount of $285,000 to acquire a new piece of land.This transaction will be reported on the statement of cash flows as a ________.

A multiple step income statement has several measures of profit that do NOT include ________.

The cash received from the sale of bonds payable is included in the ________ section of the statement of cash flows.

The limited liability of stockholders in a corporation means that ________.

Intangible assets are ________.

Accrued interest payable is a long-term liability because it relates to a long-term bond payable.

________ summarizes the results of the basic operating activities of a company.

The cash received from the sale of land is included in the ________ section of the statement of cash flows.

An example of a noncash transaction on the statement of cash flows is the purchase of equipment with a long-term note payable.

Managerial Accounting,the Business Organization,and Professional Ethics

Introduction to Cost Behavior and Cost Volume Profit Relationships

Measurement of Cost Behavior

Cost Management Systems and Activity-Based Costing

Relevant Information for Decision Making With a Focus on Pricing Decisions

Relevant Information for Decision Making With a Focus on Operational Decisions

Introduction to Budgets and Preparing the Master Budget

Flexible Budgets and Variance Analysis

Management Control Systems and Responsibility Accounting

Management Control in Decentralized Organizations

Capital Budgeting

Cost Allocation

Accounting for Overhead Costs

Job-Order Costing and Process-Costing Systems

Basic Accounting: Concepts, techniques, and Conventions

Understanding and Analyzing Consolidated Financial Statements

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