Busa-202 extra credit practice quiz for exam 1 (2015)




Question 1                                                                                                                          0.2 out of 0.2 points


Which of the following would be included in the operating activity section of the Statement of Cash Flows? (Select all that apply.)                                 


Question 2                                                                                                                                          0 out of 0.2 points


The income statement reports the ______.                                       




Question 3                                                                                                                          0.2 out of 0.2 points




 If a company’s total assets equals $80,000 and its stockholders’ equity equals $20,000, how much are the creditors’ claims to the company’s assets?


Question 4                                                                                                                                          0 out of 0.2 points


 Classify the Balance Sheet accounts listed below as an Asset, Liability, or Shareholders’ Equity. 




Question 5                                                                                                                                          0 out of 0.2 points




 Which of the following are possible effects on the accounting equation when recording a transaction that increases an asset by $100? (Select all that apply.)                                     


Question 6                                                                                                                                          0 out of 0.2 points




 Purses, Inc., sold 4 purses that cost $40 each to its customers for a price of $60 each. The Gross Profit amount on the income statement will equal $______. Do not include $ in your answer.                                               


Question 7                                                                                                                                          0 out of 0.2 points


 How many of the following line items are on the Balance Sheet?


Question 8                                                                                                                                          0 out of 0.2 points


Determine the missing amounts:










Question 9                                                                                                                                          0 out of 0.2 points




 At December 31, Year 1, Sea the World Cruises, Inc.’s assets were $60,000 and liabilities were $40,000. At December 31, Year 2, its assets are $150,000 and liabilities are $50,000. During the year, it did not issue new stock, and it declared and paid $100 dividend. Calculate net income for Year 2.                                 


Question 10                                                                                                                                       0 out of 0.2 points


 For the year ended December 31, Year 2 For the year ended December 31, Year 1


Revenues            $ 5,500  $ 500


Expenses             $ 1,500  $_________


Net Income        $________        $_________


 December 31, Year 2     December 31, Year 1


Assets   $ 16,500 $ 1,000


Liabilities              $_________      $ 500


Common Stock$ 300      $ 300


Retained Earnings            1.$________     $ 200


Assume Year 1 is the company’s first year of business and there were $100 dividends in Year 1 and $100 dividends in Year 2. After determining the missing amounts ($______) in the above financial statements, calculate and type in the December 31, Year 2 Retained Earnings 1.$_________.


Question 11                                                                                                                       0.2 out of 0.2 points


Nim Com Soup, Inc., purchased land at a cost of $6,000 five years ago. Currently, the land is estimated to be worth $56,000. At what amount should the land be reported on Nim Com Soups’ balance sheet at year end?


Question 12                                                                                                                                       0 out of 0.2 points


 In March, Florist Gump, Inc., collected $6,000 of its accounts receivable from February sales. Show the effect on the accounting equation below:










Question 13                                                                                                                                       0 out of 0.2 points


 Royal Flush Plumbing, Inc., performed $1,000 of services on account of which it has collected $600. Revenues on the income statement equals?


Question 14                                                                                                                                       0 out of 0.2 points


 Faux Sure, Inc., earned $400,000 during its first month of business of which $300,000 was collected during the month. Match the amounts that will be reported on each of the first month’s financial statements listed below.                                              


Question 15                                                                                                                                       0 out of 0.2 points




 In its first month of business, Lord of the Fries, Inc., collected $27,000 from customers in advance during May. At May 31, it had a balance in its Unearned Revenue of $3,000. What is the amount of Revenue reported on the income statement for the month ended May 31?


Question 16                                                                                                                                       0 out of 0.2 points


Bank ‘n’ Roll, Inc., pays its employees once a month and records the expense at the time of payment. On May 31, Bank ‘n’ Roll, Inc., paid its employees $10,000 for work performed in May. The entry to record the payment includes a ______. (Select all that apply.)                                   


Question 17                                                                                                                                       0 out of 0.2 points


 Record the transaction below.


 Assets  Liabilities                                              Shareholders’ Equity


February 1: Wursthaus, Inc., paid $600 cash for three months of insurance coverage that begins February 1.        $______                $______              $______




Question 18                                                                                                                                       0 out of 0.2 points




 Curl Up & Dye, Inc. began May with $200 of supplies. It purchased $860 of supplies on account during May. It paid $330 of the amount it owed for its supplies in May. At May 31, it only had $200 of supplies left. Supplies Expense for the month ended May 31 equals ______.






Question 19                                                                                                                                       0 out of 0.2 points


During the year, Proffitts, Inc., had revenue of $62,000 and expenses of $25,000. During the year, it collected $7,000 from its customers and paid $3,000 of its expenses and $20,000 of dividends to its owners. Net income for the year equals ______.


Question 20                                                                                                                                       0 out of 0.2 points


Use the following information for Equitable, Inc., for the year ended December 31, Year 2.  Assume no new common stock was issued during the year.


Revenue for the year ended, December 31, Year 2          $44,000


Expenses for the year ended, December 31, Year 2         15,000


Total Assets at December 31, Year 1        35,000


Total Assets at December 31, Year 2        60,000


Total Shareholders’ Equity at December 31, Year 1            25,000


Dividends for the year ended December 31, Year 2          7,000


What is total Shareholders’ Equity at December 31, Year 2?


Question 21                                                                                                                                       0 out of 0.2 points


 During December, Acme, Inc., performed and billed its customers $30,000 for services on account of which it collected $2,000. How much revenue should Acme record in December?


Question 22                                                                                                                                       0 out of 0.2 points


 Indiana Bones, Inc., purchased $400 of supplies on account during May. Indiana bones paid $150 of the $400 it owed for its supplies. At May 31, Indiana Bones had $100 of supplies left. Which of the following statements is true about the May financial statements?


Cash Paid for Supplies on the ______.                                  


Question 23                                                                                                                                       0 out of 0.2 points


 When a company pays for advertising in advance, it will record a debit to ______ and a credit to ______.           


Question 24                                                                                                                                       0 out of 0.2 points


The beginning balance in Lucre’s Notes Payable was $50,000. During the month, Lucre borrowed $60,000 cash from Last National Bank and then paid First National Bank the $40,000 it had borrowed five months prior. The balance in Lucre’s Notes Payable is now a ______.                                           






Question 25                                                                                                                                       0 out of 0.2 points          


 How many of the following accounts have a normal debit balance?


Accounts Receivable


Unearned Revenue


Wages Expense


Wages Payable


Depreciation Expense


Sales Revenue


Question 26                                                                                                                                       0 out of 0.2 points


 On December 31, Year 1, Accounts Payable had a balance of $10,000. During Year 2, there were $500,000 purchases on account and $490,000 payments of Accounts Payable. The December 31, Year 2, balance must equal $______. Do not include a $ in your answer.                                         


Question 27                                                                                                                                       0 out of 0.2 points


On November 1, Nim Com Soup, Inc., borrowed $33,000 by issuing a 6-month note at 12%. Interest Payable at December 31, equals ______.


Question 28                                                                                                                                       0 out of 0.2 points


On December 1, Morris Lest, Inc., borrowed $79,000 by issuing a 7-month note at 6%. Interest Payable at December 31 equals ______.


Question 29                                                                                                                                       0 out of 0.2 points


 The adjusting entry to record depreciation on equipment includes a ______. (Select all that apply.)       Question 30                                                                                                                                        0 out of 0.2 points


 Kincaid Company’s Retained Earnings balance on january 1 was $6,000. During the current year, Kincaid earned $6,400 in revenues and incurred $4,200 in expenses. Kincaid paid $2,500 in dividends, all in cash. After the closing entries are made, Kincaid’s Retained Earnings balance on December 31 will be ______.                                     


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