Based on this information, what would be the Retained earnings balance at 12/31/2016? a. $14,245 b. $41,295 c. $13,525 d. $30,195
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1 Chapter 2 Financial Accounting, 5 th Edition by Dyckman, Hanlon, Magee, & Pfeiffer Solutions to Practice Quiz Topic: Reconciliation of Retained Earnings LO: 4 1. Jacobsen Company has the following information for 2016: Dividends $ 5,550 Revenues 56,750 Expenses 43,225 Retained Earnings 1/1/ ,220 Based on this information, what would be the Retained earnings balance at 12/31/2016? a. $14,245 b. $41,295 c. $13,525 d. $30,195 Reconciliation of Retained Earnings: Beginning retained earnings $22,220 Net income (loss).($56,750 43,225) 13,525 Dividends.. (5,550) Ending retained earnings $30,195 Quiz Solutions, Chapter 2 2-1
2 Topic: Reconciliation of Retained Earnings LO: 4 2. Jacobsen Company has the following information for 2016: Dividends $ 8,750 Revenues 36,750 Expenses 43,225 Retained Earnings 12/31/ ,620 Based on this information, what would be the beginning retained earnings balance at 1/1/2016? a. $23,345 b. $40,845 c. $10,395 d. $27,895 Answer: b Reconciliation of Retained Earnings: Beginning retained earnings $40,845 Net income (loss).($36,750 43,225) (6,475) Dividends (8,750) Ending retained earnings $25,620 Topic: Balance Sheet Analysis LO: 1 3. At the end of the current year, total equity in Rogers Corporation is $234,000. During the year the assets for the company increased by $104,000 and the liabilities increased by $88,000. Based on this information, total equity on the balance sheet at the beginning of the year must have been: a. $250,000 b. $322,000 c. $192,000 d. $218,000 $104,000 88,000 = $16,000 $234,000 16,000 = $218, Financial Accounting, 5 th Edition
3 Topic: Balance Sheet Analysis LO: 1 4. The following information is from the accounting records of Thompson Company at December 31, 2016: Notes Payable $180,000 Accounts Receivable $35,000 Building 162,000 Retained Earnings 161,000 Accounts Payable 15,000 Land 255,000 Equipment 120,000 Cash? Common Stock? If Cash is equal to $36,000 at December 31, 2016, what amount is Common Stock? a. $ 12,000 b. $ 34,000 c. $252,000 d. $326,000 Answer: c $36,000 35, , , ,000 = $608,000 Cash A/R Land Building Equipment Total Assets $15, ,000? 161,000 = $608,000 A/P N/P Common Stock R.E. Total Liabilities and S.E. $608, ,000 = $252,000 Quiz Solutions, Chapter 2 2-3
4 Topic: Financial Statement Effects In Analyzing Transactions LO: 2 5. A transaction caused a $45,000 increase in both assets and liabilities. Which of the following explains the transaction that could have happened? a. The company could have purchased office furniture by paying $45,000 cash. b. The company could have repaid a $45,000 bank loan. c. The company could have purchased office furniture for $135,000 by paying $90,000 in cash and issuing a $45,000 note payable. d. The company could have issued stock for $45,000. Transaction Answer: c (C) Purchase $135,000 of office furniture with a $90,000 down payment and the remainder on credit Cash Asset Noncash Assets Balance Sheet = Liabilities Contrib. Earned Income Statement Revenues - Expenses = -90, ,000 = 45,000 = Net Income Topic: Income Statement LO: 3, 4 6. If Spotless Maintenance Service is paid $430 for its cleaning work in The Esquire Theatre, which of the following would occur in Esquire s records? a. An increase in the Retained Earnings account. b. An increase in Net Income. c. An increase in Accounts Payable. d. An increase in Cleaning Expense. Transaction (D) Paid Spotless for Cleaning Services Cash Asset -430 Noncash Assets Balance Sheet Contrib. = Liabilities -430 = Retained Earnings Earned Income Statement Revenues - Expenses = 430 Cleaning Expense = Net Income Financial Accounting, 5 th Edition
5 Topic: Statement of Stockholders Equity LO: 5 7. Morton Company had the following data for 2016: A net loss of $13,000 Declared a $15,000 cash dividend Issued common stock for $34,000 cash The stockholders equity beginning balance on January 1, 2016 was $122,000. Based on this information, the statement of stockholders equity for the period ending on December 31, 2016 would show what year-end stockholders equity balance? a. $158,000 b. $128,000 c. $ 60,000 d. $154,000 Answer: b $122,000-13,000 34,000 15,000 = $128,000 Topic: Analyzing and Recording Transactions LO: 6 8. Ryan Dawson, CFO of Dependable Flooring Company, noticed a debit of $12,000 to Accounts Payable in the company s ledger accounts. Which of the following would be a likely explanation of what this could correspond to? a. The receipt of $12,000 on account from a customer. b. A $12,000 credit sale to a customer. c. A purchase on account of Office Equipment for $12,000. d. A payment of $12,000 to a vendor in settlement of a balance due. Accounts Payable (-L)... 12,000 Cash (-A)... 12,000 Quiz Solutions, Chapter 2 2-5
6 Topic: Assessing Liquidity LO: 7 9. At the end of 2016, Marley Company discovered that its accountant erroneously recorded $40,000 of inventory purchased for cash at year-end as: Equipment (-L)... 40,000 Cash (-A)... 40,000 If the current ratio, quick ratio and net working capital had already been computed using the erroneous data, the correction of the accounting records will have which of the following effects? a. Net working capital will decrease b. Current ratio will stay the same c. Quick ratio will decrease d. None of these is correct The correct answer is None of these is correct, since both net working capital and the current ratio will increase and the quick ratio will stay the same. Topic: Journalizing Transactions LO: The following journal entry was made by Rogers Company on March 15, 2016: Land 130,000 Building 50,000 Cash 35,000 Notes Payable 145,000 Based on this information, this transaction shows: a. A sale of land and building by Rogers for $180,000. b. The receipt of cash by Rogers for $45,000 c. An increase of $145,000 in liabilities for Rogers d. Payment by Rogers of $145,000 on a note payable Answer: c The entry presents a purchase of land and building by Rogers, whereby Rogers will take on $145,000 of additional debt in the exchange. 2-6 Financial Accounting, 5 th Edition
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