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ACCT 2301- Chapter 1 Post Quiz
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Terms in this set (10)
Assume Aroma Cleaning Service had net income of $1,180for the year. Aroma Cleaning Service's beginning and ending total assets were $4,820 and $4,620, respectively. Calculate Aroma Cleaning Service's return on assets for the year. (Round to the nearest hundredth percent, X.XX%.)
25%
The balance sheet reports the
financial position on a specific date.
Assume that Global Cleaning Service performed cleaning services for a department store on account for $180. How would this transaction affect Global Cleaning Service's accounting equation?
Increase both assets and equity by $180
Consider the overall effects on NationalNational Cleaning Service from selling and performing services on account for $7,470 and paying expenses totaling $3,570. What is National National Cleaning Service's net income or net loss?
Net income of $ 3,900
At the end of a recent year, Anderson Anderson Cleaning Service, a full-service house and office cleaning service, had total assets of $5,180 and equity of $2,880. How much were Anderson Anderson Cleaning Service's liabilities?
$2300
Which of the following requires accounting information to be complete, neutral, and free from material error?
Faithful representation concept
Which of the following characteristics best describes a corporation?
Stockholders not personally liable for entity's debts
Which type of business organization is owned by only one owner?
Sole proprietorship
Which of the following is not an external user of a business's financial information?
Employee
Accounting is the information system that
All of the above (processes information into reports. Communicates the results to decision makers. Measures business activity.
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Verified questions
ACCOUNTING
Monica cashed her paycheck at Ready Cash. The fee at Ready Cash to cash a check is 10% of the amount of the check. Her paycheck was $538. How much was the fee for Monica to cash her paycheck?
ACCOUNTING
The stockholders' equity section of The Seventies Shop is presented here. $$ \text{THE SEVENTIES SHOP} \\ \text{Balance Sheet (partial)} \\ \begin{array}{l} \text{$(\$ \text { in thousands) }$} & \text{ }\\ \text{Stockholders' equity:} & \text{ }\\ \text{Preferred stock, $\$ 50$ par value} & \text{\$-0-}\\ \text{Common stock, $\$ 5$ par value} & \text{$20,000$}\\ \text{Additional paid-in capital} & \underline{100,000}\\ \text{Total paid-in capital} & \text{$120,000$}\\ \text{Retained earnings} & \text{$53,000$}\\ \text{Treasury stock} & \underline{(3,700)}\\ \text{Total stockholders' equity} & \underline{\underline{\$ 169,300}}\\ \end{array} $$ Based on the stockholders' equity section of The Seventies Shop, answer the following questions. Remember that all amounts are presented in thousands. 1. How many shares of preferred stock have been issued? 2. How many shares of common stock have been issued? 3. Total paid-in capital is $120 million. At what average price per share were the common shares issued? 4. If retained earnings at the beginning of the period was$45 million and net income during the year was $9,907,500, how much was paid in dividends for the year? 5. If the treasury stock was reacquired at$20 per share, how many shares were reacquired? 6. How much was the dividend per share?
ACCOUNTING
Consider the following transactions. $$ \begin{matrix} \text{ } & \text{Accrual-Basis} & \text{ } & \text{Cash-Basis} & \text{ } & \text{ }\\ \text{Transaction} & \text{Revenue} & \text{Expense} & \text{Revenue} & \text{Expense}\\ \text{1. Receive cash from customers at the time} & \text{ } & \text{ } & \text{ } & \text{ }\\ \text{of service, $\$ 3,700$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{2. Issue common stock for cash, $\$ 6,000$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{3. Receive cash from customers who were} & \text{ } & \text{ } & \text{ } & \text{ }\\ \text{previously billed, $\$ 1,700$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{4. Incur utilities cost in the current month} & \text{ } & \text{ } & \text{ } & \text{ }\\ \text{but do not pay, $\$ 600$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{5. Pay workers' salaries for the current} & \text{ } & \text{ } & \text{ } & \text{ }\\ \text{month, $\$ 700$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{6. Pay for rent one year in advance, $\$ 3,600$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{7. Repay a long-term note to the bank,} & \text{ } & \text{ } & \text{ } & \text{ }\\ \text{$\$ 3,000$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{8. Pay workers' salaries for the previous} & \text{ } & \text{ } & \text{ } & \text{ }\\ \text{month, $\$ 850$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{9. Pay dividends to stockholders, $\$ 500$ .} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \text{10. Purchase office supplies for cash, $\$ 540 .$} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_} & \text{\_\_\_\_\_}\\ \end{matrix} $$ For each transaction, determine the amount of revenue or expense, if any, that is recorded under accrual-basis accounting and under cash-basis accounting.
ACCOUNTING
Shankar Company uses a perpetual system to record inventory transactions. The company purchases 1,500 units of inventory on account on February 2 for $60,000 ($40 per unit) but then returns 100 defective units on February 5. Record the inventory purchase on February 2 and the inventory return on February 5.
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