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(Solved) 1. Kingery Corporation has current assets of $1930000 and current liabilities of $610000. If they pay $335000 of their accounts payable what will


1. Kingery Corporation has current assets of $1930000 and current liabilities of $610000. If they pay $335000 of their accounts payable what will their new current ratio be?

a

2.9:1

b

5.8:1

c

3.2:1

d

7.0:1

2. 

The Kingbird, Inc. has five plants nationwide that cost $340 million. The current fair value of the plants is $570 million. The plants will be reported as assets at


a

$340 million.

b

$230 million.

c

$570 million.

d

$910 million.

3. Coronado Industries began the year with $118400 in its Common Stock account and a debit balance in Retained Earnings of $50800. During the year, the company earned net income of $25400 and declared and paid $8500 of dividends. In addition, the company sold additional common stock amounting to $31000. Based on this information, what should the transaction analysis show for the ending total of all stockholders' equity accounts?

a

$234100

b

$115500

c

$155100

d

$217100

4. 

Concord Corporation showed the following balances at the end of its first year:

Cash $11200
Prepaid insurance 560
Accounts receivable 2800
Accounts payable 2240
Notes payable 3360
Common stock 4320
Dividends 560
Revenues 23200
Expenses 14000



What amount did Concord Corporation show as total credits?


a $33120
b $34240
c $33680
d $32560

5. 

At February 1, 2017, the balance in Skysong, Inc. supplies account was $2870. During February. Skysong purchased supplies of $2460 and used supplies of $3280. At the end of February, the balance in the Supplies account should be

a

$8610 debit.

b

$2050 debit.

c

$3690 credit.

d

$2870 debit.

6. 

At September 1, 2017, Marigold Corp. reported Retained Earnings of $329940. During the month, Marigold generated revenues of $46800, incurred expenses of $28080, purchased equipment for $11700 and paid dividends of $4680. What is the balance in Retained Earnings at September 30, 2017?


a

$332280 credit

b

$329940 debit

c

$343980 credit

d

$18720 credit

7. 

Under revenue recognition principle service-type businesses recognize revenue:



a

at the end of the month.

b

when cash is received.

c

when the service is performed.

d

at the end of the year.

8. 

Vaughn Manufacturing had the following transactions during 2016:


• Sales of $9180 on account

• Collected $4080 for services to be performed in 2017

• Paid $3830 cash in salaries for 2016

• Purchased airline tickets for $510 in December for a trip to take place in 2017


What is Vaughn's 2016 net income using accrual accounting?


a

$9940

b

$5350

c

$5860

d

$9430

9. 

Marigold Corp. purchased equipment for $11700 on December 1. It is estimated that annual depreciation on the computer will be $2340. If financial statements are to be prepared on December 31, the company should make the following adjusting entry:


a

debit Depreciation Expense, $2340; credit Accumulated Depreciation, $2340.

b

debit Depreciation Expense, $9360; credit Accumulated Depreciation, $9360.

c

debit Depreciation Expense, $195; credit Accumulated Depreciation, $195.

d

debit Equipment, $11700; credit Accumulated Depreciation, $11700.

10. 

Depreciation is the process of:



a

valuing an asset at its fair market value.

b

increasing the value of an asset over the periods in which it is used.

c

allocating the cost of an asset to the periods in which it is used.

d

writing down an asset to its real value each accounting period.

 


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