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Question 1                                                                                                                                          0 out of 1.5 points
 
Record the transaction below.
 
The following event took place in the month of May.      Assets   Liabilities              Shareholders’ Equity
 
Common StockRetained Earnings
 
Hot Diggity Dog, Inc., paid $10 of May’s interest on the note payable, plus it paid off the $2,000 note payable.     $______                $______              $______              $______
 
TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH COLUMN (ASSETS, LIABILITIES, COMMON STOCK, & RETAINED EARNINGS) EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT “0 NO EFFECT.”
 
Question 2                                                                                                                          1.5 out of 1.5 points
 
How many of the following line items are on the Statement of Shareholders’ Equity?
 
Supplies Expense
 
Beginning Retained Earnings
 
Notes Payable
 
Dividends
 
Common Stock Issued
 
Proceeds from Loans
 
Question 3                                                                                                                                          1.5 out of 1.5 points
 
 
 
What is the effect on total shareholders’ equity when a company purchases a cash register for a cash payment of $1,200?
 
Question 4                                                                                                                                          0.5 out of 1.5 points
 
Identify what a company gives and gets when it invests in equipment by paying cash and signing a two-year note. (Select all that apply.)
 
Question 5                                                                                                                                          1.5 out of 1.5 points
 
Which of the following will result in a decrease to assets and shareholders’ equity? (Select all that apply.)
 
 
 
 
 
 
 
 
 
Question 6                                                                                                                                          0 out of 1.5 points
 
 
 
Indicate whether each activity for Anudu Hair Salon would be classified as an operating, investing, or financing activity.
 
Question 7                                                                                                                                          1.5 out of 1.5 points
 
 
 
Record the transaction below.
 
Assets  Liabilities              Shareholders’ Equity
 
Jim’s Jambs, Inc., recorded $150 of depreciation on its equipment for the month.             $______              $______                $______
 
TO RECEIVE CREDIT FOR THE QUESTION, AN ANSWER MUST BE SELECTED FOR EACH COLUMN (ASSETS, LIABILITIES, SHAREHOLDERS’ EQUITY) EVEN IF THERE IS NO EFFECT. IF THERE IS NO EFFECT, SELECT “0 NO EFFECT.”
 
Question 8                                                                                                                                          0 out of 1.5 points          
 
During its first month of business, Purses, Inc., purchased 5 purses at $50 each and sold 3 purses for $80 each. Purses’ Inventory balance on the balance sheet at the end of the month equals $______.
 
 
 
Question 9                                                                                                                                          0 out of 1.5 points          
 
Lawn & Order borrowed cash from a bank by issuing a $10,000 promissory note. The effect on Lawn & Order’s accounting equation is as follows:
 
Question 10                                                                                                                                       0 out of 1.5 points
 
 
 
At December 31, Year 1, Lord of the Fries, Inc.’s assets were $60,000 and liabilities were $40,000. At December 31, Year 2, its assets are $110,000 and liabilities are $50,000. During the year, it did not issue new stock and did not declare or pay dividends. Calculate net income for Year 2.
 
 
 
 
 
 
 
 
 
Question 11                                                                                                                                       1.5 out of 1.5 points
 
Purses, Inc., sold 8 purses that cost $40 each to its customers for a price of $80 each. The Gross Profit amount on the income statement will equal $______. Do not include $ in your answer.
 
Question 12                                                                                                                                       1.5 out of 1.5 points
 
If a company’s total assets equals $80,000 and its shareholders’ equity equals $20,000, then its liabilities must equal $______.
 
Question 13                                                                                                                                       0 out of 1.5 points
 
How many of the following accounts are found on the Balance Sheet?
 
Supplies Expense
 
Retained Earnings
 
Notes Payable
 
Depreciation Expense
 
Common Stock
 
Equipment
 
Question 14                                                                                                                                       1.5 out of 1.5 points
 
Classify the Balance Sheet accounts listed below as an Asset, Liability, or Shareholders’ Equity.
 
Question 15                                                                                                                                       0 out of 1.5 points
 
Determine the missing amounts.
 
December 31
 
Cash      $ 14,000                Accounts Payable            $ 4,000
 
Accounts Receivable      13,000   Notes Payable     10,000
 
Inventory            1.  ___?___        Common Stock  47,000
 
Buildings (net of accumulated depreciation)        20,000   Retained Earnings               5,000
 
Total Assets                $____           Total Liabilities and Shareholders’Equity                $66,000
 
After determining the missing amounts ($______) in the above Balance Sheet, calculate and type in the December 31 amount of Inventory  1.____?_____.
 
 
 
 
 
 
 
Question 16                                                                                                                                       0 out of 1.5 points
 
 
 
The balance sheet reports the ______.
 
 
 
 
 
Question 17                                                                                                                                       0 out of 1.5 points
 
 
 
Match the financial statement that reports each of the following.
 
Question 18                                                                                                                                       1.5 out of 1.5 points
 
 
 
Whistler Company had retained earnings of $472,000 at the end of Year 1. During Year 2, Whistler had net income of $100,000. Retained earnings were $485,000 at December 31, Year 2. The amount of dividends for Year 2 must have been:
 
 
 
 
 
Question 19                                                                                                                                       1.5 out of 1.5 points
 
 
 
Cycle Path, Inc., sold 100 bikes to its customers at $400 each. The bikes cost $250. The entry to record this sale includes a ______. (Select all that apply.)
 
Question 20                                                                                                                                       1.5 out of 1.5 points
 
 
 
Which financial statement reports how much cash was collected from customers?
 

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