1. An organization has Liabilities of $23,500 and Stockholders’ Fairness of $56,500. How a lot does the corporate have in Belongings? 2. Starting Retained Earnings are $65,000; gross sales are $29,500; bills are $33,000; and dividends paid are $three,500. How a lot is the online earnings or loss for the corporate? three. The account “Salaries Expense” started with a zero steadiness after which had the next adjustments: improve of $450, lower of $175, improve of $600, and a rise of $350. What’s the remaining steadiness of the “Salaries Expense” account, and is it a debit or credit score? four. A $375 buy of provides on account was recorded by debiting Provides for $375 and crediting Money for $375. What’s the journal entry wanted to appropriate this error? 5. Allied, Inc. purchased a two-year insurance coverage coverage on August 1 for $three,600. What’s the adjusting journal entry on December 31? E x am i n a t i o n E x am i n a t i o n Monetary Accounting 6. An organization began the yr with no provides. Through the yr they purchased $200 value of provides on account and later paid $150 of this debt. If there have been $40 value of provides left on the finish of the yr, what’s the provide expense for the interval? 7. ABC Company has obtained an bill for $four,500 with phrases of three/15, n/50. If ABC pays the bill on the seventeenth day, what’s the impact on the Money account and can the Money account be debited or credited? eight. Bond and Associates has the next account balances listed in alphabetical order: Accrued Depreciation, $23,000; Accounts Payable, $eight,500; Accounts Receivable, $12,000; Money, $three,500; Gear, $44,000; Land, $21,000; Mortgage Payable, $45,000; Pay as you go Insurance coverage, $7,500; Provides, $2,000; Unearned Income, $6,000; Wages Payable, $four,500. How a lot are Bond and Associates’ present liabilities? 9. Olympic Enterprises has the next stock knowledge: Assuming common price, what’s the price of items offered for the June 14 sale?Date Amount Unit price June 1 Starting stock 5 $52 June four Buy 10 $55 June 7 Sale 12 June 11 Buy 9 $58 June 14 Sale eight 10. An organization has $four,500 in internet gross sales, $three,200 in gross revenue, $1,300 in ending stock, and $1,800 in starting stock. What’s the firm’s price of products offered? 11. Items out there on the market are $40,000; starting stock is $16,000; ending stock is $20,000; and the price of items offered is $50,000. What’s the stock turnover? 12. Which component of inner management offers with establishing procedures for issues corresponding to dealing with of incoming checks, and which component offers with the oversight of the inner management techniques? 13. What’s an audit opinion?14. An organization has $235,000 in credit score gross sales. The corporate makes use of the allowance methodology to account for uncollectible accounts. The Allowance for Uncertain Accounts now has a $7,250 credit score steadiness. If the corporate estimates 7% of credit score gross sales can be uncollectible, what’s the quantity of the journal entry to document estimated uncollectible accounts? 15. Bestway, Inc. had credit score gross sales of $142,000 for the interval. The steadiness in Allowance for Uncertain Accounts is a debit of $643. If Bestway estimates that 2% of credit score gross sales can be uncollectible, what’s the required journal entry to document estimated uncollectible accounts? 16. An asset has a price of $50,000, with a residual worth of $10,000. It has a lifetime of 5 years and was bought on January 1. Below double-declining-balance, what’s the asset’s fourth full yr of depreciation expense? 17. A truck costing $56,000 has accrued depreciation of $50,000. The truck is offered for $eight,500. What’s the journal entry for this transaction? 18. On January 1, Bixby Machine signed a $210,000, 6%, 30-year mortgage that requires semiannual funds of $7,585 on June 30 and December 31 of every yr. What’s the appropriate journal entry for recording the second semiannual cost (spherical curiosity calculation to the closest greenback)? 19. On January 1, $500,000 of eight%, 10-year bonds have been offered for $530,000. The bonds require semiannual curiosity funds on June 30 and December 31. What’s the appropriate entry for recording the June 30 curiosity cost on the bonds? 20. Motor Works, Inc. has declared a $20,000 money dividend to shareholders. The corporate has 5,000 shares of $15-par, 10% most well-liked inventory and 10,000 shares of $20-par widespread inventory. The popular inventory is non-cumulative. How a lot will the popular and customary stockholders obtain on the date of cost? 21. Allied Industries, Inc. has 250,000 shares of $7-par widespread inventory excellent. They’ve declared a 7% inventory dividend. The present market value of the widespread inventory is $11/share. What’s the quantity that can be credited to Paid-in Capital in Extra of Par Frequent Inventory on the date of declaration? 22. Accounts receivable quantities to $215,000 for the start of the yr and $245,000 for the tip of the yr. Earnings reported on the earnings assertion for the yr is $300,000. How a lot is the money stream from working actions on the money stream assertion utilizing the oblique methodology?23. Working bills aside from depreciation for the yr have been $400,000. Accrued bills elevated by $35,000. What are the money funds for working bills reported on the money stream assertion utilizing the direct methodology? 24. Crimson Line, Inc. has a money steadiness of $80,000, short-term investments of $20,000, internet receivables of $60,000, and stock of $450,000. Present liabilities whole $200,000. What’s Crimson Line’s fast ratio? 25. River Metropolis, Inc. reported the next for 2014:Internet gross sales $220,000 Internet earnings $37,000 Market value per share of widespread inventory $28.75 Dividends $four,100 Common variety of shares of widespread inventory excellent 10,000 What are the earnings per share for River Metropolis, Inc. (to the closest cent)?