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Cash investments by owners in exchange for stock are listed on which of the following

Cash investments by owners in exchange for stock are listed on which of the following statements? 

A. Balance sheet.

B. Income statement.

C. Statement of retained earnings.

D. Statement of cash flows.

E. Statement of cash received

 

 

142. Accounts payable appear on which of the following statements? 

A. Balance sheet.

B. Income statement.

C. Statement of retained earnings.

D. Statement of cash flows.

E. Transaction statement.

 

 

143. The income statement reports all of the following except: 

A. Revenues earned by a business.

B. Expenses incurred by a business.

C. Assets owned by a business.

D. Net income or loss earned by a business.

E. The time period over which the earnings occurred.

 

 

 

144. Use the following information as of December 31 to determine equity.

 

Liabilities…………………….$141,000

Cash…………………………    57,000

Equipment…………………..   206,000

Buildings……………………   175,000

A. $57,000

B. $141,000

C. $297,000

D. $438,000

E. $579,000

 

 

 

145. Determine the net income of a company for which the following information is available:

Employee salaries expense……………..$180,000

Interest expense…………………………   10,000

Rent expense…………………………….   20,000

Consulting revenue…………………….. 400,000

 

A. $190,000

B. $210,000

C. $230,000

D. $400,000

E. $610,000

 

146. A company acquires equipment for $75,000 cash. This represents a(n): 

A. Operating activity

B. Investing activity

C. Financing activity

D. Revenue activity

E. Expense activity

 

 

147. A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash. This represents a(n): 

A. Revenue activity

B. Operating activity

C. Expense activity

D. Investing activity

E. Financing activity

 

 

148. FastForward had cash inflows from operations of $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was: 

A. $40,500 increase

B. $40,500 decrease

C. $134,500 decrease

D. $134,000 increase

E. $9,500 increase

 

 

149. Use the following information as of December 31 to determine equity.

 

Accounts payable…………………………$  800

Accounts receivable…………………….    700

Cash……………………………………… 2,300

Wages expense………………………… 9,000

Wages payable……………………… 1,200

 

A. $1,000

B. $3,000

C. $5,000

D. $10,000

E. $11,000

 

 

150. FastForward has beginning equity of $257,000, net income of $51,000, dividends of $40,000, and investments by owners in exchange for stock of $6,000. Its ending equity is: 

A. $223,000

B. $240,000

C. $268,000

D. $274,000

E. $208,000

Jan 28 2020 View more View Less

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