Home / Questions / Resources owned by the company that will provide a benefit for more than one year
Resources owned by the company that will provide a benefit for more than one year are called:
a. Current assets.
b. Current liabilities.
c. Long-term assets.
d. Revenues.
115. The following financial information is from Shovels Construction Company:
|
Accounts Payable |
$15,000 |
|
Buildings |
80,000 |
|
Cash |
10,500 |
|
Accounts Receivable |
9,500 |
|
Sales Tax Payable |
4,500 |
|
Retained Earnings |
47,500 |
|
Supplies |
40,000 |
|
Notes Payable (due in 18 months) |
35,000 |
|
Interest Payable |
3,000 |
|
Common Stock |
35,000 |
What is the amount of current assets, assuming the accounts above reflect normal activity?
a. $20,000.
b. $60,000.
c. $140,000.
d. $175,000.
116. Consider the following items:
Land
Accounts Receivable
Notes Payable (due in three years)
Accounts Payable
Retained Earnings
Prepaid Rent
Unearned Revenue
Buildings
Notes Payable (due in six months)
Equipment
How many of the items listed above are generally long-term assets?
a. Two.
b. Three.
c. Four.
d. Five.
117. The following financial information is from Bronco Company. All debt is due within one year unless stated otherwise.
|
Retained Earnings |
$52,000 |
|
Supplies |
37,000 |
|
Equipment |
72,000 |
|
Accounts Receivable |
8,600 |
|
Unearned Revenue |
6,000 |
|
Accounts Payable |
15,000 |
|
Common Stock |
25,000 |
|
Notes Payable (due in 18 months) |
35,000 |
|
Interest Payable |
7,000 |
|
Cash |
22,400 |
What is the amount of current liabilities?
a. $63,000.
b. $28,000.
c. $45,600.
d. $22,000.
118. The following table contains financial information for Trumpeter Inc. before closing entries:
|
Cash |
$12,000 |
|
Supplies |
4,500 |
|
Prepaid Rent |
2,000 |
|
Salary Expense |
4,500 |
|
Equipment |
65,000 |
|
Service Revenue |
30,000 |
|
Miscellaneous Expenses |
20,000 |
|
Dividends |
3,000 |
|
Accounts Payable |
5,000 |
|
Common Stock |
68,000 |
|
Retained Earnings |
8,000 |
What is Trumpeter’s net income?
a. $3,500.
b. $2,500.
c. $5,000.
d. $5,500.
119. The following table contains financial information for Trumpeter Inc. before closing entries:
|
Cash |
$12,000 |
|
Supplies |
4,500 |
|
Prepaid Rent |
2,000 |
|
Salaries Expense |
4,500 |
|
Equipment |
65,000 |
|
Service Revenue |
30,000 |
|
Miscellaneous Expenses |
20,000 |
|
Dividends |
3,000 |
|
Accounts Payable |
5,000 |
|
Common Stock |
68,000 |
|
Retained Earnings |
8,000 |
What is the amount of Trumpeter’s total assets?
a. $81,500.
b. $82,500.
c. $68,500.
d. $83,500.
120. The following table contains financial information for Trumpter’s Inc. before closing entries:
|
Cash |
$12,000 |
|
Supplies |
4,500 |
|
Prepaid Rent |
2,000 |
|
Salaries Expense |
4,500 |
|
Equipment |
65,000 |
|
Service Revenue |
30,000 |
|
Miscellaneous Expense |
20,000 |
|
Dividends |
3,000 |
|
Accounts Payable |
5,000 |
|
Common Stock |
68,000 |
|
Retained Earnings |
8,000 |
What is the amount of Trumpter’s total liabilities?
a. $5,000.
b. $78,500.
c. $68,500.
d. $83,500.
121. The following table contains financial information for Trumpter’s Inc. before closing entries:
|
Cash |
$12,000 |
|
Supplies |
4,500 |
|
Prepaid Rent |
2,000 |
|
Salaries Expense |
4,500 |
|
Equipment |
65,000 |
|
Service Revenue |
30,000 |
|
Miscellaneous Expense |
20,000 |
|
Dividends |
3,000 |
|
Accounts Payable |
5,000 |
|
Common Stock |
68,000 |
|
Retained Earnings |
8,000 |
What is the amount of Trumpter’s total stockholders’ equity?
a. $5,000.
b. $78,500.
c. $68,500.
d. $83,500.
122. Which of the following describes the purpose(s) of closing entries?
a. Adjust the balances of asset and liability accounts for unrecorded activity during the period.
b. Transfer the balances of temporary accounts to common stock.
c. Reduce the balances of the temporary accounts to zero to prepare them for measuring activity in the next period.
d. Both b and c.
123. Which of the following is a permanent account?
a. Dividends.
b. Service Revenue.
c. Advertising Expense.
d. Retained Earnings.
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