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Acme Company had equity of $55000 at the end of the current year During the year the company had a $2,000 net loss and investments by owners in exchange for stock of $7000 Compute equity as of the

Acme Company had equity of $55,000 at the end of the current year. During the year the company had a $2,000 net loss and investments by owners in exchange for stock of $7,000. Compute equity as of the beginning of the year. 

A. $5,000

B. $46,000

C. $50,000

D. $52,000

E. $64,000

 

 

152. Rent expense that is paid with cash appears on which of the following statements? 

A. Balance sheet

B. Income statement

C. Statement of retained earnings

D. Schedule of accounts receivable

E. Statement of cash received

 

153. Fees earned (but not yet received in cash) by a business in exchange for services that it has provided appear on which of the following statements? 

A. Income statement

B. Statement of cash received

C. Statement of retained earnings

D. Statement of cash flows

E. Schedule of accounts receivable

 

 

154. A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of equity? 

A. $17,000

B. $29,000

C. $71,000

D. $88,000

E. $105,000

 

 

155. A company reported total equity of $145,000 on its December 31, 2013, balance sheet. The following information is available for the year ended December 31, 2014:

 

2014 revenues……………..$210,000

2014 expenses………………. 165,000

Liabilities, at December 31, 2014….   92,000

 

What are the total assets of the company at December 31, 2014? 

A. $45,000

B. $92,000

C. $190,000

D. $210,000

E. $282,000

 

 

156. A company had total equity of $89,000 on January 1, 2014. The following information is available for the year ended December 31, 2014:

 

2014 revenues

$350,000

2014 expenses

403,000

Liabilities, at December 31, 2014

27,000

 

What are the total assets of the company at December 31, 2014? 

A. $27,000

B. $36,000

C. $53,000

D. $63,000

E. $350,000

 

 

157. If beginning retained earnings was $184,300, the company distributed $46,000 in dividends and ending retained earnings was $345,000, what was the net income for the period?

A. $154,700

B. $206,700

C. $114,700

D. $575,300

E. $160,700

 

158. If beginning retained earnings was $184,300, net income for the period was $200,000 and ending retained earnings was $322,000, what was the total amount of dividend distributed for the period?

A. $62,300

B. $306,300

C. $337,700

D. $706,300

E. $137,700

 

159. If net income for the period was $134,250, dividends distributed were $76,530 and ending retained earnings was $862,520, what was the beginning retained earnings for the period?

A. $1,073,300

B. $651,740

C. $804,800

D. $920,240

E. $728,270

 

 

160. Beginning assets were $437,600, beginning liabilities were $262,560, common stock issued during the year totaled $45,000, revenue for the year was $414,250, expenses for the year were $280,000, dividends declared was $22,700, and ending liabilities is $$350,000.

 

What was the beginning equity for the year?

 

A. $700,160

B. $787,600

C. $187,600

D. $612,560

E. $175,040

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