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An example of a monetary asset is

An example of a monetary asset is

 

a.

Retained Earnings.

b.

Accounts Receivable.

c.

Land.

d.

Copyright.

 

 

 

131.Stockholders' equity of a corporation would not show

 

a.

additional paid-in capital on stock issued.

b.

the par value of stock issued.

c.

retained earnings.

d.

revenues and expenses.

 

 

 

132.All of the following will affect retained earnings, except

 

a.

investments by owners.

b.

revenues earned.

c.

expenses incurred.

d.

dividends declared and paid.

 

 

 

133.A liability would not include an obligation to

 

a.

provide services.

b.

transfer assets.

c.

hire an employee.

d.

pay cash.

 

 

 

134.Which of the following assets could be described as nonphysical?

 

a.

Cash

b.

Equipment

c.

Patents

d.

Buildings

 

 

 

135.Total stockholders' equity equals retained earnings plus

 

a.

total liabilities.

b.

contributed capital.

c.

par value.

d.

additional paid-in capital.

 

 

 

136.Which of the following financial statements is concerned with the enterprise at a point in time?

 

a.

Balance sheet

b.

Statement of retained earnings

c.

Statement of cash flows

d.

Income statement

 

 

 

137.              Flores Realty Corporation had the following balance sheet accounts and balances:

 

Accounts Payable

$6,000

 

Common Stock

?

Accounts Receivable

1,000

 

Equipment

$7,000

Building

?

 

Land

7,000

Cash

3,000

 

Retained Earnings

2,000

 

If the balance of the Common Stock account were $21,500, what would be the balance of the Building account?

 

a.

$11,500

b.

$6,500

c.

$23,500

d.

$27,500

 

 

 

138.              Flores Realty Corporation had the following balance sheet accounts and balances:

 

Accounts Payable

$6,000

 

Common Stock

?

Accounts Receivable

1,000

 

Equipment

$7,000

Building

?

 

Land

7,000

Cash

3,000

 

Retained Earnings

2,000

 

If the balance of the Building account were $10,500, what would be the total of liabilities and stockholders' equity?

 

a.

$25,500

b.

$20,500

c.

$28,500

d.

$10,500

 

 

 

139.              Flores Realty Corporation had the following balance sheet accounts and balances:

 

Accounts Payable

$6,000

 

Common Stock

?

Accounts Receivable

1,000

 

Equipment

$7,000

Building

?

 

Land

7,000

Cash

3,000

 

Retained Earnings

2,000

 

If the balance of the Building account were $15,000 and if the equipment were sold for $7,000, what would be the total of stockholders' equity?

 

a.

$15,000

b.

$27,000

c.

$33,000

d.

$16,000

Dec 10 2019 View more View Less

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