Test 1

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Temple University *

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Course

5001

Subject

Accounting

Date

Jan 9, 2024

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docx

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23

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Cruz Company had revenues of $96,000 and expenses of $58,000 for the year. Its assets at the beginning of the year were $408,000. At the end of the year, assets were worth $458,000. Calculate its return on assets. Multiple Choice . 8.8%. 9.3%. 8.3%. 23.5%. 22.2%. OO O )
3 If Dallas Company billed a client for $12,000 of consulting work completed, the accounts receivable asset increases by $12,000 and: Multiple Choice O Accounts payable decreases $12,000. Accounts payable increases $12,000. Cash increases $12,000. Revenue increases $12,000. Revenue decreases $12,000. O @ O O
Lito Company had cash inflows from operating activities of $31,000; cash outflows from investing activities of $26,000, and cash outflows from financing activities of $16,000. Calculate the net increase or decrease in cash. 4 0/4 points awarded Scored Multiple Choice . $73,000 increase. $41,000 increase. $11,000 decrease. $11,000 increase. $42,000 decrease. Ol O WEC N O
Nexis had beginning equity of $82,000; revenues of $120,000, and expenses of $85,000. The company had no other transactions impacting equity. Calculate the ending equity. Multiple Choice $117,000. $45,000. $127,000. $27,000. $37,000. (ORI C ORI ORI )
6 Determine the net income of a company for which the following information is available for the month of July. Employee salaries expense $ 191,000 Interest expense 21,000 Rent expense 31,000 Consulting revenue 444,000 Multiple Choice: . $201,000. $243,000. $444,000. O O $263,000. O D $687.000.
On April 30, Gomez Services had an Accounts Receivable balance of $36,700. During the month of May, total credits to Accounts Receivable were $72,400 from customer payments. The May 31 Accounts Receivable balance was $30,000. What was the amount of credit sales during May? Multiple Choice O $6,700. $65,700. $72,400. $79100. $45,600. O O O |e
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