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Q2. If revenue was $450,000, expenses were $370,000 and dividends were $5,000, the amount of net income or net loss would be:
A, $45, 000 net income
B. $7,500 net income
C. $7,500 net loss
D. $8,000 net income
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- If revenue was P45,000, expenses were 37,500, and the owner's equity withdrawals were 10,000, the amount of net income or net loss was choices: a.P45,000 net income b.P7,500 net income c.P37,500 net loss d.P2,500 net lossQ4) Tolson Corp. had operating expenses of $48,000. At the beginning of the year, Tolson owed $10,000 on Accrued liabilities. At year-end, Accrued liabilities were $5,000. How much cash did Tolson pay for operating expenses?BE1-4 Use the accounting equation to answer each of the following questions.(a) The liabilities of Alli Company Ltd. are £90,000. Share capital—ordinary is £150,000; dividends are £40,000; revenues, £450,000; and expenses, £320,000. What is the amount of Alli Company Ltd.’s total assets?
- Calculate the unknown amounts appearing in each column. A B C Beginning Assets $50,000 $45,000 $65,000 Liabilities $30,000 $10,000 $45,000 Ending Assets $54,000 $42,000 $48,000 Liabilities $20,000 ? $15,000 During Year Sales Revenue ? $42,000 $42,000 Expenses $13,000 $35,000 $25,000 Dividends $1,500 $1,000 ?K7. The following information is provided for Sacks Company. Cash $ 13,200 Supplies 5,700 Prepaid rent 3,200 Salaries expense 5,700 Equipment 66,200 Service revenue 34,800 Miscellaneous expenses 21,200 Dividends 4,200 Accounts payable 6,200 Common stock 69,200 Retained earnings 9,200 What is the amount of total liabilities? Multiple Choice $69,700 $88,300 $80,900 $6,200Assume that a company has current assets of R60 000, current liabilities of R5 000 and prepaid expenses of R5 000. Calculate the quick ratio of the company? Select one: a. 1.86 b. 0.58 c. 1.71 d. 1.57
- 2. Prepare a single-step Statement of Comprehensive Income using the following: • Revenues – 20,000• Rent expense – 3,000 • Salaries expense – 4,000 • Utilities expense – 2,000For the two unrelated situations below, compute the unknown amounts. (1) (2) Beginning: Assets 42,000 61,000 Liabilities 18,000 24,000 Ending: Assets 48,000 68,000 Liabilities 15,000 During the year: Stock issued 4,000 Revenues 28,000 45,000 Dividends paid 5,000 3,000 Expenses 16,000 37,000
