Question 1:Uno Pizza Store started the year with total assets of $150,000 and total liabilities of $85,000. During the year, the business recorded $175,000 in revenues, $90,000 in expenses, and dividends of $10,000. The net income reported by Uno Pizza for the year wasa. $75,000b. $85,000c. $65,000d. $175,000Question 2: If the beginning balance in the retained earnings was $30,000, what will the ending balance of the retained earning be? Question 3: What was the total capital stock at the beginning of the year? Question 4:What will the amount of the total assets be at the end of the year?Question 5: Fatima Company compiled the following financial information as of December 31, 2013:Revenues $140,000Common Stock 45,000Equipment 40,000Accumulated depreciation on equipment 15,000Expenses 60,000Cash 35,000Dividends 20,000Supplies 5,000Accounts payable 20,000Accounts receivable 15,000Retained earnings, 1/1/13 50,000Fatima’s stockholders’ equity on December 31,2013 is:a. $105,000b. $140,000c. $60,000d. $155,000 Question 6:The following is the adjusted trial balance for Henry Company: Henry CompanyAdjusted Trail BalanceFor the Year ended December 31,2013Debits: Credits: Cash 9,235Accounts Receivable (net) 5,160Inventory 2,950Equipment (net) 14,290Accumulated Depreciation 2,500Accounts Payable 2,500Notes Payable 6,000Capital Stock 12,000Retained Earnings 3,000Fees Earned 12,600Wage Expense 2,400Rent Expense 1,200Utilities Expense 800Depreciation Expense 1,250Miscellaneous Expense 175Dividends 1,140 Total 38,600 38,600 Determine the net income (loss) for the period. a. Net income 5,635b. Net loss 1,080c. Net loss 3,550d. Net income 6,775
Question 1:
Uno Pizza Store started the year with total assets of $150,000 and total liabilities of $85,000. During the year, the business recorded $175,000 in revenues, $90,000 in expenses, and dividends of $10,000. The net income reported by Uno Pizza for the year was
a. $75,000
b. $85,000
c. $65,000
d. $175,000
Question 2:
If the beginning balance in the
Question 3:
What was the total capital stock at the beginning of the year?
Question 4:
What will the amount of the total assets be at the end of the year?
Question 5:
Fatima Company compiled the following financial information as of December 31, 2013:
Revenues $140,000
Common Stock 45,000
Equipment 40,000
Expenses 60,000
Cash 35,000
Dividends 20,000
Supplies 5,000
Accounts payable 20,000
Accounts receivable 15,000
Retained earnings, 1/1/13 50,000
Fatima’s
a. $105,000
b. $140,000
c. $60,000
d. $155,000
Question 6:
The following is the adjusted
Henry Company
Adjusted Trail Balance
For the Year ended December 31,2013
Debits: Credits:
Cash 9,235
Accounts Receivable (net) 5,160
Inventory 2,950
Equipment (net) 14,290
Accumulated Depreciation 2,500
Accounts Payable 2,500
Notes Payable 6,000
Capital Stock 12,000
Retained Earnings 3,000
Fees Earned 12,600
Wage Expense 2,400
Rent Expense 1,200
Utilities Expense 800
Depreciation Expense 1,250
Miscellaneous Expense 175
Dividends 1,140
Total 38,600 38,600
Determine the net income (loss) for the period.
a. Net income 5,635
b. Net loss 1,080
c. Net loss 3,550
d. Net income 6,775
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