1A Assessment Quiz Answer

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1A Assessment Quiz

1. Determine the missing items

 

Assets      = Liabilities + Stockholders’ Equity
$82,000 $59,500 ______
_________ $28,700 $33,300
$84,000 __________ $50,000

 

2. Classify each of these items as an asset, liability, or stockholders’ equity.

 

Accounts Receivable  
Accounts Payable  
Common Stock  
Supplies  
Retained Earnings  
Cash  
Notes Payable  
Equipment  

 

3. Indicate in the space provided by each item whether it would appear on the income statement, balance sheet, or retained earnings statement:

Service Revenue  
Utilities Expense  
Cash  
Accounts Payable  
Supplies  
Salaries and Wages Expense  
Accounts Receivable  
Common Stock  
Equipment  
Advertising Expense  
Dividends  
Notes Payable  

 

4.  Reinhardt’s Carpet Cleaning has the following balance sheet items. Identify which items are assets, liabilities and stockholders’ equity.

 

Buildings  
Accounts Payable  
Cash  
Supplies  
Accounts Receivable  
Notes Payable  
Common Stock  
Retained Earnings  
Equipment  

 

 

5.  The May transactions of Ayayai Corp. were as follows.

May 4        Paid $600 due for supplies previously purchased on account.
7        Performed advisory services on account for $6,500.
8        Purchased supplies for $800 on account.
9        Purchased equipment for $1,000 in cash.
17        Paid employees $500 in cash.
22        Received bill for equipment repairs of $800.
29        Paid $1,100 for 12 months of insurance policy. Coverage begins June 1.

Journalize the transactions. (If no entry is required, select “No Entry” for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)

Date Account Titles and Explanations Debit Credit
May 4 Accounts Payable    
  Cash    
May 7 Accounts Receivable    
  Service Revenue    
May 8 Supplies    
  Accounts Payable    
May 9 Equipment    
  Cash    
May 17 Salaries and Wages Expense    
  Cash    
May 22 Maintenance and Repairs Expense    
  Accounts Payable    
May 29      
  Cash    

 

6.  The following accounts are taken from the ledger of Wildhorse Co. at December 31, 2017.

Notes Payable $23,600 Cash $7,100
Common Stock $29,500 Supplies 5,900
Equipment 89,700 Rent Expense 2,400
Dividends 9,400 Salaries and Wages Payable 3,500
Salaries and Wages Expense 44,800 Accounts Payable 10,600
Service Revenue 101,500 Accounts Receivable 9,400
       

Prepare a trial balance.

 

 
  Debit Credit
Cash    
Accounts Receivable    
Supplies    
Equipment    
Notes Payable    
Accounts Payable    
Salaries and Wages Payable    
Common Stock    
Dividends    
Service Revenue    
Salaries and Wages Expense    
Rent Expense    
     

 

7.  The items for the medical practice of Sheridan, MD, are listed below.

 

Retained Earnings (October 1) 12,400
Common Stock 32,000
Accounts Payable 6,500
Equipment 31,500
Service Revenue 25,000
Dividends 5,500
Insurance Expense 3,800
Cash 10,800
Utilities Expense 700
Supplies 2,600
Salaries and Wages Expense 8,700
Accounts Receivable 10,100
Rent Expense 2,200

Prepare an income statement for the month of October, 2022.

 

     
     
     
     
     
     
     

 

Prepare a retained earnings statement for the month of October, 2022. (List items that increase retained earnings first.)

     
     
     
     
     
     
     
     

 

Prepare a balance sheet at October 31, 2022. (List Assets in order of liquidity.)

 

     
     
     
     
     
     
     
     
     

 

8.

Presented below are the components in determining cost of goods sold. Determine the missing amounts.

 

 

Beginning Inventory Purchases Cost of Goods Available for Sale Ending Inventory Cost of Goods Sold
         
         
         

 

 

9. Presented here are the components in Crane Company’s income statement. Determine the missing amounts.

Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income
$86,000   $31,000   $15,000
  $65,000 $64,000 $55,000  
         

 

 

10. The following information is available for Sage Hill Corp. for the year ended December 31, 2022.

Other revenues and ganis $23,000
Other expenses and losses 3,700
Cost of goods sold 288,000
Sales discounts 4,400
Sales revenue 756,000
Operating expenses 217,000
Sales returns and allowances 10,400

 

Prepare a multiple-step income statement for Sage Hill Corp. The company has a tax rate of 25%.

 

 

     
     
     
     
     
     
     
     
     
     

 

 

11.  Crane Chemicals Company acquires a delivery truck at a cost of $20,200 on January 1, 2022. The truck is expected to have a salvage value of $4,200 at the end of its 4-year useful life.

Compute annual depreciation for the first and second years using the straight-line method.

  First Year Second Year
Annual depreciation under straight-line method    
     

 

 

 

 

 

 

 

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1A Assessment Quiz

This question is taken from Accounting 001 – Managerial Accounting » Spring 2022 » Assessment Quizzes