141. Cash investments by owners in exchange for stock are listed on which of the following statements?
A. Balance sheet.
B. Income statement.
C. Statement of retained earnings.
D. Statement of cash flows.
E. Statement of cash received
142. Accounts payable appear on which of the following statements?
A. Balance sheet.
B. Income statement.
C. Statement of retained earnings.
D. Statement of cash flows.
E. Transaction statement.
143. The income statement reports all of the following except:
A. Revenues earned by a business.
B. Expenses incurred by a business.
C. Assets owned by a business.
D. Net income or loss earned by a business.
E. The time period over which the earnings occurred.
144. Use the following information as of December 31 to determine equity.
Liabilities…………………….$141,000
Cash………………………… 57,000
Equipment………………….. 206,000
Buildings…………………… 175,000
A. $57,000
B. $141,000
C. $297,000
D. $438,000
E. $579,000
145. Determine the net income of a company for which the following information is available:
Employee salaries expense……………..$180,000
Interest expense………………………… 10,000
Rent expense……………………………. 20,000
Consulting revenue…………………….. 400,000
A. $190,000
B. $210,000
C. $230,000
D. $400,000
E. $610,000
146. A company acquires equipment for $75,000 cash. This represents a(n):
A. Operating activity
B. Investing activity
C. Financing activity
D. Revenue activity
E. Expense activity
147. A company borrows $125,000 from the Eastside Bank and receives the loan proceeds in cash. This represents a(n):
A. Revenue activity
B. Operating activity
C. Expense activity
D. Investing activity
E. Financing activity
148. FastForward had cash inflows from operations of $62,500; cash outflows from investing activities of $47,000; and cash inflows from financing of $25,000. The net change in cash was:
A. $40,500 increase
B. $40,500 decrease
C. $134,500 decrease
D. $134,000 increase
E. $9,500 increase
149. Use the following information as of December 31 to determine equity.
Accounts payable…………………………$ 800
Accounts receivable……………………. 700
Cash……………………………………… 2,300
Wages expense………………………… 9,000
Wages payable……………………… 1,200
A. $1,000
B. $3,000
C. $5,000
D. $10,000
E. $11,000
150. FastForward has beginning equity of $257,000, net income of $51,000, dividends of $40,000, and investments by owners in exchange for stock of $6,000. Its ending equity is:
A. $223,000
B. $240,000
C. $268,000
D. $274,000
E. $208,000