161.The financial statement that shows the beginning balance of retained earnings; the changes in retained earnings that resulted from, net income (or net loss); dividends; and the ending balance, is the:
A.Statement of financial position.
B.Statement of cash flows.
C.Balance sheet.
D.Income statement.
E.Statement of retained earnings.
162.Cash investments by stockholders 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.All of these.
163.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.
164.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.
165.Use the following information as of December 31 to determine equity.
Cash57,000
Buildings175,000
Equipment206,000
Liabilities$141,000
A.$57,000.
B.$141,000.
C.$297,000.
D.$438,000.
E.$579,000.
Assets = Liabilities + Stockholders' Equity
Cash + Equipment + Buildings = Liabilities + Stockholders' Equity
$57,000 + $206,000 + $175,000 = $141,000 + Stockholders' Equity
$438,000 = $141,000 + Stockholders' Equity; Stockholders' Equity = $297,000
166.Use the following information for Meeker Corp. to determine the amount of equity to report.
Cash70,000
Buildings125,000
Land205,000
Liabilities$130,000
A.$390,000.
B.$140,000.
C.$20,000.
D.$530,000.
E.$270,000.
Assets - Liabilities = Stockholders' Equity
Cash + Equipment + Land - Liabilities = Stockholders' Equity
$70,000 + $125,000 + $205,000 - $130,000 = $270,000
167.Determine the net income of a company for which of the following information is available for the month of July.
Employee salaries expense$180,000
Interest expense10,000
Rent expense20,000
Consulting revenue400,000
A.$190,000.
B.$210,000.
C.$230,000.
D.$400,000.
E.$610,000.
Net Income = Revenues - Expenses
Net Income = Consulting Revenue - Employee Salaries Expense - Interest Expense - Rent Expense
Net Income = $400,000 - $180,000 - $10,000 - $20,000; Net Income = $190,000
168.Determine the net income of a company for which of the following information is available for the month of September.
Service revenue$300,000
Rent expense48,000
Utilities expense3,200
Salaries expense81,000
A.$263,800.
B.$432,200.
C.$171,000.
D.$167,800.
E.$252,000.
Revenues - Expenses = Net Income
Service Revenue - Rent Expense - Utilities Expense - Salaries Expense
$300,000 - $48,000 - $3,200 - $81,000 = $167,800
169.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.
170.A company borrows $125,000 from the Northern 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.