201. Net income for the month of December is
a. £54,000.
b. £84,000.
c. £112,000.
d. £132,000.
202. Retained earnings at December 31, 2014 is
a. £30,000.
b. £44,000.
c. £54,000.
d. £110,000.
203. Equity at December 31, 2014, is
a. £296,000.
b. £242,000.
c. £186,000.
d. £110,000.
Use the following information for questions 204–208
EI Greco Corporation began operations on January 1, 2014. Presented below is selected information related to EI Greco at December 31, 2014.
Equipment €290,000Utilities Expense € 36,000
Cash84,000Accounts Receivable82,000
Service Revenue648,000Salaries and Wages Expense242,000
Rent Expense78,000Notes Payable96,000
Accounts Payable 44,000 Dividends 90,000
Share Capital-Ordinary168,000 Salaries and Wages Payable16,000
Supplies 30,000Advertising Expense40,000
204. The statement of financial position at December 31, 2014 reports total assets of
a. €320,000.
b. €404,000.
c. €456,000.
d. €486,000.
205. The statement of financial position at December 31, 2014 reports total liabilities of
a. €60,000.
b. €120,000.
c. €156,000.
d. €238,000.
206. Net income (loss) reported on the income statement for the month of December is
a. €252,000.
b. €180,000.
c. €162,000.
d. €96,000.
207. Retained earnings reported on the statement of financial position at December 31, 2014 is
a. €330,000.
b. €252,000.
c. €168,000.
d. €162,000.
208. The statement of financial position at December 31, 2014 reports equity of
a. €420,000.
b. €330,000.
c. €180,000.
d. €162,000.
a209.All of the following are services offered by public accountants except
a. budgeting.
b. auditing.
c. tax planning.
d. consulting.
a210.Which list below best describes the major services performed by public accountants?
a. Bookkeeping, mergers, budgets.
b. Employee training, auditing, bookkeeping.
c. Auditing, taxation, management consulting.
d. Cost accounting, production scheduling, recruiting.