08 Jun Question The following financial informa
Question
The following financial information is from Shovels Construction Company. Accounts payable $13,800 Buildings 81,000 Cash 11,300 Accounts receivable 10,400 Sales tax payable 2,900 Retained earnings 45,900 Supplies 41,900 Notes payable due in 18 months 30,000 Interest payable 1,400 Common stock 50,600 What is the amount of current assets, assuming the accounts above reflect normal activity? $114,200 $21,700 $63,600 $144,600 The following financial information is from Bronco Company. All debt is due within one year unless stated otherwise. Retained Earnings $66,600 Supplies 38,800 Equipment 73,100 Accounts Receivable 9,800 Unearned Revenue 6,000 Accounts Payable 13,800 Common Stock 24,600 Notes Payable due in 18 months 28,000 Interest Payable 5,000 Cash 22,300 What is the amount of current liabilities? $52,800 $13,800 $24,800 $18,800 During the year, Cheng Company paid salaries of $23,100. In addition, $8,200 in salaries has accrued by the end of the year but has not been paid. The year-end adjusting entry would include which one of the following? Credit to salaries expense of $8,200 Debit to salaries expense for $31,300 Debit to salaries payable for $23,100 Credit to salaries payable for $8,200 At the beginning of December, Global Corporation had $2,300 in supplies on hand. During the month, supplies purchased amounted to $2,500, but by the end of the month the supplies balance was only $1,700. What is the appropriate month-end adjusting entry? Debit supplies $3,100, credit supplies expense $3,100 Debit cash $3,100, credit supplies $3,100 Debit cash $1,700, credit supplies $1,700 Debit supplies expense $3,100, credit supplies $3,100 The ending retained earnings balance of Juan’s Mexican Restaurant chain increased by $4 million from the beginning of the year. The company declared a dividend of $2 million during the year. What was the net income earne
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