ACC 201 Week 1 Quiz 1 (2019)

09 Jun ACC 201 Week 1 Quiz 1 (2019)

Which of the following is an appropriate representation of the accounting equation?

Classify the following as an asset, liability, revenue, or expense.

1.  Unearned revenue

2.  Office equipment

3.  Wages payable

4.  Salary expense

5.  Dividends payable

6.  Art fees earned

7.  Prepaid rent

8.  Accounts receivable

9.  Income tax expense

10.  Office supplies

Which of the following is the correct order for preparing financial statements?

Profitability ratios such as _____ can be used to analyze and assess a company’s financial performance.

From the following information for BlueInks Corporation, compute the rate on return of assets.

Net income after tax

$30,548

Taxes

$6,785

Interest expense

$3,545

Total assets at beginning of year

$150,500

Total assets at end of year

$175,684

Pelican, Inc. had revenues of $395,000, expenses of $155,000, and dividends of $54,000 during the current year. Based on the given information, which of the following statements is true?

Refer to Notes to Consolidated Financial Statements.

Review Coca-Cola’s financial statements and answer the following questions:

1.  How are Coke’s numbers reported (in what denomination)?

2.  What is Coke’s net operating revenue for 2008?

3.  What is Coke’s cost of goods sold for 2008?

4.  What is Coke’s net income 2008?

5.  What is Coke’s percent of interest expense to net operating revenue on its 2008 income statement? Rounding your answer to two decimal places.

6.  What is Coke’s percent of increase in net operating revenue from 2007 to 2008? Rounding your answer to one decimal place.

According to which of the following concepts should the expenses incurred when generating revenue be reported in the same period as the related revenue?

Select the following items with the appropriate financial statement:

a. Income statement

b. Balance sheet

c. Retained earnings statement

d. Statement of cash flows

1.  Cash

2.  Salary expense

3.  Unearned revenue

4.  Depreciation expense

5.  Capital stock

6.  Cash flows from operating activities

7.  Accounts receivable

8.  Beginning balance of retained   earnings

9.  Notes payable

10.  Accounts payable

11.  Changes in current assets and   current liabilities

12.  Total expenses

Use the following information to determine Total Stockholders’ Equity:

 

Total Assets

$85,000

 

Total Liabilities

21,000

 

Total Stockholders’ Equity

x

 

Total Retained Earnings

9,000

Heedy Company had the following account balances in 2016 and 2017, respectively.

 

2017

2016

 

Capital Stock

$42,000

$40,000

 

Retained Earnings

x

210,000

 

Total Stockholders’ Equity

$314,000

$250,000

Assuming dividends of $20,000 were paid in 2017, how much was net income?

Expressing financial data as if a business will continue operating for an indefinite period time refers to which concept?

1.  What is Coke’s percent of current assets to total assets on its December 31, 2008 balance sheet? Round your answer to two decimal places.

2.  What is Coke’s percentage of current liabilities to total stockholders’ equity on its December 31, 2008 balance sheet? Round your answer to two decimal places.

3.  What is the percentage increase in cash and cash equivalents from 2007 to 2008? Round your answer to two decimal places.

4.  What percentage did total assets decrease from 2007 to 2008? Round your answer to two decimal places.