×
Log in to StudySoup
Get Full Access to AU - ACCT 2110 - Study Guide - Midterm
Join StudySoup for FREE
Get Full Access to AU - ACCT 2110 - Study Guide - Midterm

Already have an account? Login here
×
Reset your password

AU / Accounting / ACCT 2110 / acct financial 2 answers

acct financial 2 answers

acct financial 2 answers

Description

School: Auburn University
Department: Accounting
Course: Principles of Financial Accounting
Professor: Elizabeth miller
Term: Fall 2015
Tags:
Cost: 50
Name: Exam 1 Study Guide
Description: Covers Chapters 1 & 2. Answers are provided.
Uploaded: 01/29/2018
5 Pages 8 Views 13 Unlocks
Reviews


-


what order do you prepare financial statements?



Exam I study Guide At December 31. Buffs inc. has asses $14,800 and liabilities of $8,200. What is Stock holders equity at Dec. 31st? A.$4,200 B. $6.600 C.$ 23,000 D. $ 20,700

2. What order do you prepare financial statements?

A. Balance sheet, income statement, Retained Earnings B. Retained Earnings, Balance sheet, income statement c. income statement, retained Earning, Balance sheet. D. Retained eamings, income statement, Balance Sheet

3. At the end of the year Buffs inc. reports revenue

of & 19, 300, cost of goods sold of $ 100.000, inventory of $4.000, salaries expense of $45.000, rent expense of $9.000, and cash of $10,100. What is Buffs Inc. net income? A. $ 25,300 B. $ 30,000 c. $79,300 D. $96.000

has beginning retained earnings of

4. Buffs inc. has beginning ren

$50.000 on Jan 1, 2012. During the year


what principle requires that expenses to be recorded as the same time as the revenue it help generate?



Don't forget about the age old question of ear 111 syracuse

ports revenue of $102.000 and expenses of 162,000. Buffs paid dividends of $6.000. What is ending retaned earnings on Dec. 31, 2012? A. $90,000 B. $152,000 C. $80,000 D. $84.000

2. What pprinaple requires that expenses be

recorded at the same time as the revenue it helped generate? A. Expense recognition I matching B. time period c. Continuity. D. historical cost

6. What kind of effect does paying salaries have

on the current period? A increase in liabilities t decrease in ossets B. decrease in assets + decrease in stock holders equity C. decrease in liabilities +decrease in stockholders equity eth D. increase in assets & increase in liabilities

7. Using the following account balances for the

end of Dec 31, 2017, calculate the following: (al net income, bl retained Earnings, (current assets,


what account is the most important?



We also discuss several other topics like bio 311d ut austin

d) total stockholders equity, e) total liabilities, f) Cost of Goods sold. Net sales $1.650.000 cash $ 300, Accounts Receivable $140.000 Operating expense $ 840,000

Equipment $420.000

common stock $170.000 Accounts Payable $120.000

Interest income $32.000 | Accumulated Depreciation $40.000 Gross Profit $1,140,000

Inventories $20000

Prepaid Rent $ 20,000 Unearned Reverve $50.000 Income Tax Expense $99.000 Notes payable $200.000

retained Earnings $94.000 dividends $5.000

(Jan. 1, 2017) Interest Expense $2.000

8. which set of rules and conventions are most

commonly used to help guide the preparation of

financial statements? A. IASB B. SEC C. GAAP D. FASB

9. Which of the following accounts are most

important?

A. cash B. Accounts recievable C. Equipment D.common stock

10. Buffs sold 600 shares of stock to investors for

$8,000 of cash. Prepare a journal entry for Feb 4.

-

11. Buffs also increased their funds by borrowind

$1,000 on a 1-year, 5% note payable. Prepare a Journal entry for Feb 4.

1a. Buffs puronased supplies from a supply office for

$5,000. The supply office agreed to accept full payment in 30 days. Prepare a journal entry for Feb. 4 .

Exam

I Study Guide

Answers

ými J n s ř MUIDED

7. a)$ 231,000

b) $320,000 c) $900.000 d) $264.000 e) $636.000

F) $ 510,000 8.C 9.A 10. Feb. 4 Cash $8,000

common stock $8,000 11. Feb. 4 Cash $1,000

Notes Payable $1,000 12. Feb. 4. Supplies $5,000 We also discuss several other topics like psychology 101 lecture notes
Don't forget about the age old question of utep chemistry
Don't forget about the age old question of substitution rule integrals
We also discuss several other topics like huomos

Accounts payade $5,000

Page Expired
5off
It looks like your free minutes have expired! Lucky for you we have all the content you need, just sign up here