W06qsoln1.emvw - ACCOUNTING 471 QUIZ #1 SOLUTIONS WINTER...

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ACCOUNTING 471 QUIZ #1 SOLUTIONS W INTER 2006 PROBLEM I – 12 Multiple Choice (36 points) Three points for each correct answer. Calculated amounts are shown in italics . The answer is shown in bold. 1. D. We can use the Assets = Liabilities + Stockholders’ Equity formula: Assets = Liabilities + S. Equity $46,550 = 12,900 ?? 46,550 - 12,900 = 33,650 2. E. We can use the Assets = Liabilities + Stockholders’ Equity formula: Assets = Liabilities + S. Equity Beg $400,000 = 260,000 140,000 (400,000 – 260,000 = 140,000) ?? +20,000 (48,000) changes $372,000 = $280,000 + $92,000 3. D. We can use the Assets = Liabilities + Stockholders’ Equity formula: Assets = Liabilities + S. Equity $438,200 = $438,200 services performed on account 253,900 253,900 cash received in advance 169,000 cash collected on account (169,000) (reduces accounts receivable) $692,100 = $253,900 + $338,200 4. D. Again, we can use the Assets = Liabilities + Stockholders’ Equity formula: Assets = Liabilities + S. Equity
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This note was uploaded on 06/11/2008 for the course ACC 471 taught by Professor Winkle during the Winter '08 term at University of Michigan.

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W06qsoln1.emvw - ACCOUNTING 471 QUIZ #1 SOLUTIONS WINTER...

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