ACC 210 Final Exam – Fall 2003
Piano Man’s balance sheet has assets of $450,000, contributed capital of $200,000 and retained
earnings of $125,000. What are their total liabilities?
Which of the following is not part of the Acquisition/Payment process?
Preparing a sales invoice
Preparing a check to pay a vendor for goods purchased
Obtaining approval for a purchase requisition for a computer
Placing an order with the vendor on-line.
Who is the government agency that monitors the stock market and financial reporting for the
businesses that trade in the public markets?
Financial Accounting Standards Board
Governmental Accounting Standards Board
Securities and Exchange Commission
Federal Trade Commission
Patio Party had sales for the year of $100,000, salary expenses of $20,000, cost of goods sold of
$45,000, inventory of $5,000, and property, plant and equipment of $15,000. What was their net
income for the year?
Mack’s Magazine store had $20,000 of computer equipment and an outstanding loan on the
equipment for $10,000. In addition, the store had $5,000 cash, $500 of prepaid insurance, and
$1,000 of current accounts payable. The store had sales for the month of $3,500 and expenses of
What are the store’s total assets?