Accounting 2600 Final Exam Prep.docx - Accounting 2600 Final Exam Prep The following questions are used for the purpose of studying for the final These

Accounting 2600 Final Exam Prep.docx - Accounting 2600...

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Accounting 2600 Final Exam Prep The following questions are used for the purpose of studying for the final. These are quiz-like questions that I have modified that will help provide a better idea of what you might see on the final. Please let me know of any mistakes. Good luck! 1.Which financial statement would you refer to in order to analyze your debt and ownership within the company? a.Balance Sheet*b.Statement of Cash Flowsc.Income Statementd.Debt to Equity Ratio Turbo Tech The company reported the following information for the year ended December 31, 2016. Retained earnings at December 31, 2016 $420,000 Net income $34,000 Retained earnings at January 1, 2016 $405,500 2.Refer to Turbo Tech. What was the amount of dividends that were paid to shareholders in 2016? 3.A company reports the following information at December 31, 2015:Sales$ 1,800,000Assets$ 3,450,000Retained Earnings$ 750,000Gross Profit$ 873,500Inventory$ 32,500Operating Expenses$ 780,000What is the company’s cost of goods sold? 4.A company has assets of $8,450,000, stockholders’ equity of $4,540,000 and had retained earnings of $512,000. What was the total amount for liabilities?
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5.An analysis of the transactions of BYU is a Joke Inc. yields the following information: service revenue, $82,000; supplies expense, $27,300; rent expense, $20,000; and dividends, $3,800. What is the amount of net income reported by BYU Stinks, Inc.? a.34,700*b.21,200c.30,900d.None of the above Use the following information to answer questions 6 & 7. Silverstone Company has the following balances as of December 31, 2016: Inventory $28,300 Retained earnings $32,500 Accounts receivable $14,500 Unearned revenue $12,500 Accounts payable $21,000 Cash $15,000 Prepaid insurance $2,500 Common stock $13,200 Property, plant and equipment ??? 6.What is the ending balance for property, plant and equipment? 7.What is the company’s current ratio? 8.Dividends are best described as: 9.Which of the following statements would be false in regards to expenses? a.They only occur when a transaction occurs*b.Companies want to minimize expensesc.More expenses than revenue result in a loss d.They are costs that are incurred to help generate revenues
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For questions 10-12.
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