Acct. Quiz 1

Acct. Quiz 1 - year what amount of total assets did Boyd...

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Accounting 284 Dr. Clem Spring 2008 – 15 points – take home Quiz 1 Name: Michael Nelson __________________________________________________________ University ID: 522170649 _______________________________________________________ Row # ______________ Class Time(circle): 11 am 12:40 pm Choose the best answer. Indicate your answer in the space provided B 1. In its first year of business, Jordan Corporation reported total expenses for the year of $55,000 and total revenues of $80,000. Assuming that Jordan declared and paid dividends of $10,000 during the year, what is the balance in retained earnings at the end of the year? A. $10,000 C. $20,000 B. $15,000 D. $25,000 B 2. During the year Boyds Corporation’s total assets increased by $50,000. If Boyds had total liabilities of $450,000 at the end of the year and total equity of $350,000 at the end of the
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Unformatted text preview: year, what amount of total assets did Boyd have at the beginning of the year ? A. $700,000 C. $800,000 B. $750,000 D. $850,000 D 3. Which of the following accounts would NOT be classified as an asset? A. accounts receivable C. inventory B. prepaid insurance D. contributed capital A 4. Which of the following accounts increases on the credit side (has a normal credit balance)? A. retained earnings C. accounts receivable B. dividends D. interest expense D 5. What is the effect of the purchase of equipment for cash? A. Cash will decrease B. Equipment will increase C. Total assets will not change D. All of the above will result...
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