ACC 556 Week 1 Quiz.docx - ACC 556 Week 1 Quiz Your answer...

ACC 556 Week 1 Quiz
Your answer is incorrect.
Windsor, Inc. started the month of June 2022 with total assets of $218000 and total liabilities of
$113000. During June, the business recorded $329000 in revenues, $163000 in expenses, and
dividends of $51000. Stockholders’ equity at the end of June was
$220000.
$130000.
$205000.
$163000.
Wildhorse Co. compiled the following financial information as of December 31, 2022:
Service revenue $825000
Common stock 192000
Equipment 238000
Operating expenses 741000
Cash 204000

Dividends 60000
Supplies 33000
Accounts payable 114000
Accounts receivable 85500
Retained earnings, 1/1/22 426000
Wildhorse's stockholders’ equity on December 31, 2022 is:
Your answer is
correct.
Waterway Industries started the year with total assets of $312000 and total liabilities of $252000.
During the year the business recorded $630000 in revenues, $334000 in expenses, and dividends of
$55000. Stockholders’ equity at the end of the year was

Question 4
Your answer is incorrect.
A company’s total liabilities decreased by $145000 and its stockholders’ equity decreased
by $25000 during a period of time. By what amount and in what direction must the
company’s total assets have changed during that same period?

Question 5
Your answer is correct.
Blue Spruce Corp. had the following accounts and balances:
Accounts payable $31900 Equipment $36000
Accounts receivable 5450 Land 35100
Buildings ? Unearned service revenue 10300
Cash 15250 Total stockholders' equity
If the balance of the Buildings account was $82300, what would be the total of liabilities and
stockholders' equity?
?

$121600
$168650
$131900
$174100