MGMT 210 Mid-Term11-F2Chapter 11. The three forms of business entities are:a.Government, cooperatives, and philanthropic organizationsb.Financing, investing, and operatingc.Sole proprietorships, partnerships, and corporationsd.Wholesaler, manufacturer, and retailer2. Which of the following statements best describes the term revenues?3. Which one of the following events involves a liability for a business?4. Which of the following best describes the term “expenses”?5. Which one of the following is notan external user of financial information?
a.Company managementc.Creditorsb.Internal Revenue Serviced.Stockholders6. Which of the following invests funds into a business and is considered an owner?7. Which financial statement would you analyze to determine if a company distributed any of its profits to its shareholders?8. The costs of doing business through the sale of goods and services are called9. Ronald Corporation’s end-of-year balance sheet consisted of the following amounts:Cash$ 25,000Accounts receivable$ 48,000Property, plant, and equipment69,000Long-term debt40,000Capital stock100,000Accounts payable20,000Retained earnings?Inventory33,000What amount should Ronald report on its balance sheet for total assets?a.$175,000c.$195,000b.$141,000d.$194,00010. Ronald Corporation’s end-of-year balance sheet consisted of the following amounts:Cash$ 25,000Accounts receivable$ 46,000
Property, plant & equipment69,000Long-term debt41,000Capital stock107,000Accounts payable22,000Retained earnings?Inventory33,000What is Ronald’s total liabilitiesbalance at the end of the current year?
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