Quiz # 3 - Intermediate Accounting Quiz # 3 Group# Date:...

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Unformatted text preview: Intermediate Accounting Quiz # 3 Group# Date: Name: Lobo Co. was incorporated on July 1, 2001, with $200,000 from the issuance of stock and borrowed funds of $30,000. During the first year of operations, net income was $10,000. On December 15, Lobo paid an $800 cash dividend. No additional activities affected owners' equity in 2001. At December 31, 2001, Lobo's liabilities had increased to $37,600. In Lobo's December 31, 2001, balance sheet, total assets should be reported at what amount? Mejarus Co.'s adjusted trial balance at December 31, 2001, includes the following account balances: Common Stock, $3 par.................................... $ 360,000 Additional PaidIn Capital.................................. 480,000 Treasury Stock, at cost.................................... 30,000 Net Unrealized Loss on Available-for- Sale Securities.............................................. 12,000 Retained Earnings: Appropriated for Uninsured Earthquake Losses..................... 90,000 Retained Earnings: Unappropriated................ 120,000 What amount should Mejarus report as total stockholders' equity in its December 31, 2001, balance sheet? Blues Corporations trial balance included the following account balances at December 31, 2001: Accounts Payable............................................ $ 45,000 Bonds Payable, due 2002...............................Bonds Payable, due 2002....
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Quiz # 3 - Intermediate Accounting Quiz # 3 Group# Date:...

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