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Unformatted text preview: Quiz Please Note: It is recommended that you save your response as you complete each question. Question 1 (2 points) On July 1 of the current year, the assets and liabilities of John Wong, DVM, are as follows: Cash, $15,000; Accounts Receivable, $12,300; Supplies, $3,100; Land, $35,000; Accounts Payable, $8,700. What is the amount of owner's equity (John Wongs capital) as of July 1 of the current year? Question 1 options: $32,100 $43,700 $56,700 $65,400 Save Question 2 (2 points) If beginning capital was $70,000, ending capital is $48,000, and the owner's withdrawals were $21,000, the amount of net income or net loss was Question 2 options: net income of $42,000 net income of $17,000 net loss of $22,000 net loss of $1,000 Save Question 3 (2 points) Collins Landscape Company purchased various landscaping supplies on account to be used for landscape designs for their customers. How will this business transaction affect the accounting equation? Question 3 options: Increase Assets (Supplies) and increase Liabilities (Accounts Payable) Increase Assets (Supplies) and decrease Assets (Cash) Increase Assets (Supplies) and decrease Owners Equity (Supplies Expense) Increase Owners Equity (Supplies Expense) and increase Liabilities (Accounts Payable) Save Question 4 (2 points) Gomez Service Company paid their first installment on their Notes Payable in the amount of $2,000. How will this transaction affect the accounting equation? Question 4 options: Increase Liabilities (Notes Payable) and decrease Assets (Cash) Decrease Assets (Cash) and decrease Owners equity (Note Payable Expense) Decrease Assets (Cash) and decrease Assets (Notes Receivable) Decrease Assets (Cash) and decrease Liabilities (Notes Payable) Save Question 5 (2 points) Which of the following is not a business transaction? Question 5 options: Erin deposits $15,000 in a bank account in the name of Erins Lawn Service. Erin provided services to customers earning fees of $600. Erin purchased hedge trimmers for her lawn service agreeing to pay the supplier next month. Erin pays her monthly personal credit card bill. Save Question 6 (2 points) Which of the following financial statements reports information as of a specific date? Question 6 options: income statement statement of owner's equity statement of cash flows balance sheet Save Question 7 (2 points) Cash investments made by the owner to the business are reported on the statement of cash flows in the Question 7 options: financing activities section investing activities section operating activities section supplemental statement...
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This note was uploaded on 04/29/2011 for the course ACCT 101 taught by Professor Rale during the Spring '11 term at Southwest Tennessee Community College .
- Spring '11