Master Module Week 1 Quiz thingy

Master Module Week 1 Quiz thingy - $16,000 Wage Expense...

Info icon This preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
[Type text] [Type text] Please select the option that best identifies two accounts that are classified as assets Inventory and Equipment Which Liability account would hold the balance of wages due but not yet paid? Wages Payable Which income statement account reports how much interest was incurred during the year? Interest Expense Amy Woods earned revenues of $49,000 and collected $24,000 in cash from customers in 2008. She also spent $5,000 on land and $22,000 on expenses. Calculate Amy Woods Net Income for 2008 Amount of Net Income: $27,000 Wednesday Rice has the following financial information as of December 31, 2008: Accounts Payable: $2,000 Accounts Receivable: $4,000 Cash: $9,000 Depreciation Expense: $2,500 Equipment: $17,000 Interest Expense: $1,500 Notes Payable: $12,000 Sales Revenue: $60,000 Selling Expense:
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: $16,000 Wage Expense: $29,000 Wages Payable: $5,000 Amount of Net Income: $11000 Wednesday Rice has the following financial information as of December 31, 2008: Accounts Payable: $2,000 Accounts Receivable: $4,000 Cash: $9,000 Depreciation Expense: $2,500 Equipment: $17,000 Interest Expense: $1,500 Notes Payable: $12,000 Sales Revenue: $60,000 Selling Expense: $16,000 Wage Expense: $29,000 Wages Payable: $5,000 What are the total Liabilities as of December 31, 2008? Total Liabilities: $19,000 Buds Microbrewery had the following account balances as of December 31, 2007: Accounts Receivable: $5,000 Cash: $2,000 Land: $42,000 Equipment: $15,000 Inventory: $7,000 Calculate the Total Current assets as of December 31, 2007 Amount of Total Current Assets: $14000...
View Full Document

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern