financial accounting quiz 1

financial accounting quiz 1 - Financial Accounting...

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Financial Accounting Quiz-Chapter 1—Spring 2008 Names: Page 1 of 3 1. Which financial statement would best indicate whether the company relies on debt or stockholders’ equity to finance its assets? a. Statement of Cash Flows b. Retained Earnings Statement c. Income Statement d. Balance Sheet 2. Stockholders’ equity is comprised of a. common stock and dividends. b. common stock and retained earnings. c. dividends and retained earnings. d. net income and retained earnings. March Company had the following account balances at December 31, 2007, which should be used to answer the next four questions. Supplies $3,000 Revenues $20,000 Operating Expenses 11,000 Cash 15,000 Accounts payable 8,000 Dividends 3,000 Accounts receivable 5,000 Notes payable 1,000 Common stock 9,000 Equipment 6,000 Retained earnings, Jan. 1, 2007 5,000 3. March’s net income for the year ended December 31, 2007 is: a. $20,000 b. $ 9,000 = 20,000 – 11,000 (revenues – expenses) c. $ 6,000 d. $ 3,000 4. March’s total assets at December 31, 2007 were:
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financial accounting quiz 1 - Financial Accounting...

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