11.Thompson Company had the following on the dates indicated:12/31/1612/31/15Total assets$540,000$36,000Total liabilities230,00030,000Thompson had no stock transactions in 2016; thus, the change in stockholders' equity for 2016 was due to net income and dividends. If dividends were $50,000, how much was Thompson's net income for 2016? Use the accounting equation and the statement of retained earnings.a.$254,000b.$354,000c.$404,000d.$304,000 12.Which of the following transactions will increase an asset and increase stockholders' equity?13.A business' receipt of a $120,000 building, with a $90,000 mortgage payable, and issuance of $30,000 of common stock will
14.Lartex, a new company, completed these transactions. i.Stockholders invested $56,000 cash and inventory with a fair value of $32,000.ii.Sales on account, $17,000.What will Lartex's total assets equal?15.Accounts Payable had a normal beginning balance of $1,500. During the period, there were debit postings of $200 and credit postings of $600. What was the ending balance?a.$1,100 debit b.$1,900 debitc.$1,900 creditd.$1,100 credit16.The beginning Cash balance was $11,000. At the end of the period, the balance was $10,000. If total cash paid out during the period was $29,000, the amount of cash receipts was17.An attorney performs services of $1,100 for a client and receives $400 cash with the remainder on account. The journal entry for this transaction would18.A doctor purchases medical supplies of $640 and pays $290 cash with the remainder on account. The journal entry for this transaction would be which of the following?CashCashAccounts ReceivableCashAccounts Payable
Cash19.If the credit to record the purchase of supplies on account is notposted,a.stockholders' equity will be understated.b.liabilities will be understated.c.assets will be understated.d.expenses will be overstated.20.If the credit to record the payment of an account payable is notposted,
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