If: Cash = $3,000 Equipment = $9,000 Accounts Payable = $3,500 Common Stock = $2,000 What must Retained Earnings equal in order for the accounting
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Cash = $3,000
Equipment = $9,000
Accounts Payable = $3,500
Common Stock = $2,000
What must Retained Earnings equal in order for the accounting equation to balance?

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Determine which of the following adjusting entries is correct for the following scenario.
One-fourth of the work related to $20,000 cash that was previously received in advance was
performed this period.
O Accounts Receivable
Fees Earned
O Fees Earned
Unearned Revenue
O Unearned Revenue
Fees Earned
O Cash
Fees Earned

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For each of the following items identify what they would be classified as on a classified balance sheet.
Accounts Receivable
A. Current Asset
Notes Payable (due in 90 days)
B. Property, Plant, &amp; Equipment
C. Equity
D. Long-Term Liability
Notes Payable (due in 3 years)
E. Intangible Asset
Machinery used in operations
F. Current Asset
G. Long-Term Investment
Common Stock
H. Current Liability
Land not currently used in operations

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What amount was paid on April 13th, under the following scenario?
A Arkansas Company:
. April 4 - purchased $4,000 of merchandise from State Company on credit, with terms 3/10,
. April 5 - paid shipping costs of $50 to FedEx
. April 7 - returned $350 of damaged merchandise to State Company
. April 13th - paid the remaining amount due to State Company

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In early January 2018, Madison Manufacturing purchases new equipment for $200,000. The
equipment will be used in normal operations for the next 8 years. It estimates that the equipment's
salvage value will be $15,000. Answer the following questions. (Each question is independent of the
1. If Madison Manufacturing used straight line depreciation, what would the deprecation expense in
year 3 be?
2. If Madison Manufacturing used double-declining-balance depreciation, what would the
deprecation expense in year 3 be?

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Chapter 9:
Allen Company has 10 employees. FICA Social Security taxes are 6.2% of the first $118,500 paid to
each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA
taxes are 5.4% of the first $7,000 paid to each employee. Included is the information for one of their
ten employees. M. Allen earned $89,000 during the year. Calculate the following taxes for M. Allen:
FICA Social Security Taxes
FICA Medicare Taxes
FUTA Taxes
SUTA Taxes

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Chapter 10:
Gold Co. issues bonds dated January 1, 2018, with a par value of $300,000. The bonds' contract rate
is 10%. Interest is paid semiannually on June 30 and December 31. The bonds mature in two years.
The annual market rate at the date of issuance is 8%. The bonds are sold at $305,650.
How much total bond interest expense will be recognized over the life of these bonds?

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