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Part I: Multiple Choice Questions: Select the best answer. 1. A. B. C. D. 2. A. B. C. D. During the fiscal year ended 2011, a company had revenues of...

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Part I: Multiple Choice Questions: Select the best answer. 1. During the fiscal year ended 2011, a company had revenues of $500,000, expenses of $360,000, and an income tax rate of 35 percent. What was the company's 2010 net income? A. 49,000 B. 91,000 C. 140,000 D. 500,000 2. At the beginning of 2010, a corporation had assets of $270,000 and liabilities of $170,000. During 2010, assets increased $12,000 and liabilities increased $1,000. What was stockholders' equity on December 31, 2010? A. 87,000 B. 111,000 C. 159,000 D. 281,000 3. Which of the following accounts would not be reported on the balance sheet? A. Retained earnings B. Inventory C. Accounts payable D. Dividends 4. Which of the following statements describes the balance sheet? A. It reports a company's revenues and expenses. B. Assets are generally reported on the balance sheet at their historical cost. C. Stockholders' equity includes only retained earnings. D. It reports a company's cash flow from operations. 5. Which of the following transactions increases both cash and net income? A. Cash receipts from a bank loan. B. Cash receipts from sale of stock. C. Cash receipts from customers for services provided. D. Cash receipts from a bond issue. 6. Which of the following assumptions implies that the assets and liabilities of the business are accounted for separately from the assets and liabilities of the owners? A. Unit-of-measure assumption B. Continuity assumption C. Historical cost principle D. Separate entity assumption 7. Which of the following events will cause retained earnings to increase? A. Dividends declared by the Board of Directors.
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B. Net income reported for the period. C. Net loss reported for the period. D. Issuance of stock in exchange for cash. 8. Tiger Company's stockholders' equity at the beginning of the year was $179,000. During the year Tiger reported the following: Net income of $83,000. Dividend declarations totaling $17,400. Issued stock to stockholders in exchange for $44,000 cash. Stockholders sold some of their stock to other stockholders for $11,400 cash. What is Tiger's stockholders' equity at the end of the year? A. 306,000 B. 300,000 C. 288,600 D. 282,600 9. At the beginning of April, Warren Corporation's assets totaled $259,000 and liabilities totaled $79,000. During April the following summarized transactions occurred: Additional shares of stock were sold for $29,500 cash. A building costing $114,000 was purchased using $19,500 cash and by signing an $94,500 long-term note payable. Short-term investments costing $10,900 were purchased using cash. $11,900 was lent to an employee; the employee signed a six-month note in exchange for the loan. How much are Warren's total assets at the end of April? A. 402,500 B. 373,000 C. 353,500 D. 383,000 10. A corporation has $86,000 in total assets, $33,000 in total liabilities, and a $15,600 credit balance in retained earnings. What is the balance in the contributed capital account? A. 37,400 B. 53,000 C. 68,600 D. 48,600
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Part I: Multiple Choice Questions: Select the best answer.
1. During the fiscal year ended 2011, a company had revenues of $500,000, A.
D. expenses of $360,000, and an income tax rate of 35...

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