Finnish Motors has the following balance sheet accounts:
Land $ 150,000
Equipment 90,000
Salaries Payable 12,000
Notes Payable 99,000
Supplies 10,000
Cash 25,000
Common Stock 40,000
Retained Earnings 100,000
Accounts Payable ?
Prepaid Rent ?
A) $15,000.
B) $25,000.
C) $12,000.
D) $39,000.
Answer: D
Finnish Motors has the following balance sheet accounts:
Land $ 150,000
Equipment 90,000
Salaries Payable 12,000
Notes Payable 99,000
Supplies 10,000
Cash 25,000
Common Stock 40,000
Retained Earnings 100,000
Accounts Payable ?
Prepaid Rent ?
A) $15,000.
B) $25,000.
C) $12,000.
D) $39,000.
Answer: A
Lithuanian Motors has the following balance sheet accounts:
Land $ 170,000
Equipment 66,000
Salaries Payable ?
Notes Payable 88,000
Supplies 14,000
Cash 26,000
Common Stock 100,000
Retained Earnings 40,000
Accounts Payable ?
Prepaid Rent 12,000
A) $15,000.
B) $25,000.
C) $12,000.
D) Cannot be determined given the information provided.
Answer: D
A) Source documents used to determine the effects of transactions on the company's accounts.
B) List of all accounts and their balances at a particular date to ensure that debits equal credits.
C) Chronological record of all transactions affecting the company.
D) Process of transferring debit and credit information from the journal to the accounts in the general ledger.
Answer: B
A) The income statement accounts used to calculate net income.
B) Revenue, expense, and dividend accounts used to show the balances of the components of retained earnings.
C) The balance sheet accounts used to show the equality of the accounting equation.
D) All accounts and their balances at a particular date.
Answer: D
A) $50,000.
B) $52,000.
C) $48,000.
D) $62,000.
Answer: C
A) $50.
B) $450.
C) $500.
D) $950.
Answer: D
