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Exam 1: An Introduction to Accounting

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Question 71

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On January 1, 2013, Baird Company had beginning balances as follows: Assets = $2,250 Liabilities = $620 Common Stock = $800 During 2013, Baird paid dividends to its stockholders of $900. Given that ending retained earnings was $600, what was Baird's net income for the 2013 accounting period?

A) $770
B) $830
C) $1,250
D) $500

E) C) and D)
F) All of the above

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Question 72

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Give three examples of asset use transactions.

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Paid loan, paid expense, and paid divide...

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Question 73

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Fill in the missing information by determining the amounts represented by letters a - d.

Which of the following items would appear in the cash flow from the financing activities section of a statement of cash flows?

At the end of 2013, retained earnings for the Bisk Company was $1,750. Revenue earned by the company in 2013 was $2,000, expenses paid during the period were $1,100, and dividends paid during the period were $500. Based on this information alone, retained earnings at the beginning of 2013 was

If a corporation issues common stock for $20,000 cash, in which section of the statement of cash flows would this transaction be reported?

Indicate whether each of the following statements about financial statements is true or false. _______ a) A cash dividend paid to stockholders is shown on the statement of cash flows. _______ b) A cash dividend paid to stockholders is shown on the statement of changes in stockholders' equity. _______ c) A cash dividend paid to stockholders is shown on the income statement. _______ d) Among other things, the balance sheet shows how a company got its cash. _______ e) Changes in retained earnings for the accounting period are shown on the income statement.

Tandem Company acquired $23,000 by issuing common stock. Which of the following choices accurately reflects how this event affects the company's financial statements?

The Financial Accounting Standards Board is an agency of the US government with authority for establishing accounting standards for businesses in the US.

Each of the following requirements is independent of the others. a) Viking Corporation has liabilities of $85,000 and equity of $115,000. What is the amount of Viking's assets? _________________________________________________ b) Garibaldi Company has assets of $310,000 and liabilities of $95,000. What is the amount of Garibaldi's equity? ______________________________________________________ c) King Company has assets of $70,000 and liabilities of $25,000. What is the amount of King's claims? _____________________________________________________________

Which of the following items is an example of revenue?

The accounting term "reliability" refers to information that is consistent from one accounting period to the next.

Rialto Company experienced an accounting event that affected its financial statements as indicated below: Which of the following accounting events could have caused these effects on Rialto's statements?

George Company was started on January 1, 2013, when it acquired $8,000 cash by issuing common stock. During 2013, the company earned cash revenues of $3,500, paid cash expenses of $2,750, and paid a cash dividend of $300. Based on this information,

Which of the following is not an element of the financial statements?

Borrowing money from the bank is an example of an asset source transaction.

Which of the following describes the effects of this transaction on Vantage Corporation's books?

Which financial statement matches asset increases from operating a business with asset decreases from operating the business?

Ferguson Co. issued common stock for $50,000 cash.

Liabilities are shown on the