Questions from Financial Accounting

Q: A businesss receipt of a $120,000 building, with

A businesss receipt of a $120,000 building, with a $60,000 mortgage payable, and issuance of $60,000 of common stock will a. increase stockholders equity by $60,000. b. increase assets by $60,000....

Q: Gartex, a new company, completed these transactions. What will

Gartex, a new company, completed these transactions. What will Gartexs total assets equal? (1) Stockholders invested $54,000 cash and inventory worth $27,000. (2) Sales on account, $15,000. a. $66,...

Q: The primary objective of financial reporting is to provide information a

The primary objective of financial reporting is to provide information a. useful for making investment and credit decisions. b. about the profitability of the enterprise. c. to the federal governme...

Q: Assume M. Crew opened a store in Dallas, starting with

Assume M. Crew opened a store in Dallas, starting with cash and common stock of $94,000. Melissa Farino, the store manager, then signed a note payable to purchase land for $88,000 and a building for $...

Q: Which type of business organization provides the least amount of protection for

Which type of business organization provides the least amount of protection for bankers and other creditors of the company? a. Partnership b. Proprietorship c. Corporation d. Both a and b

Q: Assets are usually reported at their a. historical cost.

Assets are usually reported at their a. historical cost. b. current market value. c. appraised value. d. none of the above (fill in the blank).

Q: During March, assets increased by $19,000 and liabilities

During March, assets increased by $19,000 and liabilities increased by $6,000. Stockholders equity must have a. increased by $13,000. b. decreased by $13,000. c. increased by $25,000. d. decreased b...

Q: The amount a company expects to collect from customers appears on the

The amount a company expects to collect from customers appears on the a. statement of cash flows. b. balance sheet in the current assets section. c. income statement in the expenses section. d. ba...

Q: All of the following are current assets except a. Inventory

All of the following are current assets except a. Inventory . b. Sales Revenue. c. Cash. d. Accounts Receivable.

Q: Revenues are a. decreases in liabilities resulting from paying off

Revenues are a. decreases in liabilities resulting from paying off loans. b. increases in paid-in capital resulting from the owners investing in the business. c. increases in retained earnings resu...