The General Ledger has the following accounts and balances:
|
Land
|
50,000
|
Cash
|
23,800
|
|
Accounts Receivable
|
20,000
|
Buildings
|
125,000
|
|
Accounts Payable
|
9,400
|
Accrued Salaries & Wages
|
4,400
|
|
Notes Payable-Current
|
10,000
|
Delivery Truck
|
45,000
|
|
Common Stock-Beginning
|
45,000
|
Accrued Expenses Payable
|
5,000
|
|
Prepaid Expenses
|
2,000
|
Supplies-Inventory
|
1,500
|
|
Delivery Expenses
|
51,000
|
Notes Payable-Long Term
|
40,000
|
|
Petty Cash
|
500
|
Delivery Revenues
|
158,000
|
|
Allowance for Bad Debts
|
8,000
|
Accumulated Depreciation-Buildings
|
9,000
|
|
Accumulated Depreciation-Delivery Trucks
|
10,000
|
Salaries & Wages
|
40,000
|
|
Beginnng Retained Earnings
|
55,000
|
Dividends
|
5,000
|
Instructions:
Using the above information select the appropriate dollar amount for the following questions:
Note: Paper, pencil, and a calculator will aid you in calculating the correct amounts.
Hint: Preparing Financial Statements will provide you with the answers to the questions. Some amounts such as Ending Retained Earnings and Net
Income need to be calculated.
Give the test a try on your own; but, if you need to see the results, check out
the Financial Information I prepared for you.
Question .
.
|
