Financial Information Skills Test

Let's see if you've got your ducks in a row regarding Financial Information.

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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

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 .


Select the Correct Amount from the list above