Q1. Alpha Company reported the following financial statement information: December 31, 2006: |
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| Assets | $70,000 |
| Liabilities | 45,000 | December 31, 2007: |
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| Assets | 82,000 |
| Liabilities | 55,000 | During 2007: |
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| Stockholder investments | 3,000 |
| Net income | ? |
| Dividends | 6,000 |
Calculate Alpha’s net income for the year ended December 31, 2007 and the change in stockholders’ equity for the year ended December 31, 2007. Net income
Change in stockholders' equity
A) ($3,000) $2,000 increase B) $5,000 $2,000 decrease C) $5,000 $2,000 increase
Q2. Wichita Corporation reported the following balances as of December 31, 2007: Cash | $? | Accounts payable | 16,000 | Accounts receivable | 58,000 | Additional paid-in capital | 42,000 | Common stock | 19,600 | Inventory | 12,000 | Plant and equipment | 26,800 | Notes payable | 20,000 | Retained earnings | 32,000 |
Calculate Wichita’s cash and total assets as of December 31, 2007 based only on these entries. Cash Total assets A) $16,000 $129,600 B) $32,800 $113,600 C) $32,800 $129,600
Q3. Beta Company reported the following financial statement information: December 31, 2006: |
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| Assets | $58,000 |
| Liabilities | 28,000 | December 31, 2007: |
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| Assets | ? |
| Liabilities | 38,000 | During 2007: |
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| Stockholder investments | 15,500 |
| Net income | 18,000 |
| Dividends | 7,750 |
Calculate Beta’s total assets and stockholders’ equity as of December 31, 2007. Total assets
Stockholders' equity
A) $93,750 $30,000 B) $79,250 $55,750 C) $93,750 $55,750
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发表于 2009-1-16 09:41
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