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1 | | Below are selected balances in Realty Corporation's year-end trial balance. What is the amount of their total current assets? (76.0K) |
| | A) | $173,000 |
| | B) | $180,000 |
| | C) | $ 680,000 |
| | D) | $223,000 |
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2 | | Using the data from question 1 above for Realtor Corporation, what is the amount of their total current liabilities? |
| | A) | $70,000 |
| | B) | $80,000 |
| | C) | $150,000 |
| | D) | $420,000 |
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3 | | Using the data from question 1 above for Realtor Corporation, what is the amount of their total liabilities? |
| | A) | $160,000 |
| | B) | $80,000 |
| | C) | $420,000 |
| | D) | $450,000 |
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4 | | Net realizable value is used on which of the following accounts? |
| | A) | Inventory |
| | B) | Common Stock |
| | C) | Accounts Payable |
| | D) | Accounts Receivable |
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5 | | Which of the following are classified in long term assets? |
| | A) | Prepaid Insurance |
| | B) | Allowance for Bad Debts |
| | C) | Available-for-sale Securities |
| | D) | Goodwill |
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6 | | Money received in advance from a customer that is expected to be returned or earned in the next six months would be classified as a(n): |
| | A) | investment |
| | B) | current asset |
| | C) | current liability |
| | D) | long-term liability |
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7 | | Lease obligations created by a capital lease are classified on the balance sheet as: |
| | A) | a plant asset |
| | B) | a current liability |
| | C) | a long-term liability |
| | D) | part current liability and part long-term liability |
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8 | | Which of the following reduces total liabilities on the balance sheet? |
| | A) | Deferred Tax Liability |
| | B) | Discount on Bonds Payable |
| | C) | Bonds Payable |
| | D) | Allowance for Bad Debts |
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9 | | The purchase of Preferred Treasury Stock would be reported on a company's. |
| | A) | Income Statement |
| | B) | Statement of Stockholders' Equity |
| | C) | Balance Sheet |
| | D) | Retained Earnings Statement |
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10 | | Which of the following would not be reported as Contributed Capital on the balance sheet? |
| | A) | Paid-in-Capital in Excess of Par |
| | B) | Common Stock |
| | C) | Paid-in-Capital from sale of Treasury Stock |
| | D) | Retained Earnings |
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11 | | Treasury Stock would be reported on the balance sheet as: |
| | A) | retained earnings |
| | B) | contributed capital |
| | C) | a reduction to stockholders' equity |
| | D) | a long-term investment |
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12 | | If a firm includes next year's debt payments in the long term liability section of the balance sheet, which of the following ratios would be overstated? |
| | A) | debt to equity ratio |
| | B) | current ratio |
| | C) | return on assets |
| | D) | Times interest earned |
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13 | | What is the amount of current assets? (35.0K) |
| | A) | $107,000 |
| | B) | $125,000 |
| | C) | $ 69,000 |
| | D) | $126,000 |
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14 | | Using the information in 22 above, what is the current ratio? |
| | A) | 2.12 |
| | B) | 1.40 |
| | C) | 1.81 |
| | D) | 1.20 |
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15 | | Alpha Corporation has 500,000 shares of common stock authorized, with 52,000 shares issued and outstanding. The par value equals $ 1 per share and the stock was issued at $12 per share. What value will be placed in the common stock account? |
| | A) | $ 52,000 |
| | B) | $ 500,000 |
| | C) | $ 624,000 |
| | D) | $572,000 |
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