ACC 557 Quiz

Multiple Choice Question 92

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The income statement for the year 2013 of Fugazi Co. contains the following information: Revenues $70,000 Expenses: Salaries and Wages Expense $45,000 Rent Expense 12,000 Advertising Expense 8,000 Supplies Expense 6,000 Utilities Expense 2,500 Insurance Expense 2,000 Total expenses 75,500 Net income (loss) ($5,500)

After the revenue and expense accounts have been closed, the balance in Income Summary will be

a credit balance of $70,000.


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a debit balance of $5,500.

a credit balance of $5,500.

The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2013: Accounts payable $ 19,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000 Advertising expense 21,000 Cash 11,000 Common stock 40,000 Dividends 14,000 Depreciation expense 12,000 Equipment 190,000 Insurance expense 3,000 Note payable, due 6/30/14 70,000 Patents 20,000 Prepaid insurance (12-month policy) 6,000 Rent expense 17,000 Retained earnings (1/1/13) 65,000 Salaries and wages expense 32,000 Service revenue 125,000 Supplies 4,000 Supplies expense 6,000

What is the book value of the equipment at December 31, 2013?

Multiple Choice Question 133

The following information is for Bright Eyes Auto Supplies: Bright Eyes Auto Supplies Balance Sheet December 31, 2013

Cash $ 20,000 Accounts Payable $ 65,000 Prepaid Insurance 40,000 Salaries and Wages Payable 25,000 Accounts Receivable 50,000 Mortgage Payable 75,000 Inventory 70,000 Total Liabilities $165,000 Land Held for Investment 90,000 Land 125,000 Building $100,000 Common Stock $120,000 Less Accumulated Retained Earnings 250,000 370,000 Depreciation (30,000) 70,000 Trademark 70,000 Total Liabilities and Total Assets $535,000 Stockholders’ Equity $535,000

The total dollar amount of liabilities to be classified as current liabilities is




$165,000. Click if you would like to Show Work for this question: Open Show Work

After closing entries are posted, the balance in the retained earnings account in the ledger will be equal to

the net income for the period.

the beginning retained earnings reported on the retained earnings statement.

the amount of the retained earnings reported on the balance sheet.


Under IFRS

comparative prior-period information is not required, but financial statements must be provided annually.

comparative prior-period information is not required, and financial statements need not be provided annually.

comparative prior-period informaton must be presented, and financial statements must be provided annually.

comparative prior-period information must be presented, but financial statements need not be provided annually.

Multiple Choice Question 48

A worksheet can be thought of as a(n)

part of the journal.

optional device used by accountants.

part of the general ledger.

permanent accounting record.

Multiple Choice Question 166

Income Summary has a credit balance of $17,000 after closing revenues and expenses. The entry to close Income Summary is

debit Income Summary $17,000, credit Retained Earnings $17,000.

credit Income Summary $17,000, debit Retained Earnings $17,000.

credit Income Summary $17,000, debit Dividends $17,000.

debit Income Summary $17,000, credit Dividends $17,000. Click if you would like to Show Work for this question: Open Show Work

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