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BYU ACC 200 EXAM 1 MODULE QUIZZES QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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BYU ACC 200 EXAM 1 MODULE QUIZZES QUESTIONS AND ANSWERS WITH SOLUTIONS 2024
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BYU ACC 200 EXAM 1 MODULEQUIZZES QUESTIONS AND ANSWERS
WITH SOLUTIONS 2024
Mimi Company has the following account balances:
Accounts Payable$25,000
Capital Stock35,000
Cash10,000
Inventory 50,000
Land100,000
Notes Payable40,000
Retained Earnings60,000
What is the amount of total OWNERS' EQUITY? - ANSWER $125,000
Rocky Company has the following account balances.
Accounts Payable$25,000
Accounts Receivable35,000
Cash10,000
Inventory 50,000
Land100,000
Wages Payable40,000
Equipment60,000
Note: Not all accounts are shown, but the accounts shown are sufficient to correctly answer the
question.
What is the amount of total ASSETS? - ANSWER $220,000
Lily Company was started last year when Lily borrowed $70 cash from the local bank. Lily used that $70
cash to purchase inventory for $70. This year Lily Company sold that inventory for $100 cash.
Which ONE of the following statements is TRUE with respect to Lily Company's balance sheet AFTER the
sale of the inventory? - ANSWER Owners' Equity is $70
If a corporation has total assets of $100,000, total liabilities of $20,000, and a retained earnings balance
of $50,000, what is the amount of total owner's equity? - ANSWER $70,000
If retained earnings increased during 20X5 by $15,000 and given the following additional information
regarding activity for the year ended 20X5:
Capital Contributions $5,000
Revenues45,000
Dividends2,000
Determine the amount of expenses for the year ended 20X5. - ANSWER $22,000
Using the data below, compute NET INCOME. Tax rate is 0%.
Advertising Expense$120
Cash100
Cost of Goods Sold350
, Interest Expense250
Sales Revenue1,200
Wage Expense220 - ANSWER $350
Using the data below, compute NET INCOME. Tax rate is 0%
Accounts Payable$120
Accounts Receivable250
Cash100
Capital Stock400
Cost of Goods Sold850
Equipment 1,000
Inventory 800
Loans Payable860
Retained Earnings (beginning)700
Sales Revenue1,200
Wage Expense220 - ANSWER $70
Assets are $100,000. Owners' equity is $55,000. What is the amount of LIABILITIES? - ANSWER $70,000
Using the data below, compute the CHANGE IN RETAINED EARNINGS during the year.
Total Revenue$1,000
Total Expenses700
Dividends120
Capital Contributions during the year250
Retained Earnings stare of the year500 - ANSWER Decrease $300
Using the data below, compute RETAINED EARNINGS at the END of the year.
Total Revenue$2,000
Total Expenses1,200
Dividends300
Capital Contributions during the year250
Retained Earnings start of the year1,400 - ANSWER $550
Assets increased by $100,000 during the year. Liabilities increased by $30,000 during the year. Dividends
for the year were $50,000. Expenses for the year were $200,000. Capital contributions during the year
were $25,000.
Compute REVENUES for the year. - ANSWER $100,000
Using the data below, compute RETAINED EARNINGS at the BEGINNING of the year.
Total Revenue$1,500
Total Expenses1,000
Dividends200
Capital Contributions during the year250
Retained Earnings end of the year700 - ANSWER $425
Poor Company borrowed $3,000 cash from the local bank.
Which ONE of the following would be included in the journal entry necessary to record this cash
borrowing? - ANSWER DEBIT to Retained Earnings for $3,0000
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