Book keeping, Finance And Accounting

Question: Remington Inc. has provided the following information about its balance sheet: Cash $ 100 Accounts receivable $ 500 Stockholders' equity $ 700 Accounts payable $ 200 Bank loans $ 1,000 Based on the information provided, how much do their liabilities amount to?
A
$200.

B
$900.

C
$1,200.

D
$1,700.

Note: answer not sure
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Question: Refer to the given image: Bernstein Corporation Ltd.recently experienced a fire which destroyed its entire inventory. The following data have been reconstructed from the partial accounting information available, and pertain to the year up to the date of the fire. Using the gross profit method, estimate the dollar amount of the inventory which was destroyed in the fire.
A
$17,000

B
$33,000

C
$47,000

D
$65,000

Note: answer not sure
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Question: Office Mart's financial statements revealed an uncollectible accounts expense of $8,000, accounts receivable of $140,000, and allowance for uncollectible accounts of $12,000. The net realizable value of Office Mart's accounts receivable is:
A
$128,000

B
$132,000

C
$136,000

D
$152,000

Note: answer not sure
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Question: Which of the following equations properly represents a derivation of the fundamental accounting equation?
A
Assets + liabilities = owner's equity.

B
Assets = owner's equity.

C
Cash = assets.

D
Assets - liabilities = owner's equity.

Note: answer not sure
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Question: Refer to the given image: The proper journal entry to record $1,000 of Dividend paid by Myer's Corporation Ltd. is:Refer to the given image: The proper journal entry to record $1,000 of Dividend paid by Myer's Corporation Ltd. is:
A
1

B
2

C
3

D
4

Note: answer not sure
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Question: Which of the following would not be included in a balance sheet?
A
Accounts receivable.

B
Accounts payable.

C
Sales.

D
Cash.

Note: answer not sure
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Question: Which of the following is a typical prepaid expense?
A
Rent

B
Insurance

C
Wages

D
Office Supplies

Note: answer not sure
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Question: Refer to the given image: Hefty & Co. wants to know the effect of different inventory methods on financial statements. Given below is the information about the opening inventory and purchases for the current year. Sales during the year were 2,700 units at $5.00. If they used the first-in, first-out method, the closing inventory would be:
A
$2,780

B
$3,960

C
$9,700

D
$10,880

Note: answer not sure
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Question: Wonder Corporation Ltd. failed to record the purchase of merchandise in their account books. The merchandise and related accounts payable should have been recorded but were not. What would be the effect of these errors on assets, liabilities, retained earnings, and net income respectively?
A
Understated, understated, no effect, no effect

B
Understated, understated, understated, understated

C
Understated, overstated, overstated, understated

D
Overstated, overstated, understated, overstated

Note: answer not sure
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Question: What are the adjustments most common to bank reconciliation?
A
Interest earned and bank fees

B
Bank errors

C
Unidentified transactions

D
Checks cleared but not in the accounting system

Note: answer not sure
1. Report

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Question: Remington Inc. has provided the following information about its balance sheet: Cash $ 100 Accounts receivable $ 500 Stockholders' equity $ 700 Accounts payable $ 200 Bank loans $ 1,000 Based on the information provided, how much do their liabilities amount to?

Question: Office Mart's financial statements revealed an uncollectible accounts expense of $8,000, accounts receivable of $140,000, and allowance for uncollectible accounts of $12,000. The net realizable value of Office Mart's accounts receivable is:

Question: Which of the following equations properly represents a derivation of the fundamental accounting equation?

Question: Refer to the given image: The proper journal entry to record $1,000 of Dividend paid by Myer's Corporation Ltd. is:Refer to the given image: The proper journal entry to record $1,000 of Dividend paid by Myer's Corporation Ltd. is:

Question: Which of the following would not be included in a balance sheet?

Question: Which of the following is a typical prepaid expense?

Question: Wonder Corporation Ltd. failed to record the purchase of merchandise in their account books. The merchandise and related accounts payable should have been recorded but were not. What would be the effect of these errors on assets, liabilities, retained earnings, and net income respectively?

Question: What are the adjustments most common to bank reconciliation?