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Financial Accounting and Reporting

Financial Accounting and Reporting

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In analyzing a transaction using the accounting equation, which account is included in the Stockholders’ Equity section?

Accounts Receivable

Accounts Payable

Revenue

Cash

The Spartain Company received $3,600 from a customer on account. The entry to record this transaction is:

Revenue		3,600
	Cash		3,600

❌

Accounts Receivable		3,600
	Cash		3,600

❌

Cash		3,600
	Accounts Payable		3,600

❌

Cash		3,600
	Accounts Receivable		3,600

✅

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An expense:

Is the decrease in liabilities as a result of providing goods or services.

Is the increase in stockholders’ equity as a result of providing goods or service.

Is the decrease in stockholders’ equity as a result of providing goods or services.

Has the same normal balance as liabilities.

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Which of the following accounts is decreased with a credit?

Which of the following accounts is decreased with a debit?

Cash at the beginning of March was $5,670. During the month, cash receipts totaled $78,990. Ending cash at March 31 was $2,340. Cash disbursements during March must have been:

$84,660

$75,660

Cannot be determined from the information given.

❌

$82,320

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When a company sells merchandise, but the customer does not pay it immediately, it should:

Make no entry.

❌

Credit Accounts Receivable.

❌

Debit Accounts Receivable.

✅

Credit Accounts Payable.

❌

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Listed below are the account balances of the Sycamore Corporation:

Net Income (Net Loss) is:

$57,000.

($18,000).

$47,000.

($28,000).

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Listed below are the account balances of the Furr Corporation:

Total Liabilities are:

$324,000.

$188,000.

$201,000.

$311,000.

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The Barton Corporation purchased $750,000 of 3%, 5-year bonds at 98 on January 1, 2016. Interest is to be paid semiannually on January 1 and July 1. This is a held-to maturity investment. This company uses the straight-line method to amortize any premiums or discounts. What was the purchase price of these bonds?

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