Accouting Help?

FunkyMonkey asked:


I am at my wedding in florida and i have accounting homework, its a take home quiz of 10 questions. If anyone can help me with any of these i would greatly appreciate it, its due tonight and i am honestly pooped from the wedding so please help. It is a multiple choice quiz

1. Chapter 1—Introduction to Accounting and Business Question MC #70
(Points: 2)

Al Shea is a stockholder and operator of SawTooth Company. As of the end of its accounting period, December 31, 2007, SawTooth Company has assets of $925,000 and liabilities of $285,000. During 2008, Al Shea invested an additional $50,000 in exchange for capital stock and was paid dividends in the amount of $30,000 from the business. What is the amount of net income during 2008, assuming that as of December 31, 2008, assets were $980,000, and liabilities were $255,000?

1. $725,000
2. $ 95,000
3. $ 65,000
4. $165,000
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2. Chapter 1—Introduction to Accounting and Business Question MC #32
(Points: 2)

The objectivity principle requires that

1. amounts recorded in the financial statements must be based on independently verifiable evidence
2. accounting principles must meet the objectives of the Security and Exchange Commission
3. the Financial Accounting Standards Board must be fair and unbiased in its deliberations over new accounting standards
4. business transactions must be consistent with the objectives of the entity
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3. Chapter 1—Introduction to Accounting and Business Question MC #20
(Points: 2)

Which of the following is the best description of accounting’s role in business?

1. Accounting provides stockholders with information regarding the market value of the company’s stocks.
2. Accounting provides creditors and banks with information regarding the credit risk rating of the company.
3. Accounting provides information to managers to operate the business and to other stakeholders to make decisions regarding the economic condition of the company.
4. Accounting is not responsible for providing any form of information to stakeholders. That is the role of the Information Systems Department.
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4. Chapter 1—Introduction to Accounting and Business Question MC #67
(Points: 2)

Land, originally purchased for $20,000, is sold for $75,000 in cash. What is the effect of the sale on the accounting equation?

1. assets increase $55,000; stockholders' equity increases $55,000
2. assets increase $75,000; liabilities decrease $20,000; stockholders' equity increases $55,000
3. assets increase $20,000; no change for liabilities; stockholders' equity increases $75,000
4. assets increase $75,000; stockholders' equity increases $75,000
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5. Chapter 1—Introduction to Accounting and Business Question MC #57
(Points: 2)

If total assets decreased by $47,000 during a period of time and stockholders' equity increased by $24,000 during the same period, then the amount and direction (increase or decrease) of the period's change in total liabilities is

1. $71,000 increase
2. $71,000 decrease
3. $23,000 increase
4. $47,000 decrease
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6. Chapter 2—Analyzing Transactions Question MC #90
(Points: 2)

June26Equipment
14,000

Cash
4,000
Note Payable
10,000
????????????

Which is the best explanation for this journal entry?

1. Purchased equipment on credit.
2. Purchased equipment, paid cash of $4,000, with the remainder to be paid in payments
3. Purchased equipment, paid cash of $4,000, with the remainder to be received in the future.
4. Purchased equipment, paid cash for the entire amount
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7. Chapter 2—Analyzing Transactions Question MC #59
(Points: 2)

XYZ Hospital purchased X-ray equipment for $3,000, paid $750 down, with the remainder to be paid later. The correct entry would be

1. Cash 750
Accounts Payable 2,250
Equipment 3,000
2. Equipment 3,000
Accounts Payable 2,250
Cash 750
3. Equipment 750
Cash 750
4. Equipment Expense 3,000
Accounts Payable 750
Cash 2,250
5. Cash 750
Equipment 750
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8. Chapter 2—Analyzing Transactions Question MC #12
(Points: 2)

Which of the following types of accounts have a normal credit balance?

1. assets and liabilities
2. liabilities and expenses
3. revenues and liabilities
4. capital stock and dividends
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9. Chapter 2—Analyzing Transactions Question MC #36
(Points: 2)

Cash was paid by J's Appliance Repair to creditors on account. Which of the following entries for J's records this transaction?

1. Cash, debit; Capital Stock, credit
2. Accounts Payable, debit; Cash, credit
3. Accounts Payable, debit; Account Receivable, credit
4. Accounts Receivable, debit; Cash, credit
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10. Chapter 2—Analyzing Transactions Question MC #28
(Points: 2)

A debit balance in which of the following accounts would indicate a likely error?

1. Notes Payable
2. Dividends
3. Supplies
4. Salaries Expense
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Jim