I need help with these Accounting questions


Question Description:

35

I need help with these Accounting questions MBA Accounting Questions.docx 1. In the year 20X1, the Afarian Company’s cash receipts were $186,000 and its cash expenditures were $181,000. It reported 20X1 net income of $32,000 and total expenses of$124,000. What was Afarian Corporation’s revenues for 20X1? (a) $5,000 (b) $62,000 (c) 156,000 (d) $186,000 (e) $213,000 2. The office manager at the Gallego Pediatric Clinic is reconciling its bank statement to its accounting records. The accounting records show a balance of $18,674 as of 6/30/20X3. The office manager has the following information: *deposits in transit were $2,000 *outstanding checks totaled $2,500 *bank service charges were $75 *NSF check for $500 was included with the bank statement. The clinic’s reconciled true balance as of 6/30/20X3 is: (a) $17,099 (b) $18,099 (c) $19,174 (d) $18,174 3. On 01/01/20X1, the Stewart and Sole Company bought a truck with an estimated useful life of 8 years for $80,000. Its estimated salvage value at the end of its useful life is $8,000. At what amount should the truck be reported on the balance sheet of year 20X3 (make any assumptions you need)? [no commas or dollar signs] Answer:___________________ 4. On Dec 15, 20X1, Mid-Atlantic Medical Corporation (MAMC) properly recorded the declaration of cash dividends of $5,000,000 to be paid to stockholders of record Jan 15, 20X2. What is the effect of the payment of these dividends in 20X2 on MAMC’s assets, liabilities, equity, and income? Assets: Increase, Decrease, No Effect. ____________________ Liabilities: Increase, Decrease, No Effect. _________________ Equity: Increase, Decrease, No Effect. _________________ Income: Increase, Decrease, No Effect. _____________________ 5. The Lisa Hausch Company sells 200,000 of its $0.50 par value common shares for $25 per share. Which of the following journal entries should the firm make to record this issue? (a)Debit cash $5,000,000; credit common stock $100,000; credit retained earnings $4,900,000 (b)Debit cash $5,000,000; credit common stock $1,000,000; credit additional paid-In capital $4,000,000 (c)Debit cash $5,000,000; credit common stock $100,000; credit additional paid-In capital $4,900,000 (d)Credit cash $5,000,000; debit common stock $100,000; debit additional paid-In capital $4,900,000 6.Here is the accounts receivable as presented on the Mallow Corporation’s 20X9 balance sheet. 12/31/X9 $173,200 12/31/X8 $236,400 Accounts receivable, less allowance for bad debts of $9,500 and $17,900 for X9 & X8 respectively Mallow wrote off $10,650 of receivables as bad debts during 20X9. What amount of bad debt expense was recognized for the year 20X9? Answer:____________________ [no commas or dollar signs] 7. The Aisha Sparks Company experienced an accounting event that affected its financial statements as indicated below: Assets-Liabilities-Equity-RevenueNAExpenses+

Income-Cash Flow-FA -OA Which of the following accounting events could have caused these effects on Spark’s statements? A. paid interest and principal on loan B. borrowed funds through a line of credit C. paid interest on bonds D. repaid principal on bonds at maturity 8. The following is the Crawford & Afrasiabi Restaurant Corporation’s 20X0 balance sheet. Cash3,850 Accounts receivable5,150 Inventory10,150 Plant and equipment, net of depreciation19,500 Land11,600 Total assets50,250 Accounts payable2,310 Salaries payable9,040 Bonds payable (due 20X8)8,400 Capital stock no par15,800 Retained earnings14,700 Total liabilities +

 stockholders’ equity50,250 The company’s debt to equity ratio is nearest to: A. 28% B. 53% C. 65% D. 125% 9. Which of the following is not normally a preference given to the holders of preferred stock? A. The right to vote before the common stockholders at the corporation’s annual meeting. B. The right to receive a specified amount of dividends prior to any being paid to common stockholders. C. The right to receive pref

Answer

35