During the year, Proffitts, Inc., had revenue of $62,000 and expenses of $25,000

During the year, Proffitts, Inc., had revenue of $62,000 and expenses of $25,000

Question 19                                                                                                                                       0 out of 0.2 points

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During the year, Proffitts, Inc., had revenue of $62,000 and expenses of $25,000. During the year, it collected $7,000 from its customers and paid $3,000 of its expenses and $20,000 of dividends to its owners. Net income for the year equals ______.

 

Question 20                                                                                                                                       0 out of 0.2 points

 

Use the following information for Equitable, Inc., for the year ended December 31, Year 2.  Assume no new common stock was issued during the year.

 

Revenue for the year ended, December 31, Year 2          $44,000

 

Expenses for the year ended, December 31, Year 2         15,000

 

Total Assets at December 31, Year 1        35,000

 

Total Assets at December 31, Year 2        60,000

 

Total Shareholders’ Equity at December 31, Year 1            25,000

 

Dividends for the year ended December 31, Year 2          7,000

 

What is total Shareholders’ Equity at December 31, Year 2?

 

Question 21                                                                                                                                       0 out of 0.2 points

 

During December, Acme, Inc., performed and billed its customers $30,000 for services on account of which it collected $2,000. How much revenue should Acme record in December?

 

Question 22                                                                                                                                       0 out of 0.2 points

 

Indiana Bones, Inc., purchased $400 of supplies on account during May. Indiana bones paid $150 of the $400 it owed for its supplies. At May 31, Indiana Bones had $100 of supplies left. Which of the following statements is true about the May financial statements?

 

Cash Paid for Supplies on the ______.

 

Question 23                                                                                                                                       0 out of 0.2 points

 

When a company pays for advertising in advance, it will record a debit to ______ and a credit to ______.

 

Question 24                                                                                                                                       0 out of 0.2 points

 

The beginning balance in Lucre’s Notes Payable was $50,000. During the month, Lucre borrowed $60,000 cash from Last National Bank and then paid First National Bank the $40,000 it had borrowed five months prior. The balance in Lucre’s Notes Payable is now a ______.

 

 

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