Question 1

Cool Tours had beginning equity of $72,000,net income of $25,000,and dividends of $9,000.Calculate the ending equity.

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Question 2

Quick Computer Service had net income for the year of $30,000.Its assets at the beginning of the year were $400,000.At the end of the year,assets were worth $450,000.Calculate its return on assets.

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Question 3

For each of the following transactions,identify the effects on the accounting equation.Use "+" to indicate an increase and "-" to indicate a decrease.Use "A","L" and "E" to indicate assets,liabilities,and equity,respectively.Part (a) has been completed as an example.

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Question 4

The following schedule reflects the first month's transactions of the Blue Real Estate Company:
  Provide descriptions for each transaction.

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Question 5

ParFour's total liabilities are $130,000 and its equity is $340,000.Calculate the company's total assets.

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Question 6

If Madeira Company paid $42,000 of its accounts payable in cash,what would be the effect of this transaction on assets,liabilities,and equity?

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Question 7

The accountant of Magic Video Games prepared a balance sheet immediately after each transaction was recorded.During September,the first month of operation,the following balance sheets were prepared:

Required: Describe the nature of each of these five transactions for the month of September.

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Question 8

Della's Donuts had cash inflows from operating activities of $27,000,cash outflows from investing activities of $22,000,and cash outflows from financing activities of $12,000.Calculate the net increase or decrease in cash.

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Question 9

FastForward reported net income of $17,500 for the past year.At the beginning of the year the company had $200,000 in assets.By the end of the year,assets had increased to $300,000.Calculate the return on assets.

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Question 10

Presented below is selected financial information for Stanley's Bike Shop.Using the appropriate information,prepare the income statement for 2014.

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Question 11

Della's Donuts has revenues of $83,000 and expenses of $64,000.Calculate its net income.

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Question 12

Halley Burton began Web Consulting as a corporation and completed these transactions during September of the current year:.
  Show the effects of the above transactions on the accounting equation of Web Consulting.Use the following format for your answers.The first item is shown as an example.
Increase = I Decrease = D No effect = N

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Question 13

If the liabilities of a company increased $92,000 during a period of time and equity in the business decreased $30,000 during the same period,did the assets of the company increase or decrease and by what amount?

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Question 14

Accounting is a ______________________ that identifies,records,and communicates relevant,reliable,and comparable information about an organization's economic activities.

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Question 15

The following information is available for Skate and Boards Rental Company.
  Using the above information prepare an income statement,statement of retained earnings,and statement of cash flows for the Skate and Boards Rental for 2014.Also,prepare its balance sheet as of December 31,2014.Assume that the cash balance at December 31,2013 is $70,000.

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Question 16

The records of Skymaster Airplane Rentals show the following information as of December 31,2014:
  Dividends of $52,000 were paid during 2014.
Using the above information,prepare a statement of retained earnings for 2014.

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Question 17

From the information given,prepare a November income statement.
On November 1 of the current year,Lois Bell began Lois Bell,Interior Design as a corporation with an initial investment of $50,000 cash.On November 30,her records showed the following (alphabetically arranged) selected accounts and amounts:

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Question 18

__________________________ is the recording of transactions or events and is just one part of accounting.

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Question 19

Presented below is selected financial information for Stanley's Bike Shop.Using the appropriate information,prepare its balance sheet at December 31,2014.

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