Question 1

Fast-Forward has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows.

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Question 2

The following information is available for the Skate and Boards Rental.

Using the above information prepare an Income Statement, Statement of Retained Earnings and Statement of Cash Flows for the Skate and Boards Rental for 2011. Also, prepare its Balance Sheet as of December 31, 2011. Assume that the 12/31/10 cash balance is $70,000.

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Question 3

Maslow's Consulting Inc. had retained earnings of $172,500 at December 31, 2010. Net income for 2011 amounted to $56,400. Dividends during 2009 were $48,000. Prepare the statement of retained earnings for 2011.

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The answer of Maslow's Consulting Inc. had retained earnings of...

Question 4

The records of Skymaster Airplane Rentals show the following information as of December 31, 2011

Dividends of $52,000 were paid during 2011.
Using the above information, prepare an income statement for 2011.

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The answer of The records of Skymaster Airplane Rentals show...

Question 5

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

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Question 6

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 7

Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts:

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Question 8

Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30:

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Question 9

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

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Question 10

______________ is the area of accounting aimed at serving external users.

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Question 11

Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare the income statement for 2011.

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Question 12

______________ users of accounting information are users that are not directly involved in running the organization.

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Question 13

A ____________________ is a non-corporate business that is owned by only one person.

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Question 14

Data for Madison Realty are as follows:
   
Madison Realty paid dividends of $30,000 during 2011. From the above data, prepare Madison Realty's statement of retained earnings for the year ended December 31, 2011.

Accepted Answer

The answer of Data for Madison Realty are as follows:
...

Question 15

The records of Skymaster Airplane Rentals show the following information as of December 31, 2011

Dividends of $52,000 were paid during 2011.
Using the above information, prepare a statement of retained earnings for 2011

Accepted Answer

The answer of The records of Skymaster Airplane Rentals show...

Question 16

From the information given, prepare a November 30 balance sheet.
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:

Accepted Answer

The answer of From the information given, prepare a November...

Question 17

From the information given, prepare a November statement of retained earnings.
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:

Accepted Answer

The answer of From the information given, prepare a November...

Question 18

The records of Skymaster Airplane Rentals show the following information as of December 31, 2011

Dividends of $52,000 were paid during 2011.
Using the above information, prepare a balance sheet at December 31, 2011.

Accepted Answer

The answer of The records of Skymaster Airplane Rentals show...

Question 19

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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The answer of Della's Donuts had cash inflows from operating...

Question 20

Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare its balance sheet at December 31, 2011.

Accepted Answer

The answer of Presented below is selected financial information for...

Quiz 1: Introducing Accounting in Business

Fast-Forward has the following beginning cash balance and cash transactions for the month of January. Using this information prepare a statement of cash flows.

Maslow's Consulting Inc. had retained earnings of $172,500 at December 31, 2010. Net income for 2011 amounted to $56,400. Dividends during 2009 were $48,000. Prepare the statement of retained earnings for 2011.

The records of Skymaster Airplane Rentals show the following information as of December 31, 2011 Dividends of $52,000 were paid during 2011. Using the above information, prepare an income statement for 2011.

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

Prepare a December 31 balance sheet in proper form for Surety Insurance from the following items and amounts:

Prepare a November 30 balance sheet in proper form for Green Bay Delivery Service from the following alphabetical list of the accounts at November 30:

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

______________ is the area of accounting aimed at serving external users.

Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare the income statement for 2011.

______________ users of accounting information are users that are not directly involved in running the organization.

A ____________________ is a non-corporate business that is owned by only one person.

Data for Madison Realty are as follows: Madison Realty paid dividends of $30,000 during 2011. From the above data, prepare Madison Realty's statement of retained earnings for the year ended December 31, 2011.

The records of Skymaster Airplane Rentals show the following information as of December 31, 2011 Dividends of $52,000 were paid during 2011. Using the above information, prepare a statement of retained earnings for 2011

The records of Skymaster Airplane Rentals show the following information as of December 31, 2011 Dividends of $52,000 were paid during 2011. Using the above information, prepare a balance sheet at December 31, 2011.

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.

Presented below is selected financial information for Stanley's Bike Shop. Using the appropriate information, prepare its balance sheet at December 31, 2011.