ACCOUNTING

ACCOUNTING

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Bravo’s complete assets and liabilities are Accounts Receivable $800, Equipment $10,000, Accounts Payable $4,200, Prepaid Rent $2,000, Supplies $400, Bank Loan $1,600, and Tools $300.  Bravo’s total assets are: (All account balances are normal.)

Question 1 options:

  $11,500
  $13,500
  $11,100
  $13,100
  None of these.

Question 2 (6 points)

 

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Bravo Company began operations at the beginning of 20X6 with a $10,000 cash investment by stockholders. During 20X6, Bravo Company had revenue on account of $5,000; of this amount $2,000 was collected during 20X6 and $3,000 was an outstanding receivable at year-end. Bravo Company incurred $3,000 of operating expenses during 20X6; of this amount $1,000 was unpaid at year-end.  During 20X6, $1,000 cash was disbursed as dividends.  The only other transaction during 20X6 was the purchase of $5,000 of equipment for cash near the end of the year.  How much was Bravo Company’s 20X6 net income?

Question 2 options:

 

Question 3 (6 points)

 

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Beginning stockholders’ equity was $120,000.  Ending stockholders’ equity was $195,000.  Additional issuances of capital stock during the year amounted to $18,000.  Dividends during the year amounted to $12,000.  How much was net income for the year?

Question 3 options:

 

Question 4 (6 points)

 

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Eight years ago, Bravo Company purchased land for $170, 000.  The current fair market value of the land is $421,000.  The rate of general inflation experienced during the 8-year period has averaged 10% per year.  At the time the land was purchased, Bravo intended to hold it for 20 years.  At what amount should the land be carried on Bravo’s books today?

Question 4 options:

 

Question 5 (10 points)

 

The information is provided in a table for Alpha Company and Bravo Company.

  Alpha Company Bravo Company
Balance 12/31/15    
     Assets $165,000  
     Liabilities   $117,000
     Equity 140,000 155,000
Balance 12/31/16    
     Assets   295,000
     Liabilities 126,000 125,000
     Equity 180,000 170,000
During the Year:    
     Additional Stock Issued   10,000
     Dividends paid to shareholders 10,000 5,000
     Revenue 125,000  
     Expenses 90,000 175,000

What are the amounts for each of the following missing items?

1. Alpha Company’s 12/31/15 Liabilities

2. Alpha Company’s 12/31/16 Assets

3. Alpha Company’s 12/31/16 Additional Stock Issued

4. Bravo Company’s 12/31/15 Assets

5. Bravo Company’s 12/31/16 Revenues

 

 

 

 

Question 5 options:

 
 
 
 
 

Question 6 (6 points)

 

Bravo Company had a beginning Accounts Receivable account balance of $380.  During the period Bravo’ sold goods on account for $1,400.  Ending Accounts Receivable had a $630 balance.  How much was collected on account during the period?

Question 6 options:

 

Question 7 (6 points)

 

Bravo Company purchased goods on account for $4,500, paid $2,300 of Accounts Payable, and had an ending Accounts Payable balance of $16,890.  How much was beginning Accounts Payable?

Question 7 options:

 

Question 8 (6 points)

 

Bravo Automotive provided repair services for $250 on account.  What account will be debited?

Question 8 options:

 

Question 9 (6 points)

 

The balance sheet of Bravo Corporation contains the following list of assets: Cash $8,500,000; Land, $4,700,000; Buildings, $1,300,000; and Other Assets, $200,000.  Bravo’ only debt is $2,070,000 owed to a bank.  What is Bravo’ stockholders’ equity?

Question 9 options:

 

Question 10 (6 points)

 

The balance sheet of Bravo Corporation contains the following list of assets: Cash $8,500,000; Land, $4,700,000; Buildings, $1,300,000; and Other Assets, $200,000. Bravo’ only debt is $2,070,000 to a bank.  How much will stockholders’ equity change when Bravo borrows $300,000 to purchase equipment?

Question 10 options:

 

Question 11 (6 points)

 

On January 5, 2016, Charlie Company purchased equipment on account for $15,000. The equipment was purchased for $5,000 with cash and the remainder was on account. Prepare the compound general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

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Question 12 (6 points)

 

On January 15, 2016, Bravo Company collected $30,000 from a customer, previously billed, for services rendered. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

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Question 13 (6 points)

 

On January 15, 2016, Bravo Company purchased $4,000 of construction supplies, on account, from the Zulu Company. Prepare Bravo Company’s general journal entry (without explanation). If no entry is required then write “No Entry Required.”

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Question 14 (6 points)

 

On January 1, 2016, Mr. Bravo formed a new corporate (Bravo Unlimited) by investing $35,000 cash in capital stock. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

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Question 15 (6 points)

 

On January 15, 2016, Bravo Company billed a customer for $20,000 of services rendered to be collected at a later date. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

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Question 16 (6 points)

 

On January 31, 2016, Charlie Company paid employees $6,500 for January wages earned. Prepare the general journal entry (without explanation) needed. If no entry is required then write “No Entry Required.”

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