Practice Midterm Exam
Name______________________________________ Section __________________
Recitation Professor_____________________________________
This run consists of 4 pages and 20 multitiple choice suspenses.
Time allowed to complete the trial run is 60 minutes.
Please put your pen or pencil down IMMEDIATELY when time is called.
Please mark the silk hat answer on the scantron sheet
You may write on this question sheet, but you must hand it in with the scantron sheet at the end of the exam period.
Use the following information for questions 1–2.
Jimmys cable car Repair Shop started the year with add assets of $270,000 and total liabilities of $180,000. During the year, the business recorded $450,000 in car repair revenues, $255,000 in expenses, and the company give dividends of $45,000.
1.The net income report by Jimmys Car Repair Shop for the year was
a.$150,000.
b.$195,000.
c.$90,000.
d.$405,000.
2. Jimmys Car Repair Shop, Stockholders fair play at the end of the year was
a.$240,000.
b.$225,000.
c.$285,000.
d.$195,000.
3.During the year 2008, Fredericton Enterprises earned revenues of $75,000, had expenses of $45,000, purchased assets with a cost of $15,000 and paid dividends of $5,000.
Net income for the year is
a.$75,000.
b.$60,000.
c.$30,000.
d.$10,000.
4.At January 1, 2008, Burton Industries reported stockholders equity of $130,000. During 2008, The Company had a net loss of $30,000 and paid dividends of $20,000. At December 31, 2008, the amount of stockholders equity is
a.$130,000.
b.$140,000.
c.$100,000.
d.$80,000.
5.Chugach Cruise Lines purchased a five-year insurance policy for its ships on April 1, 2008 for $100,000. Assuming that April 1 is the impelling date of the policy, the adjusting entry on December 31, 2008 is
a.Prepaid...If you want to encounter a full essay, order it on our website: Orderessay
If you want to get a full essay, wisit our page: write my essay .
No comments:
Post a Comment