Solved >               91.Resources owned by a business are referred:1826488 …

              91.Resources owned by a business are referred to as

a.stockholders’ equity.

b.liabilities.

c.assets.

d.revenues.

              92.The best definition of assets is the

a.cash owned by the company.

b.collections of resources belonging to the company and the claims on these resources.

c.Owners’ investment in the business.

d.resources belonging to a company have future benefit to the company.

              93.Debt and obligations of a business are referred to as

a.assets.

b.equities.

c.liabilities.

d.expenses.

              94.Jackson Company recorded the following cash transactions for the year:

Paid $135,000 for salaries.

Paid $60,000 to purchase office equipment.

Paid $15,000 for utilities.

Paid $6,000 in dividends.

Collected $225,000 from customers.

What was Jackson’s net cash provided by operating activities?

a.$75,000

b.$15,000

c.$90,000

d.$69,000

              95.Gibson Company recorded the following cash transactions for the year:

Paid $180,000 for salaries.

Paid $80,000 to purchase office equipment.

Paid $20,000 for utilities.

Paid $8,000 in dividends.

Collected $300,000 from customers.

What was Gibson’s net cash provided by operating activities?

a.$100,000

b.$20,000

c.$120,000

d.$92,000

              96.When expenses exceed revenues, which of the following is true?

a.a net loss results

b.a net income results

c.assets equal liabilities

d.assets are increased

              97.Which of the following is an asset?

a.Mortgage Payable

b.Investments

c.Common stock

d.Retained earnings

              98.Which of the following is not a liability?

a.Unearned Service Revenue

b.Accounts Payable

c.Accounts Receivable

d.Interest Payable

              99.Which of the following financial statements is divided into major categories of operating, investing, and financing activities?

a.The income statement.

b.The balance sheet.

c.The retained earnings statement.

d.The statement of cash flows.

              100.The retained earnings statement shows all of the following except:

a.The amounts of changes in retained earnings during the period.

b.The causes of changes in retained earnings during the period.

c.The time period following the one shown for the income statement.

d.Beginning retained earnings on the first line of the statement.

             

 

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