Financial Accounting homework questions

Posted on 2013-11-22 16:36:00 in Accounting by DARKAI491

These are part of my assignment that I'm not really sure what the answers are. Please help me!!! Ten points for the best answer.



1/ Which of the following items is an example of revenue?

A. Cash received from a bank loan

B. Cash received from customers at the time services were provided

C. Cash investments made by owners

D. All of these



2/The balance sheet of the Chico COmpany contained the following accounts and balances:

Cash: $500, Equity: $750, Accounts Payable: $200, Land: ?

Based o the above information only, the amount or balance for Land must be

A. $500

B. $950

C. $450

D. $550



3/ On January 1, 2013, Baird Company had beginning balances as follows"

Assets: $1,250

Liabilities: $420

Common Stock: $500



During 2013, Baird paid dividends to its stockholders of $500. Given that ending retained earning was $600, what was Baird's net income for the 2011 accounting period

A. $750

B. $830

C. $1,250

D. $500



4. Liabilities can be viewed as sources of assets

True or False?



5. Paying a creditor is an example of an asset uses transaction

T or F?



6. An asset exchange decreases an asset and increases equity

T or F?

---

Answer Comment

No Answers Posted Yet.