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Homework answers / question archive / Shenandoah University - ACCT 101 1)If a company is considering the purchase of a parcel of land that was acquired by the seller for $95,000 is offered for sale at $170,000, is assessed for tax purposes at $105,000, is recognized by the purchaser as easily being worth $160,000, and is purchased for $157,000, the land should be recorded in the purchaser's books at: $105,000

Shenandoah University - ACCT 101 1)If a company is considering the purchase of a parcel of land that was acquired by the seller for $95,000 is offered for sale at $170,000, is assessed for tax purposes at $105,000, is recognized by the purchaser as easily being worth $160,000, and is purchased for $157,000, the land should be recorded in the purchaser's books at: $105,000

Accounting

Shenandoah University - ACCT 101

1)If a company is considering the purchase of a parcel of land that was acquired by the seller for $95,000 is offered for sale at $170,000, is assessed for tax purposes at $105,000, is recognized by the purchaser as easily being worth $160,000, and is purchased for $157,000, the land should be recorded in the purchaser's books at:

$105,000.

                       $157,000.

$158,500.

$160,000.

$170,000.

2.

On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash

$31,800; Supplies, $740; Equipment, $11,300; Accounts Payable, $10,100. What is the amount of owner's equity as of August 31 of the current year?

$33,000

                      $33,740

$53,940

$11,140

$32,260

3.

Zippy had cash inflows from operations $81,500; cash outflows from investing activities of $66,000; and cash inflows from financing of $44,000. The net change in cash was:

                        $59,500 increase.

$59,500 decrease.

$191,500 decrease.

$191,500 increase.

$28,500 decrease.

4.

A company's balance sheet shows: cash $32,000, accounts receivable $21,000, office equipment

$55,000, and accounts payable $22,000. What is the amount of owner's equity?

$22,000.

$34,000.

                        $86,000.

$108,000.

$130,000.

5.

If Houston Company billed a client for $30,000 of consulting work completed , the accounts receivable asset increases by $30,000 and:

 

6.

If assets are $96,000 and liabilities are $31,300, then equity equals:

$31,300.

                      $64,700. 96,000.

$127,300.

$223,300.

7.

If a company receives $12,800 from the owner to establish a proprietorship, the effect on the accounting equation would be:

8.

Charlie's Chocolates' owner made investments of $74,000 and withdrawals of $32,000. The company has revenues of $107,000 and expenses of $76,000. Calculate its net income.

$42,000.

$107,000.

$76,000.

                      $31,000.

$73,000.

9.

If assets are $348,000 and liabilities are $188,000, then equity equals:

                      $160,000.

$188,000.

$348,000.

$536,000.

$884,000.

10.

Dawson Electronic Services had revenues of $94,000 and expenses of $57,000 for the year. Its assets at the beginning of the year were $407,000. At the end of the year assets were worth $457,000. Calculate its return on assets.

                       8.6%

9.1%

8.1%

23.1%

21.8%

 

11.

A company reported total equity of $175,000 at the beginning of the year. The company reported

$240,000 in revenues and $180,000 in expenses for the year. Liabilities at the end of the year totaled

$107,000. What are the total assets of the company at the end of the year?

$60,000.

$107,000.

$128,000.

$240,000.

                      $342,000.

12.

Alpha Company has assets of $630,000, liabilities of $265,000, and equity of $365,000. It buys office equipment on credit for $90,000. What would be the effects of this transaction on the accounting equation?

13.

The assets of a company total $732,000; the liabilities, $216,000. What is the total equity?

$948,000.

$732,000.

                       $516,000.

$216,000.

14.

If a company purchases equipment costing $4,100 on credit, the effect on the accounting equation would be:

15.

If the assets of a business increased $123,000 during a period of time and its liabilities increased $84,000 during the same period, equity in the business must have:

 

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