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Penn Foster College - ACCOUNTING 111 1)A company has Liabilities of $23,500 and Stockholders Equity of $56,500

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Penn Foster College - ACCOUNTING 111

1)A company has Liabilities of $23,500 and Stockholders Equity of $56,500. How much does the company have in Assets?

2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?

3. Allied, Inc. bought a two-year insurance policy on August 1 for $3,600. What is the adjusting journal entry on December 31?

4. A company started the year with no supplies. During the year they bought $200 worth of supplies on account and later paid $150 of this debt. If there were $40 worth of supplies left at the end of the year, what is the supply expense for the period?

5. ABC Corporation has received an invoice for $4,500 with terms of 3/15, n/50. If ABC pays the invoice on the seventeenth day, what is the effect on the Cash account and will the Cash account be debited or credited?

6. A company has $4,500 in net sales, $3,200 in gross profit, $1,300 in ending inventory, and

7. $1,800 in beginning inventory. What is the company’s cost of goods sold?

8. Goods available for sale are $40,000; beginning inventory is $16,000; ending inventory is

$20,000; and the cost of goods sold is $50,000. What is the inventory turnover?

9. Which element of internal control deals with establishing procedures for things such as handling of incoming checks, and which element deals with the oversight of the internal control systems?

10. What is an audit opinion?