ACC 310 FOUNDATIONS OF ACCOUNTING Unit 4 Quiz Answers
- The basic accounting equation may be expressed as
- If the transaction causes an asset account to decrease, which of the following related effects may occur?
- A balance sheet shows
- Liabilities of a company are owed to
- Which of the following choices is not correct?
- A dividend is
- If total liabilities decreased by $50,000 and stockholders' equity increased by $30,000 during a period of time, then total assets must change by what amount and direction during that same period?
- If expenses are paid in cash, then
- On June 1, Jerry’s Boat Corp. reported stockholders' equity of $85,000. During June, common stock of $3,500 was issued and the company earned net income of $17,000. If stockholders' equity at June 30 totals $93,000, what amount of dividends were paid during the month?
- At October 1, Arcade Fire Enterprises reported stockholders' equity of $70,000. During October, no stock was issued and the company earned net income of $18,000. If stockholders' equity at October 31 totals $78,000, what amount of dividends were paid during the month?
- Centro-matic Company began the year with stockholders' equity of $30,000. During the year, Centro-matic issued additional shares of stock in exchange for cash of $42,000, recorded expenses of $120,000, and paid dividends of $8,000. If Centro-matic’s ending stockholders' equity was $112,000, what was the company’s revenue for the year?
- Black Keys Company began the year with stockholders' equity of $280,000. During the year, the company recorded revenues of $375,000, expenses of $285,000, and paid dividends of $30,000. What was Black Keys’ stockholders' equity at the end of the year?