136. Intangible assets are a. listed under current assets on the balance sheet. b. not listed on the balance sheet because they do not have physical substance. c. long-lived assets that are often very valuable. d. listed as a long-term investment on the balance sheet.
136. Intangible assets are
a. listed under current assets on the balance sheet.
b. not listed on the balance sheet because they do not have physical substance.
c. long-lived assets that are often very valuable.
d. listed as a long-term investment on the balance sheet.
Ans: C
137. The relationship between current assets and current liabilities is important in evaluating a company's
a. profitability.
b. liquidity.
c. market value.
d. accounting cycle.
Ans: B
138. The most important information needed to determine if companies can pay their current obligations is the
a. net income for this year.
b. projected net income for next year.
c. relationship between current assets and current liabilities.
d. relationship between short-term and long-term liabilities.
Ans: C
139. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
Equipment 210,000
What is the company’s net income for the year ending December 31, 2014?
a. $12,000
b. $28,000
c. $42,000
d. $133,000
140. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Multiple Choice 140. (Cont.)
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
Equipment 210,000
What is the balance that would be reported for owner’s equity at December 31, 2014?
a. $158,000
b. $144,000
c. $130,000
d. $102,000
141. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
Equipment 210,000
What are total current assets at December 31, 2014?
a. $26,000
b. $32,000
c. $36,000
d. $42,000
142. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Equipment 210,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
What is the book value of the equipment at December 31, 2014?
a. $170,000
b. $182,000
c. $210,000
d. $238,000
143. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
Equipment 210,000
Multiple Choice 143. (Cont.)
What are total current liabilities at December 31, 2014?
a. $18,000
b. $70,000
c. $88,000
d. $120,000
144. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
Equipment 210,000
What are total long-term liabilities at December 31, 2014?
a. $0
b. $70,000
c. $88,000
d. $90,000
145. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Equipment 210,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
What is total liabilities and owner’s equity at December 31, 2014?
a. $176,000
b. $218,000
c. $190,000
d. $232,000
146. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Equipment 210,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
Multiple Choice 146. (Cont.)
The sub-classifications for assets on the company’s classified balance sheet would include all of the following except
a. Current Assets.
b. Property, Plant, and Equipment.
c. Intangible Assets.
d. Long-term Assets.
147. The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014:
Accounts payable $ 18,000
Accounts receivable 11,000
Accumulated depreciation – equipment 28,000
Advertising expense 21,000
Cash 15,000
Owner’s capital (1/1/14) 102,000
Owner’s drawings 14,000
Depreciation expense 12,000
Insurance expense 3,000
Note payable, due 6/30/15 70,000
Prepaid insurance (12-month policy) 6,000
Rent expense 17,000
Salaries and wages expense 32,000
Service revenue 133,000
Supplies 4,000
Supplies expense 6,000
Equipment 210,000
The current assets should be listed on Postal Service’s balance sheet in the following order:
a. cash, accounts receivable, prepaid insurance, equipment.
b. cash, prepaid insurance, supplies, accounts receivable.
c. cash, accounts receivable, prepaid insurance, supplies.
d. equipment, supplies, prepaid insurance, accounts receivable, cash.
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