Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

Question # 00036670 Posted By: PHDtutor Updated on: 12/14/2014 08:18 PM Due on: 12/03/2015
Subject Accounting Topic Accounting Tutorials:
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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. Theaccount“Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit orcredit?


4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct thiserror?


5. Allied, Inc. bought a two-yearinsurance policyon August 1 for $3,600. What is the adjusting journal entry on December 31?
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25.River City, Inc. reported the following for 2014:
What are the earnings per share for River City, Inc. (to the nearest cent)?

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    Tutorial # 00035929 Posted By: PHDtutor Posted on: 12/14/2014 08:22 PM
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