ACCOUNTING CRASH COURSE ACTUAL EXAM
2025/2026 BANK NEWEST FROM WALL STREET
PREP (WSP) TESTING VERSIONS AND A STUDY
GUIDE | EXPERT VERIFIED FOR GUARANTEED
PASS/ WSP ACCOUNTING CRASHCOURSE
ACTUAL LATEST EXAM/ WALLSTREET PREP
A company's June 1, 2014 balance sheet reported total
assets of $150,000 and total liabilities of $60,000. During
June 2014, the company completed the following
transactions:
- Paid a note payable using $10,000 cash (no interest was
paid)
- Collected a $9,000 accounts receivable
- Paid a $5,000 accounts payable
- Purchased a truck for $5,000 cash and by signing a
$20,000 note payable from a bank.
The company's June 30, 2014 balance sheet would report
which of the following?
A) $150,000 assets, $60,000 liabilities, $90,000
Stockholder's Equity
B) $155,000 assets, $65,000 liabilities, $90,000
Stockholder's Equity
,C) $160,000 assets, $75,000 liabilities, $85,000
Stockholder's Equity
D) $170,000 assets, $100,000 liabilities, $70,000
Stockholder's Equity
Option B) $155,000 assets, $65,000 liabilities, $90,000
Stockholder's Equity
A company’s June 1, 2014 balance sheet reported total
assets of $120,000 and total liabilities of $40,000. During
June 2014, the following transactions occurred:
1. The company issued stock and collected cash totaling
$30,000.
2. The company paid an account payable of $6,000.
3. The company purchased supplies for $1,000 with cash.
4. The company purchased land for $60,000 by paying
$10,000 with cash and signing a note payable for the
balance.
What is total stockholders’ equity after the transactions
above?
$110,000
Lemon has provided the following information for its
recent year of operation:
,- The common stock account balance at the beginning of
the year was $20,000 and the year-end balance was
$25,000.
- The additional paid-in capital account balance increased
$2,500 during the year.
- The retained earnings balance at the beginning of the
year was $75,000 and the year-end balance was $91,000.
- Net income was $26,000.
How much were Lemon’s dividends during its recent year of
operation?
$10,000
(Ending retained Earnings = Beginning Retained
Earnings + Net Income - Dividends declared)
At the beginning of April, Jamie Corporation’s assets
totaled $240,000 and liabilities totaled $60,000. During
April, the following summarized transactions occurred:
- Additional shares of stock were sold for $20,000 cash.
- A building costing $95,000 was purchased using $10,000
cash and by signing an $85,000 long-term note payable.
, - Short-term investments costing $9,000 were purchased
using cash.
- $10,000 was paid to an employee as a loan; the employee
signed a six-month note in exchange for the loan.
How much are Jamie’s total assets at the end of April?
$345,000
ABC Company’s total stockholders’ equity at the
beginning of the year was $200,000. During the year ABC
reported the following:
- Net loss of $30,000.
- Stock issued in exchange for land totaling $80,000.
- Collections of accounts receivable $40,000.
- Dividends paid totaling $2000.
What is ABC’s total stockholders’ equity at the end of the
year?
$248,000
During 2014, Jones Corporation incurred operating
expenses amounting to $100,000 of which $75,000 was
paid in cash; the remaining balance will be paid during
2015. Which of the following is correct for the 2014 year-
end balance sheet?
A) Stockholders' equity decreases $75,000 and assets
2025/2026 BANK NEWEST FROM WALL STREET
PREP (WSP) TESTING VERSIONS AND A STUDY
GUIDE | EXPERT VERIFIED FOR GUARANTEED
PASS/ WSP ACCOUNTING CRASHCOURSE
ACTUAL LATEST EXAM/ WALLSTREET PREP
A company's June 1, 2014 balance sheet reported total
assets of $150,000 and total liabilities of $60,000. During
June 2014, the company completed the following
transactions:
- Paid a note payable using $10,000 cash (no interest was
paid)
- Collected a $9,000 accounts receivable
- Paid a $5,000 accounts payable
- Purchased a truck for $5,000 cash and by signing a
$20,000 note payable from a bank.
The company's June 30, 2014 balance sheet would report
which of the following?
A) $150,000 assets, $60,000 liabilities, $90,000
Stockholder's Equity
B) $155,000 assets, $65,000 liabilities, $90,000
Stockholder's Equity
,C) $160,000 assets, $75,000 liabilities, $85,000
Stockholder's Equity
D) $170,000 assets, $100,000 liabilities, $70,000
Stockholder's Equity
Option B) $155,000 assets, $65,000 liabilities, $90,000
Stockholder's Equity
A company’s June 1, 2014 balance sheet reported total
assets of $120,000 and total liabilities of $40,000. During
June 2014, the following transactions occurred:
1. The company issued stock and collected cash totaling
$30,000.
2. The company paid an account payable of $6,000.
3. The company purchased supplies for $1,000 with cash.
4. The company purchased land for $60,000 by paying
$10,000 with cash and signing a note payable for the
balance.
What is total stockholders’ equity after the transactions
above?
$110,000
Lemon has provided the following information for its
recent year of operation:
,- The common stock account balance at the beginning of
the year was $20,000 and the year-end balance was
$25,000.
- The additional paid-in capital account balance increased
$2,500 during the year.
- The retained earnings balance at the beginning of the
year was $75,000 and the year-end balance was $91,000.
- Net income was $26,000.
How much were Lemon’s dividends during its recent year of
operation?
$10,000
(Ending retained Earnings = Beginning Retained
Earnings + Net Income - Dividends declared)
At the beginning of April, Jamie Corporation’s assets
totaled $240,000 and liabilities totaled $60,000. During
April, the following summarized transactions occurred:
- Additional shares of stock were sold for $20,000 cash.
- A building costing $95,000 was purchased using $10,000
cash and by signing an $85,000 long-term note payable.
, - Short-term investments costing $9,000 were purchased
using cash.
- $10,000 was paid to an employee as a loan; the employee
signed a six-month note in exchange for the loan.
How much are Jamie’s total assets at the end of April?
$345,000
ABC Company’s total stockholders’ equity at the
beginning of the year was $200,000. During the year ABC
reported the following:
- Net loss of $30,000.
- Stock issued in exchange for land totaling $80,000.
- Collections of accounts receivable $40,000.
- Dividends paid totaling $2000.
What is ABC’s total stockholders’ equity at the end of the
year?
$248,000
During 2014, Jones Corporation incurred operating
expenses amounting to $100,000 of which $75,000 was
paid in cash; the remaining balance will be paid during
2015. Which of the following is correct for the 2014 year-
end balance sheet?
A) Stockholders' equity decreases $75,000 and assets
