AOL and Final Exam Practice Questions with Answers
Stosch Company's balance sheet reported assets of $67,000, liabilities of $20,000 and common stock of
$17,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2,
amount to $38,000 and Stosch paid a $19,000 dividend during Year 2, then the amount of net income for
Year 2 was which of the following? - correct answers$27,000
1.
assets - liabilities - common stock = RE end year 1
2.
RE year 2 + dividend - RE end year 1 = NI year 2
Jackson Company had a net increase in cash from operating activities of $8,300 and a net decrease in
cash from financing activities of $1,450. If the beginning and ending cash balances for the company were
$3,300 and $11,600, then net cash change from investing activities was: - correct answersan inflow or
increase of $1,450.
ending cash balance - OA + FA - beginning cash balance = net cash change from IA
The year-end financial statements of Calloway Company contained the following elements and
corresponding amounts: Assets = $28,000; Liabilities = ?; Common Stock = $5,800; Revenue = $12,600;
Dividends = $1,150; Beginning Retained Earnings = $4,150; Ending Retained Earnings = $7,800.
Based on this information, the amount of expenses on Calloway's income statement was - correct
answers$7,800.
Amount of expense = Revenue - Dividend + Beginning Retained Earnings - Ending Retained Earnings
Stosch Company's balance sheet reported assets of $67,000, liabilities of $20,000 and common stock of
$17,000 as of December 31, Year 1. If Retained Earnings on the balance sheet as of December 31, Year 2,
amount to $38,000 and Stosch paid a $19,000 dividend during Year 2, then the amount of net income for
Year 2 was which of the following? - correct answers$27,000
1.
assets - liabilities - common stock = RE end year 1
2.
RE year 2 + dividend - RE end year 1 = NI year 2
Jackson Company had a net increase in cash from operating activities of $8,300 and a net decrease in
cash from financing activities of $1,450. If the beginning and ending cash balances for the company were
$3,300 and $11,600, then net cash change from investing activities was: - correct answersan inflow or
increase of $1,450.
ending cash balance - OA + FA - beginning cash balance = net cash change from IA
The year-end financial statements of Calloway Company contained the following elements and
corresponding amounts: Assets = $28,000; Liabilities = ?; Common Stock = $5,800; Revenue = $12,600;
Dividends = $1,150; Beginning Retained Earnings = $4,150; Ending Retained Earnings = $7,800.
Based on this information, the amount of expenses on Calloway's income statement was - correct
answers$7,800.
Amount of expense = Revenue - Dividend + Beginning Retained Earnings - Ending Retained Earnings
