Grantham University - BA220 - Financial Accounting - Week 1 Practice questions (2015)

Apr 14th, 2015
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Grantham University
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Grantham University - BA220 - Financial Accounting - Week 1 Practice questions

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Question # 1a)EventBalance 12/31/13Assets =CashLand =$1000 + $9,000Liabilities +Notes Payable +$4,000b)Total Assets = $10,000Notes Payable = $4,000$4,000/$10,000 = 40%c)Total Assets = $10,000Owners Equity = $6,000$6,000/$10,000 = 60%d) No they cannot repay the creditors because they only have $1,000 in cash. They would have to sell the land they purchaseQuestion # 2a)AssetsCashTotal Assets$$156,000156,000Notes PayableTotal Liabilities$$85,60085,600Owners EquityCommon StockRetained EarningsTotal Owners Equity$$$52,40018,000 Makes equation balance70,400Liabilities + Owners Equity$Liabilities156,000b)EventBalance 12/31/13c)Assets =Cash =$156,000Liabilities +Notes Payable +$85,600Assets =Liabilities +Owners EquityRetained Earnings + $13,000d)EventBalance 12/31/13Assets =Cash =$156,0002014 Cash Revenue2014 Cash Expenses2014 Cash Dividend$36,000($20,000)($3,000)Balance 12/31/14$169,000 =e)Cash Beginning BalanceCash ending BalanceChangeLiabilities +Notes Payable +$85,600$85,600 +$$$156,000169,00013,000 All the transactions during the year were cash transactio$$$$Common Stock beginning balanceCommon Stock ending balanceChange36,000(20,000)(3,000)13,0005240052400none of the transaction effected common stock.revenue, Expenses and dividends increase or decrease re$Question # 3EventAssets =Liabilities +a)Balance 1/1/13Cash$30,000 +

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