Dividends salaries and wages expensel
d. partnership.
2. Which of the following is not one of the three forms of business organization?
d. expense.
5. The right to receive money in the future is called a(n) a. account
payable.
b. account receivable.
c. liability.
b. collections of resources belonging to the company and the claims on these resources. c. owners’ investment in the business.
resources belonging to a company that have future benefit to the company. d.
9. Which of the following is an asset?
a. Accounts Receivable
b. Accounts Payable
c. Common Stock
d. Dividends
10. To show how successfully your business performed during a period
of time, you would report its revenues and expenses in the
a. balance sheet.
b. $150,000.
$195,000. c.
13. As of January 1, 20XX, Elena’s Store had a balance in its retained earnings account of $100,000. During the year Elena’s Store had revenues of $80,000 and expenses of $45,000. In addition, the business paid cash dividends of $20,000. What is the balance in Retained Earnings at December 31, 20XX for Elena’s Store?
a. $100,000
b. $115,000
c. $135,000
d. $155,000
presents the revenues and expenses for a specific period of time. d.
Chapter 1 Question Review 4
| Supplies |
|
$19,000 | |
|---|---|---|---|
| Other operating expenses |
|
15,000 | |
| Accounts payable | 6,000 | ||
| Accounts receivable |
|
1,000 | |
| Common stock |
|
9,500 | |
| Retained earnings (beginning) | 5,000 |
(c) $30,000 (Sup. + Acc. rec. + Cash + Equip.)