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Quiz 1 intermediate

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Quiz 1 intermediate
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11 questions

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1.

MULTIPLE CHOICE QUESTION

3 mins • 1 pt

1.      Stine Corp.'s trial balance reflected the following account balances at December 31, 2015:

§  Accounts receivable (net)                                       R$24,000

§  Trading securities                                                          6,000

§  Accumulated depreciation—equipment                     15,000

§  Cash                                                                             21,000

§  Inventory                                                                     30,000

§  Equipment                                                                   25,000

§  Patent                                                                            4,000

§  Prepaid expenses                                                          2,000

§  Land held for future business site                               18,000

         In Stine's December 31, 2015 statement of financial position, the current assets total is

            R$101,000.                                                         

R$92,000.

R$87,000.                                                                  

d.         R$83,000.

Answer explanation

=24 +6+21+30+2

2.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

1.      Kohler Company owns the following investments:

Trading securities (fair value) £ 60,000

Non-trading securities (fair value)    45,000

Held-for-collection securities (cost)    57,000 (fair value) 60,000

Kohler will report securities in its long-term investments section of

exactly £105,000

c. exactly £117,000.

exactly £162,000

d. exactly £102,000

Answer explanation

=45 +57

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

1.      For Grimmett Company, the following information is available:

Franchise Fees receivable                      ¥200,000

Trademarks                                                55,000

Long-term receivables                               75,000

In Grimmett’s statement of financial position, intangible assets should be reported at

¥ 55,000.                                                 

¥ 75,000.                                                 

¥255,000

¥275,000

4.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

1.      Houghton Company has the following items: share capital–ordinary, $820,000; treasury shares, $85,000; deferred taxes, $100,000 and retained earnings, $313,000. What amount should Houghton Company report as total equity?

$948,000

      $1,048,000.

$1,148,000

$1,218,000.

Answer explanation

 =920 -85 +313

5.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

1.      Olmsted Company has the following items: share capital–ordinary, $920,000; treasury shares, $85,000; deferred taxes, $100,000 and retained earnings, $363,000, Bonds Payable ,$250,000 . What amount should Olmsted Company report as total Liabilities?

$350,000

$250,000

$100,000

$1,398,000

Answer explanation

=100 +250

6.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

1.      Harding Corporation reports the following information:

Net income                                         $1,000,000

Depreciation expense                              280,000

Increase in accounts receivable               120,000

Harding should report cash provided by operating activities of

$600,000

$840,000

$1,160,000.                                              

$1,140,000

Answer explanation

=  1000 +280 -120

7.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

1.      Caroline, Inc. had the following transactions during 2015:

Purchased treasury shares 160,000

Paid cash dividend 380,000

Purchased equipment 212,000

Issued ordinary shares 588,000

What is Caroline, Inc.’s net cash provided (used) by investing activities?

$212,000 used by investing activities.

$552,000 provided by investing activities.

$372,000 used by investing activities.

$392,000 provided by investing activities

Answer explanation

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