WorksheetsAg Mech. II Obj. 2.02
Total questions: 10
Worksheet time: 5mins
If a small-engine shop owner has a $250,000 mortgage and owes Farm Credit Service $30,000 for this year’s payment, what amount should be entered on the noncurrent liability line of the financial statement?
$30,000
$220,000
$250,000
$280,000
If Becky has a $500,000 mortgage on her land and buildings, and she owes Farm Credit Service $60,000 for this year’s mortgage payment, what amount should be entered on the current liability line of the financial statement?
$60,000
$440,000
$500,000
$560,000
A financial statement lists mortgages due after the current year as:
current assets
non-current assets
current liabilities
non-current liabilities
If a tractor dealer’s inventory shows supplies worth $41,000 and land valued at $200,000, what amount should be entered on the nondepreciable inventory line of the financial statement?
$400
$41,000
$200,000
$241,000
If a welding shop has total assets of $500,000 and total liabilities of $300,000, what amount would be the correct entry on the net worth line of a financial statement?
$200,000
$300,000
$500,000
$800,000
If a business has $10,000 cash on hand, $25,000 in a checking account, and land valued at $300,000, on which line of a financial statement should the $335,000 total be entered?
net worth
total assets
total liabilities
current assets
The part of a net worth statement that shows all debts is:
current liabilities
debt-to-equity ratio
inventory
total liabilities
On a net worth statement, net worth is the same as:
current assets
equity
inventory
total liabilities
On a financial statement, items that can be quickly converted to cash or that will be sold within 12 months are:
current assets
current liabilties
net worth
equity
On a financial statement, net worth is:
current assets minus current liabilities.
current liabilities plus current assets.
total assets minus total liabilities.
total assets plus total liabilities.
