Question 1

The ending Retained Earnings balance of Boomer Inc.decreased by $1.0 million from the beginning of the year.The company declared a dividend of $5.4 million during the year.What was the net income earned during the year?

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Question 2

DW has an ending Retained Earnings balance of $51,100.If during the year DW paid dividends of $4,300 and had net income of $22,500,then what was the beginning Retained Earnings balance?

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Question 3

Which of the following is the correct order for preparing the financial statements?

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Question 4

Sooner Company has had a net income of $8,000,$5,000,$12,000,and $10,000 over the first four years of the company's existence.If the average annual amount of dividends paid over the last four years is $3,000,what is the ending retained earnings balance?

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Question 5

Aikman Company has paid dividends of $2,410,$0,$1,570 and $1,060 over the first four years of the company's existence.If Retained Earnings after year four has an ending balance of $9,700,what is the average annual amount of net income (loss)over the past four years for Aikman?

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Question 6

How many of the following transactions are operating activities? Borrowed $50,000 from the bank
Purchased $12,000 in supplies
Provide services to customers for $27,000
Paid the utility bill of $750
Purchased a delivery truck for $12,000
Received $25,000 from issuing common stock

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Question 7

Which of the following items would not appear in an income statement?

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Question 8

On January 1,Gucci Brothers Inc.started the year with a $492,000 balance in Retained Earnings and a $605,000 balance in Common Stock.During the year,the company earned net income of $92,000,paid a dividend of $15,200,and issued more common stock for $27,500.What is total stockholders' equity at the end of the year?

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Question 9

The equation best describing the balance sheet is:

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Question 10

The two categories of stockholders' equity usually found in the balance sheet of a corporation are:

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Question 11

Which of the following accounts appears in the statement of stockholders' equity?

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Question 12

The financial statement that represents activity over the entire life of the company is the:

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Question 13

In what order are the following financial statements prepared: (1)balance sheet, (2)income statement,and (3)statement of stockholders' equity?

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Question 14

The financial statement(s)that record activity over an interval of time is (are)the:

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Question 15

Which of the following statements regarding financial reports is not correct?

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Question 16

Which of the following is not a balance sheet item?

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Question 17

Accountants are responsible for measuring various operating,investing and financing activities.Which of the following correctly matches the activity with its type?

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Question 18

The equation best describing the income statement is:

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Question 19

Which of the following is an operating activity?

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Question 20

Nina Corp.had the following net income (loss)the first three years of operation: $7,100, ($1,600),and $3,600.If the Retained Earnings balance at the end of year three is $1,100,what was the total amount of dividends paid over these three years?

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Quiz 1: A Framework for Financial Accounting