BMAL 530 Quiz 1

BMAL 530 Quiz 1 Liberty University

BMAL 530 Quiz 1 Accounting Basics

1. The following accounts are showing for ABC Company. Cash = $16,080; accounts receivable = $9,500; accounts payable = $14,000; supplies = $675; prepaid expenses = $3,150; equipment = $25,200; accumulated depreciation – equipment = $8,150; taxes payable = $5,321; salaries payable = $13,482. What is the total equity value?
2. If liabilities equal 2.5 times that of equity, which is $75,000, what do the assets equal?
3. ABC Company had the following information regarding their accounts. Increase in accounts receivable of $10,200; decrease in supplies of $3,100; gains on sale of equipment of $7,400; losses on sales of equipment of $630; net income of $63,150; increase in accounts payable of $3,500, and depreciation of $12,340. What is the cash used or provided by operating activities (if used, the number should be negative; if provided by, the number should be positive)?
4. The following accounts are showing for ABC Company. Cash = $16,080; accounts receivable = $9,500; accounts payable = $14,000; supplies = $675; prepaid expenses = $3,150; equipment = $25,200; accumulated depreciation – equipment = $8,150; taxes payable = $5,321; salaries payable = $13,482. What is the total liabilities value?
5. If assets equal $200,000 and liabilities equal $100,000, what does equity equal?
6. The following assets are shown on ABC Company’s Balance Sheet: cash = $20,000; accounts receivable = $15,000; supplies = $2,675; equipment = $89,057; accumulated depreciation – equipment = $36,800. If equity equals $82,600, what do liabilities equal?
7. The following assets are shown on ABC Company’s Balance Sheet: cash = $20,000; accounts receivable = $15,000; supplies = $2,675; equipment = $89,057; accumulated depreciation – equipment = $36,800. What are the total assets?
8. ABC Company had the following information regarding their accounts. Increase in accounts receivable of $8,500; increase in supplies of $950; gains on sale of equipment of $17,400; losses on sales of equipment of $9,290; net loss of $6,500; decrease in accounts payable of $9,500, and depreciation of $34,250. What is the cash used or provided by operating activities (if used, the number should be negative; if provided by, the number should be positive)?
9. If assets equal $600,000, and equity is 2x liabilities, what are the liabilities and equity?
10. If liabilities equal $75,000 and equity is twice the amount of liabilities, what do assets equal?

Set 2

1. If assets equal $200,000 and liabilities equal $100,000, what does equity equal?
2. The following assets are shown on ABC Company’s Balance Sheet: cash = $20,000; accounts receivable = $15,000; supplies = $2,675; equipment = $89,057; accumulated depreciation – equipment = $36,800. What are the total assets?

3. The following accounts are showing for ABC Company. Cash = $16,080; accounts receivable = $9,500; accounts payable = $14,000; supplies = $675; prepaid expenses = $3,150; equipment = $25,200; accumulated depreciation – equipment = $8,150; taxes payable = $5,321; salaries payable = $13,482. What is the total liabilities value?

4. ABC Company had the following information regarding their accounts. Increase in accounts receivable of $8,500; increase in supplies of $950; gains on sale of equipment of $17,400; losses on sales of equipment of $9,290; net loss of $6,500; decrease in accounts payable of $9,500, and depreciation of $34,250. What is the cash used or provided by operating activities (if used, the number should be negative; if provided by, the number should be positive)?
5. If liabilities equal 5 times that of equity, which is $75,000, what do the assets equal?
6. The following assets are shown on ABC Company’s Balance Sheet: cash = $20,000; accounts receivable = $15,000; supplies = $2,675; equipment = $89,057; accumulated depreciation – equipment = $36,800. If equity equals $82,600, what do liabilities equal?

7. If liabilities equal $75,000 and equity is twice the amount of liabilities, what do assets equal?
8. If assets equal $600,000, and equity is 2x liabilities, what are the liabilities and equity?
9. What is the net income/loss given the following information: depreciation expenses

= $3,900; bank service charges = $478; salaries expense = $65,800; revenues = $225,000; prepaid expenses = $5,000; insurance expense = $6,500; rent expense = $16,340; accounts receivable = $26,890?

10. The following accounts are showing for ABC Company. Cash = $16,080; accounts receivable = $9,500; accounts payable = $14,000; supplies = $675; prepaid expenses = $3,150; equipment = $25,200; accumulated depreciation – equipment = $8,150; taxes payable = $5,321; salaries payable = $13,482. What is the total equity value?