101. Which financial statement is typically prepared first? a. Balance sheet. b. Income statement. c

101.
Which financial statement is typically prepared first?
a.
Balance sheet.
b.
Income statement.
c.
Statement of stockholders’ equity.
d.
Statement of cash flows.

[Question]
102.
Expenses are shown in which of the following statements?
a.
Income statement.
b.
Statement of cash flows.
c.
Balance sheet.
d.
Statement of stockholders’ equity.

[Question]
103.
Given the information below about Thomas Corporation, what was the amount of dividends
the company paid in the current period?

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Beginning
retained earnings

$54,000

Ending
retained earnings

$110,000

Decrease
in cash

$10,000

Net
income

$84,000

Change
in stockholders’ equity

$15,000

a.
$13,000.
b.
$110,000.
c.
$28,000.
d.
$18,000.

[Question]
104.
Retained earnings at the end of the year is calculated using:
a.
Beginning retained earnings, net income, and dividends.
b.
Common stock and dividends.
c.
Stockholders’ equity, net income, and dividends.
d.
Net income and dividends.

[Question]
105.
The financial statement that represents the accounting equation is the:
a.
Income statement.
b.
Statement of cash flows.
c.
Balance sheet.
d.
Statement of stockholders’ equity.

[Question]
106.
Which of the following is not a major
section in the statement of cash flows?
a.
Cash flows from operating activities.
b.
Cash flows from customers.
c.
Cash flows from financing activities.
d.
Cash flows from investing activities.

[Question]
107.
Given the information below about David Corporation, what was the amount of dividends
the company paid in the current period?

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a.
$140,000.
b.
$0.
c.
$30,000.
d.
$20,000.

[Question]
108.
Liabilities are shown in which of the following statements?
a.
Income statement.
b.
Statement of cash flows.
c.
Balance sheet.
d.
Statement of stockholders’ equity.

[Question]
109.
Consider the following account balances of the Shattuck Law Firm at the end of
the year:
Accounts Payable $ 4,400
Salaries Expense 12,800
Cash 1,700
Common Stock 2,400
Service Revenue
8,300
Supplies 4,300
Retained Earnings 1,100
Utilities Expense
5,000
How
many of these accounts would appear in Shattuck’s year-end income statement?
a.
Five.
b.
Four.
c.
Three.
d.
Two.

[Question]
110.
Consider the following account balances of the Shattuck Law Firm at the end of
the year:
Accounts Payable $ 4,400
Salaries Expense 12,800
Cash 1,700
Common Stock 2,400
Service Revenue
8,300
Supplies 4,300
Retained Earnings 1,100
Utilities Expense
5,000
How
many of these accounts would appear in Shattuck’s year-end balance sheet?
a.
Five.
b.
Four.
c.
Three.
d.
Two.

 

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