40

MMUMULTIPLE CHOICE

1. The balance sheet reports:

a.

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the assets, liabilities, gains, and losses for a period of time

b.

the changes in assets, liabilities, and equity for a period of time

c.

the assets, expenses, and liabilities as of a certain date

d.

the probable future benefits, probable future sacrifices, and residual interest for a period of time

e.

the financial condition of an accounting entity as of a particular date

Which of the following would not appear on a conventional balance sheet?

a.

income taxes payable

b.

funds from operations

c.

cash surrender value of life insurance

d.

appropriation for contingencies (restriction of retained earnings)

e.

patents

At the beginning of the year, Execon Company had total assets of $200,000, total liabilities of $110,000, and shareholders' equity of $90,000. For the year, Execon Company earned net income of $75,000 and declared cash dividends of $30,000. At the end of the year, the company had total assets of $300,000 and its shareholders' equity was at $135,000. At the end of the year, Execon Corporation had total liabilities of:

a.

$0

b.

$45,000

c.

$50,000

d.

$165,000

e.

none of the answers are correct

 

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