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5 points Save Answer QUESTION 1 At the beginning of the year, Italian Pasta Company had total assets of $850,000 and total liabilities of $500,000. If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year. For the toolbar, press ALT+F10 (PC) or ALTFN+F10 (Mac). I gs Paragraph Arial 10pt A 2 I. %O a FE X X, & ST 14 + 11 1992 Am ED FH C + ) O WORDS POWERED BY TINY P QUESTION 2 S points Save Answer Presented below are four concepts discussed in this chapter 1. Time period assumption 2. Cost principle 3. Full disclosure principle 4. Conservatism Match these concepts to the following accounting practices. Each number can be used only once. Record your answers as follows 1,2,3,4 (using the correct order). (a)_ Recording inventory at its purchase price. Using notes and supplementary schedules in the financial statements. (6) (0)___ Preparing financial statements on an annual basis. (d) Using the lower of cost or market method for inventory valuation For the toolbar, press ALT+F10(PC) or ALT+FN+F10 (Mac) QUESTION 3 5 points Save Answer For each of the following accounts indicate if this account is a normally a debit or a credit on the account. (Record your response as d.c,d,c,d,c- using the correct anwers) 1. Accounts Payable 2. Advertising Expense 3. Service Revenue 4. Accounts Receivable 5. Common Stock 6. Dividends For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph 10pt A2 I. XOOQ Arial V #. QUESTION 4 5 points Save Answer V v Sain Design Company specializes in menu design for foodservices. Its trial balance at December 31 shows Supplies $8,700 and Supplies Expense 50. On December 31, there are $1,700 of supplies on hand. Prepare the adjusting entry at December 31. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Arial A I. 6 Ex X, ET TT 192 3: BE3 >> | 10pt X o !!! +] P O WORDS POWERED BY TINY Save Answer QUESTION 5 5 points The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no work sheet is prepared, by placing numbers 1-9 in the blank spaces. (Record your response as a,b,c,d,e.fg.hi- using the correct order). (a) Prepare a trial balance. (b) Journalize the transactions (c) Journalize and post closing entries. (d) Prepare financial statements. (e) Journalize and post adjusting entries. (f) Post to ledger accounts (8) Prepare a post-closing trial balance. (h) Prepare an adjusted trial balance. 00 Analyze business transactions. For the toolbar, press ALT F10 (PC) or ALT FN+F10(Mac). B TVS Paragraph 10pt IX Q V Arial !!! A 2 O QUESTION 6 5 points Save Anywer v Titanic Candy reported net income of $2.5 million in 2004. Depreciation for the year was $260,000, accounts receivable decreased $350,000, and accounts payable decreased $310,000. Compute net cash provided by operating activities using the indirect approach. For the toolbar, press ALT+F10 (PC) OC ALT+FN+F10 (Mac). BIU & Paragraph Arial 10pt A2 I. 52 x x STT 1 55 B. BE BE > | 0 !!! > ili X - 3 O WORDS POWERED BY TINY

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