90.2K

Verified Solution

Link Copied!

Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at a point in time. During the month of February, Hoffer Company had cash receipts of $7,800 and cash disbursements of $8,950. The February 28 cash balance was $1,900. What was the January 31 beginning cash balance? Multiple Choice $3,050 $1,150 O $0 O $750 O $4,200 The following transactions occurred during July: a. Received $1,300 cash for services provided to a customer during July b. Received $2,600 cash investment from Barbara Hanson, the owner of the business. c. Received $950 from a customer in partial payment of his account receivable, which arose from sales in June. d. Provided services to a customer on credit, $575. e. Signed a promissory note for a $7,600 bank loan. f. Received $1,450 cash from a customer for services to be rendered next year. What was the amount of revenue for July? Multiple Choice $13.900 $4,275 $1,875 $3,325 $1,300 Stride Rite has total assets of $555 million. Its total liabilities are $175 million. Its equity is $380 million. Calculate the debt ratio. Multiple Choice 46.05% 14.61% 31.5% 68.47% 15.6% On April 30, Holden Company had an Accounts Receivable balance of $22,200. During the month of May, total credits to Accounts Receivable were $62,500 from customer payments. The May 31 Accounts Receivable balance was $16,150. What was the amount of credit sales during May? Multiple Choice O $62,500 O $56,450 O $68,550 $38,350 O $6,050 What would be the account balance in the Cash account after the following transactions, assuming a zero beginning balance? $110,5001 Owner invested cash. $24,9001 Purchased supplies with cash. Received bill for one month of rent. $2,690 $1,010 Paid wages. Billed customer for services performed services performed $1,600 Multiple Choice O $85,680 O $84,590 O $86,190 $140,700 $83,500 What would be the account balance in the Service Revenue account after the following transactions, assuming a zero beginning balance? $5,000 Performed services and left a bill. Performed services and collected immediately. $3,900 Performed services and billed customer. $2,400 Performed services on account. Received partial payment on account. $7,200 $1,700 Multiple Choice O $18,500 O $20,200 O $16,800 O $12,900 O $11,100 A $28 credit to Sales was posted as a $2,800 credit. By what amount is Sales in error? Multiple Choice O $2,800 overstated O $28 understated O $2,800 understated O $2,772 understated O $2,772 overstated What are the total assets shown on the trial balance below? Common stock $145,200 Accounts payable $30,250 Cash Supplies Prepaid rent Service revenue Retained earnings $141,140 Accounts receivable $1,850 | Office equipment $3,900 Unearned revenue $24,200 | Utilities expense $36,300 Shaving equipment $27,000 $28,200 $4,936 $506 $38,290 Multiple Choice O $352,590 O $240,380 O $268,130 O $263,030 O $240,886

Answer & Explanation Solved by verified expert

See Answer