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Devry Acct 301 Week 2 Quiz

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ACCT 301 Week 2 Quiz
1. (TCO 1) Which of the following would not be considered an external user of accounting data for XYZ Company?
2. (TCO 1) The cost of assets consumed or services used is also known as _________.
3. (TCO 1) The financial statement that summarizes the changes in retained earnings for a specific period of time is the _________.
4. (TCO 1) Pinson Company began the year with retained earnings of $210,000. During the year, the company recorded revenues of $300,000, expenses of $228,000, and paid dividends of $24,000. What was Pinson’s retained earnings at the end of the year?
5. (TCO 4) Which of the following statements is not true?
6. (TCO 4) Using the following balance sheet and income statement data, what is the current ratio?
Current assets $7,000 Net income $12,000
Current liabilities 4,000 Stockholders’ equity 21,000
Total assets 30,000 Total liabilities 9,000
Average common shares outstanding was 10,000
7. (TCO 4) Using the following balance sheet and income statement data, what is the total amount of working capital?
Current assets $7,000 Net income $12,000
Current liabilities 4,000 Stockholders’ equity 21,000
Total assets 30,000 Total liabilities 9,000
Average common shares outstanding was 10,000

8. (TCO 4) Using the following balance sheet and income statement data, what is the debt to total assets ratio?
Current assets $7,000 Net income $12,000
Current liabilities 4,000 Stockholders’ equity 21,000
Total assets 30,000 Total liabilities 9,000
Average common shares outstanding was 10,000

9. (TCO 2) Powers Company paid its office rent of $1,000 with cash. As a result of this event, _________.
10. (TCO 2) Which accounts normally have debit balances?
11. (TCO 2) In the first month of operations, the total of the debit entries to the cash account amounted to...

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