Question 1
Choose the one alternative that best completes the statement or answers the question. Solve the problem.
Prepare a balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $15,000, accounts receivable $21,000, and merchandise inventory $95,000. The liabilities are accounts payable $12,000 and wages payable $17,000. The owner’s capital is $102,000.
Mullen’s Hardware Balance Sheet
Total assets: $131,000
Total liabilities: $29,000
Total liabilities and owner’s equity: $131,000
Mullen’s Hardware Balance Sheet
Total assets: $131,000
Total liabilities: $12,000
Total liabilities and owner’s equity: $131,000
Mullen’s Hardware Balance Sheet
Total assets: $95,000
Total liabilities: $12,000
Total liabilities and owner’s equity: $102,000
Mullen’s Hardware Balance Sheet
Total assets: $131,000
Total liabilities: $17,000
Total liabilities and owner’s equity: $17,000
10 points
Question 2
Solve the problem. Express answers as a percent rounded to the nearest tenth.
Complete a vertical analysis on the balance sheet for Mullen’s Hardware for December 31 of last year. The company assets are cash $11,000, accounts receivable $40,000, and merchandise inventory $96,000. The liabilities are accounts payable $19,000 and wages payable $25,000. The owner’s capital is $103,000.
Mullen’s Hardware Balance Sheet
Cash: 7.5%
Accounts receivable: 27.2%
Merchandise inventory: 65.3%
Total assets: 100%
Accounts payable: 43.2%
Wages payable: 17.0%
Total liabilities: 29.9%
Mullen’s capital: 70.1%
Total liabilities and owner’s equity: 100%
Mullen’s Hardware Balance Sheet
Cash: 7.5%
Accounts receivable: 27.2%
Merchandise inventory: 65.3%
Total assets: 100%
Accounts payable: 12.9%
Wages payable: 56.8%
Total liabilities: 29.9%
Mullen’s capital: 70.1%
Total liabilities and owner’s equity: 100%
Mullen’s Hardware Balance Sheet
Cash: 7.5%
Accounts receivable: 27.2%
Merchandise inventory: 65.3%
Total assets: 100%
Accounts payable: 12.9%
Wages payable: 17.0%
Total liabilities: 29.9%
Mullen’s capital: 70.1%
Total liabilities and owner’s equity: 100%
Mullen’s Hardware Balance Sheet
Cash: 7.5%
Accounts receivable: 27.2%
Merchandise inventory: 65.3%
Total assets: 100%
Accounts payable: 43.2%
Wages payable: 56.8%
Total liabilities: 100%
Mullen’s capital: 70.1%
Total liabilities and owner’s equity: 100%
10 points
Question 3
Solve the problem. Express answers as a percent rounded to the nearest tenth.
Complete a vertical analysis on the balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $20,000, accounts receivable $48,000, merchandise inventory $89,000, and equipment $82,000. The liabilities are accounts payable $13,000, wages payable $16,000, and mortgage note payable $77,000. The owner’s capital is $133,000.
Jake’s Janitorial Service Balance Sheet
Cash: 8.4%
Accounts receivable: 20.1%
Merchandise inventory: 37.2%
Equipment: 34.3%
Total assets: 100%
Accounts payable: 12.3%
Wages payable: 15.1%
Mortgage note payable: 32.2%
Total liabilities: 44.4%
Jake’s capital: 55.6%
Total liabilities and owner’s equity: 100%
Jake’s Janitorial Service Balance Sheet
Cash: 8.4%
Accounts receivable: 20.1%
Merchandise inventory: 37.2%
Equipment: 34.3%
Total assets: 100%
Accounts payable: 5.4%
Wages payable: 6.7%
Mortgage note payable: 72.6%
Total liabilities: 44.4%
Jake’s capital: 55.6%
Total liabilities and owner’s equity: 100%
Jake’s Janitorial Service Balance Sheet
Cash: 8.4%
Accounts receivable: 20.1%
Merchandise inventory: 37.2%
Equipment: 34.3%
Total assets: 100%
Accounts payable: 12.3%
Wages payable: 15.1%
Mortgage note payable: 72.6%
Total liabilities: 100%
Jake’s capital: 55.6%
Total liabilities and owner’s equity: 100%
Jake’s Janitorial Service Balance Sheet
Cash: 8.4%
Accounts receivable: 20.1%
Merchandise inventory: 37.2%
Equipment: 34.3%
Total assets: 100%
Accounts payable: 5.4%
Wages payable: 6.7%
Mortgage note payable: 32.2%
Total liabilities: 44.4%
Jake’s capital: 55.6%
Total liabilities and owner’s equity: 100%
10 points
Question 4
Solve the problem.
For the month ending June 30, TriCounty Nursery has net sales of $251,000, cost of goods sold of $99,000, and operating expenses of $70,000. Find the gross profit and net income.
gross profit: $152,000; net income: $82,000
gross profit: $72,100; net income: $29,000
gross profit: $82,000; net income: $152,000
gross profit: $152,000; net income: $29,000
10 points
Question 5
Solve the problem.
For the month ending December 31, MidState Machinery had gross sales of $4,207,000, returns of $68,800, cost of beginning inventory $502,000, cost of purchases $1,484,000, cost of ending inventory $570,000, total operating expenses $135,900. Find the net sales and cost of goods sold.
net sales: $4,207,000; cost of goods sold: $1,416,000
net sales: $4,138,200; cost of goods sold: $1,416,000
net sales: $4,138,200; cost of goods sold: $135,900
net sales: $4,138,200; cost of goods sold: $2,716,300
10 points
Question 6
Solve the problem. Express answers as a percent rounded to the nearest tenth.
The Garden Shop had a cost of goods sold of $108,000, operating expenses of $49,000, and net sales of $272,000. Find the cost of goods sold percent of net sales and operating expenses percent of net sales.
cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 21.7%
cost of goods sold percent of net sales: 21.7%, operating expenses percent of net sales: 39.7%
cost of goods sold percent of net sales: 18.0%, operating expenses percent of net sales: 39.7%
cost of goods sold percent of net sales: 39.7%, operating expenses percent of net sales: 18.0%
10 points
Question 7
Solve the problem. Express answers as a percent rounded to the nearest tenth.
Speedy Cleaning Service had a cost of beginning inventory of $40,000, net sales of $222,000, and gross sales of $401,000. Find the beginning inventory percent of net sales and gross sales percent of net sales.
beginning inventory percent of net sales: 180.6%, gross sales percent of net sales: 18.0%
beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 180.6%
beginning inventory percent of net sales: 65.3%, gross sales percent of net sales: 18.0%
beginning inventory percent of net sales: 18.0%, gross sales percent of net sales: 65.3%
10 points
Question 8
Solve the problem. Round to the nearest tenth.
Find the percent increase (or decrease) in net sales from last year to this year for the income statement.
10.6% decrease
10.6% increase
10.3% increase
10.3% decrease
10 points
Question 9
Solve the problem. Round to the nearest tenth.
Find the percent increase (or decrease) in cost of goods sold from last year to this year for the income statement.
50.8% increase
7.4% decrease
50.8% decrease
7.4% increase
10 points
Question 10
Solve the problem.
Prepare a balance sheet for Jake’s Janitorial Service for December 31 of last year. The company assets are cash $16,000, accounts receivable $58,000, merchandise inventory $50,000, and equipment $97,000. The liabilities are accounts payable $23,000, wages payable $22,000, and mortgage note payable $87,000. The owner’s capital is $89,000.
Jake’s Janitorial Service Balance Sheet
Total assets: $221,000
Total liabilities: $110,000
Total liabilities and owner’s equity: $89,000
Jake’s Janitorial Service Balance Sheet
Total assets: $221,000
Total liabilities: $132,000
Total liabilities and owner’s equity: $89,000
Jake’s Janitorial Service Balance Sheet
Total assets: $221,000
Total liabilities: $132,000
Total liabilities and owner’s equity: $221,000
Jake’s Janitorial Service Balance Sheet
Total assets: $124,000
Total liabilities: $132,000
Total liabilities and owner’s equity: $89,000
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