Annapolis Corporation’s trial balance included debits to expense accounts of $125,000, credits to revenue accounts of $231,000, and debits to the Dividends account of $50,000.
1.Annapolis Corporation’s trial balance included debits to expense accounts of $125,000, credits to
revenue accounts of $231,000, and debits to the Dividends account of $50,000. Based on this information, what is the amount of the company’s net income or loss. Enter a loss as a negative number.
2.Baltimore Company reports total assets and total liabilities of $251,000 and $110,000, respectively, at the conclusion, of its first year of business. The company earned $81,500 during the first year, and distributed $27,000 to shareholders as dividends. How much did shareholders initially invest in the business?
3.During June, Bravo Magazine sold for cash six advertising spaces for $400 each to be run in the July through December issues. On that date, Bravo properly recognized Unearned Revenue. The adjusting entry to record on July 31 includes:
(a)a credit to Revenue for $2,000
(b)a debit to Unearned Revenue for $400
(c)a credit to Unearned Revenue for $400
(d)a debit to Cash for $2,000
4.On January 7, Bravo purchased supplies on account for $1,000, and recorded this purchase to the Supplies account. At the end of January, Bravo had $600 of these supplies still on hand. The proper adjusting journal entry at January 31 would:
:
(a)include a credit to Supplies for $400
(b)include a debit to Accounts Payable for $400
(c)include a debit to Supplies Expense for $600
(d)include a debit to Supplies for $1,000
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