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Mixed Quiz
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1
Below are selected balances in Realty Corporation's year-end trial balance. What is the amount of their total current assets?

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A)$173,000
B)$180,000
C)$ 680,000
D)$223,000
2
Using the data from question 1 above for Realtor Corporation, what is the amount of their total current liabilities?
A)$70,000
B)$80,000
C)$150,000
D)$420,000
3
Using the data from question 1 above for Realtor Corporation, what is the amount of their total liabilities?
A)$160,000
B)$80,000
C)$420,000
D)$450,000
4
Net realizable value is used on which of the following accounts?
A)Inventory
B)Common Stock
C)Accounts Payable
D)Accounts Receivable
5
Which of the following are classified in long term assets?
A)Prepaid Insurance
B)Allowance for Bad Debts
C)Available-for-sale Securities
D)Goodwill
6
Money received in advance from a customer that is expected to be returned or earned in the next six months would be classified as a(n):
A)investment
B)current asset
C)current liability
D)long-term liability
7
Lease obligations created by a capital lease are classified on the balance sheet as:
A)a plant asset
B)a current liability
C)a long-term liability
D)part current liability and part long-term liability
8
Which of the following reduces total liabilities on the balance sheet?
A)Deferred Tax Liability
B)Discount on Bonds Payable
C)Bonds Payable
D)Allowance for Bad Debts
9
The purchase of Preferred Treasury Stock would be reported on a company's.
A)Income Statement
B)Statement of Stockholders' Equity
C)Balance Sheet
D)Retained Earnings Statement
10
Which of the following would not be reported as Contributed Capital on the balance sheet?
A)Paid-in-Capital in Excess of Par
B)Common Stock
C)Paid-in-Capital from sale of Treasury Stock
D)Retained Earnings
11
Treasury Stock would be reported on the balance sheet as:
A)retained earnings
B)contributed capital
C)a reduction to stockholders' equity
D)a long-term investment
12
If a firm includes next year's debt payments in the long term liability section of the balance sheet, which of the following ratios would be overstated?
A)debt to equity ratio
B)current ratio
C)return on assets
D)Times interest earned
13
What is the amount of current assets?

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A)$107,000
B)$125,000
C)$ 69,000
D)$126,000
14
Using the information in 22 above, what is the current ratio?
A)2.12
B)1.40
C)1.81
D)1.20
15
Alpha Corporation has 500,000 shares of common stock authorized, with 52,000 shares issued and outstanding. The par value equals $ 1 per share and the stock was issued at $12 per share. What value will be placed in the common stock account?
A)$ 52,000
B)$ 500,000
C)$ 624,000
D)$572,000





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