Bert And Ernie Family Medicine

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Presented below is the balance sheet for Bert and Ernie Family Medicine on January 1.

BERT AND ERNIE FAMILY MEDICINE Balance Sheet January 1, 2007

Assets Liabilities & Stockholders’ Equity
Cash $ 25,000 Liabilities:
Accounts receivable 23,250 Accounts payable $ 33,750
Land 132,500 Total liabilities $ 33,750
Building 168,750 Owners’ equity:
Equipment 26,250 Capital stock 342,000 Total liabilities and
Total assets $375,750 owners’ equity $375,750

During the first few days of January, the following transactions occurred:

Jan 1 The business borrowed $85,000 from the bank, giving a note payable due in 90 days. 3 Additional capital stock was issued in exchange for $37,500 cash. 3 Equipment was purchased for $35,500 on open account. 5 The business collected $14,000 of its accounts receivable and paid off $18,250 of its accounts payable.

Indicate your answer to each of the following questions in the space provided.

1 On January 6, total assets of the business amount to: 515,500_

2 On January 6, owners’ equity amounts to: 379,500____

3 On January 6, the liability for accounts payable is: __51,000_____

4 On January 6, accounts receivable amount to: 9,250____

5 On January 6, the amount of cash owned by the business is: 143,250__

_b__ Stockholders’ equity is increased by a. dividends. b. revenues. c. expenses. d. liabilities.

_b__ Which of the following events is not a business transaction? a. Investment of $20,000 cash by the owner b. Hired employees for $9/ hour c. Incurred utility expenses of $450 for the month d. Earned revenue of $2,200 for services provided

_c__ All of the financial statements are for a period of time except the a. income statement. b. statement pf retained earnings. c. balance sheet. d. statement of cash flows.

_a__ Auditing is a. the examination of financial statements by a CPA in order to express an opinion on their fairness. b. a part of accounting that involves only recording of economic events. c. an area of accounting that involves such activities as cost accounting, budgeting, and accounting information systems. d. conducted by the Securities and Exchange Commission to ensure that registered financial statements are presented fairly.

_a__ A private organization that establishes broad reporting standards of general applicability, as well as specific accounting rules, is the a. Financial Accounting Standards Board. b. General Accounting Office. c. Internal Revenue Service. d. Securities and Exchange Commission.

_b__ During the year 2007, Starlight Enterprises earned revenues of $45,000, had expenses of $25,000, purchased assets with a cost of $5,000 and paid dividends to the shareholders of $3,000.
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