Acc 111 Final Exam - All 3 Parts Essay

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ACC 111 Final Exam - All 3 Parts

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Final exam paart 1
• Question 1
3 out of 3 points A company was recently formed with $ 50,000 cash contributed to the company by stock-holders. The company then borrowed $ 20,000 from a bank and bought $ 10,000 of supplies on account. The company also purchased $ 50,000 of equipment by paying $ 20,000 in cash and issuing a note for the remainder. What is the amount of total assets to be reported on the balance sheet? • …show more content…
How much interest will be paid over the life of the bond?
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• Final exam part2

• Question 1
3 out of 3 points The accounting equation is: • Question 2
3 out of 3 points The Statement of Retained earnings shows: • Question 3
3 out of 3 points The Income Statement shows: • Question 4
3 out of 3 points Which of the following regarding retained earnings is false? Response Feedback: Retained earnings is an equity account, not an asset. • Question 5
3 out of 3 points In regard to current liabilities which of the following is false? • Question 6
3 out of 3 points Which of the following are current assets? • Question 7
3 out of 3 points In reference to accrual accounting which of the following is true? • Question 8
3 out of 3 points During November 200X John painted a barn. The customer does not pay John until January this next year. Which of the following statements is correct? • Question 9
3 out of 3 points Payment of a dividend will:

Final exam part 3
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• Question 1
3 out of 3 points A company was recently formed with $ 50,000 cash contributed to the
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