Financial Accounting 5th Canadian Edition Test Bank

Financial Accounting 5th Canadian Edition Test Bank enhances learning with well-structured notes, key formulas, and exam-style problems.

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1Student: ___________________________________________________________________________1.What is the primary purpose of the statement of financial position?A.To measure the profit of a business up to a particular point in time.B.Toreport the difference between cash inflows and cash outflows for the period.C.To report the financial position of the reporting entity at a particular point in time.D.To report assets at their current market value at a particular point in time.2.On January 1, 20A, two individuals invested $150,000 each to form Hornbeck Corporation.Hornbeck had total revenues of $15,000 during 20A and $40,000 during 20B. Total expenses forthe same periods were $8,000 and $22,000, respectively. Cashdividends paid out toshareholders totalled $6,000 in 20A and $12,000 in 20B. What was the ending balance inHornbeck's retained earnings account at the end of 20A and 20B?A.$1,000 and $6,000 respectively.B.$1,000 and $7,000, respectively.C.$7,000 and $19,000 respectively.D.$301,000 and $306,000 respectively.3.The BAT Corporation had revenues of $110,000, expenses of $85,000, and an income tax rate of20 percent in 20B. What would profitaftertaxes be?A.$5,000.B.$15,000.C.$20,000.D.$25,000.4.Brown Corporation reported thefollowing amounts at the end of the first year of operations,December 31, 20A: share capital $20,000; sales revenue $95,000; total assets $85,000, nodividends, and total liabilities $35,000. What would shareholders' equity and total expenses be?A.Shareholders' equity, $50,000 and expenses $65,000.B.Shareholders' equity, $60,000 and expenses $75,000.C.Shareholders' equity, $80,000 and expenses $40,000.D.Shareholders' equity, $80,000 and expenses $85,000.

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Financial Accounting by Robert Libb...

Financial Accounting 5th Canadian Edition Test Bank

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