## BMAL 530 Quiz 1 Liberty University

BMAL 530 Quiz 1 Accounting Basics

1. The following accounts are showing for ABC Company. Cash = \$16,080; accounts receivable = \$9,500; accounts payable = \$14,000; supplies = \$675; prepaid expenses = \$3,150; equipment = \$25,200; accumulated depreciation – equipment = \$8,150; taxes payable = \$5,321; salaries payable = \$13,482. What is the total equity value?
2. If liabilities equal 2.5 times that of equity, which is \$75,000, what do the assets equal?
3. ABC Company had the following information regarding their accounts. Increase in accounts receivable of \$10,200; decrease in supplies of \$3,100; gains on sale of equipment of \$7,400; losses on sales of equipment of \$630; net income of \$63,150; increase in accounts payable of \$3,500, and depreciation of \$12,340. What is the cash used or provided by operating activities (if used, the number should be negative; if provided by, the number should be positive)?
4. The following accounts are showing for ABC Company. Cash = \$16,080; accounts receivable = \$9,500; accounts payable = \$14,000; supplies = \$675; prepaid expenses = \$3,150; equipment = \$25,200; accumulated depreciation – equipment = \$8,150; taxes payable = \$5,321; salaries payable = \$13,482. What is the total liabilities value?
5. If assets equal \$200,000 and liabilities equal \$100,000, what does equity equal?
6. The following assets are shown on ABC Company’s Balance Sheet: cash = \$20,000; accounts receivable = \$15,000; supplies = \$2,675; equipment = \$89,057; accumulated depreciation – equipment = \$36,800. If equity equals \$82,600, what do liabilities equal?
7. The following assets are shown on ABC Company’s Balance Sheet: cash = \$20,000; accounts receivable = \$15,000; supplies = \$2,675; equipment = \$89,057; accumulated depreciation – equipment = \$36,800. What are the total assets?
8. ABC Company had the following information regarding their accounts. Increase in accounts receivable of \$8,500; increase in supplies of \$950; gains on sale of equipment of \$17,400; losses on sales of equipment of \$9,290; net loss of \$6,500; decrease in accounts payable of \$9,500, and depreciation of \$34,250. What is the cash used or provided by operating activities (if used, the number should be negative; if provided by, the number should be positive)?
9. If assets equal \$600,000, and equity is 2x liabilities, what are the liabilities and equity?
10. If liabilities equal \$75,000 and equity is twice the amount of liabilities, what do assets equal?

Set 2

1. If assets equal \$200,000 and liabilities equal \$100,000, what does equity equal?
2. The following assets are shown on ABC Company’s Balance Sheet: cash = \$20,000; accounts receivable = \$15,000; supplies = \$2,675; equipment = \$89,057; accumulated depreciation – equipment = \$36,800. What are the total assets?
1. The following accounts are showing for ABC Company. Cash = \$16,080; accounts receivable = \$9,500; accounts payable = \$14,000; supplies = \$675; prepaid expenses = \$3,150; equipment = \$25,200; accumulated depreciation – equipment = \$8,150; taxes payable = \$5,321; salaries payable = \$13,482. What is the total liabilities value?
1. ABC Company had the following information regarding their accounts. Increase in accounts receivable of \$8,500; increase in supplies of \$950; gains on sale of equipment of \$17,400; losses on sales of equipment of \$9,290; net loss of \$6,500; decrease in accounts payable of \$9,500, and depreciation of \$34,250. What is the cash used or provided by operating activities (if used, the number should be negative; if provided by, the number should be positive)?
2. If liabilities equal 5 times that of equity, which is \$75,000, what do the assets equal?
3. The following assets are shown on ABC Company’s Balance Sheet: cash = \$20,000; accounts receivable = \$15,000; supplies = \$2,675; equipment = \$89,057; accumulated depreciation – equipment = \$36,800. If equity equals \$82,600, what do liabilities equal?
1. If liabilities equal \$75,000 and equity is twice the amount of liabilities, what do assets equal?
2. If assets equal \$600,000, and equity is 2x liabilities, what are the liabilities and equity?
3. What is the net income/loss given the following information: depreciation expenses

= \$3,900; bank service charges = \$478; salaries expense = \$65,800; revenues = \$225,000; prepaid expenses = \$5,000; insurance expense = \$6,500; rent expense = \$16,340; accounts receivable = \$26,890?

1. The following accounts are showing for ABC Company. Cash = \$16,080; accounts receivable = \$9,500; accounts payable = \$14,000; supplies = \$675; prepaid expenses = \$3,150; equipment = \$25,200; accumulated depreciation – equipment = \$8,150; taxes payable = \$5,321; salaries payable = \$13,482. What is the total equity value?
\$2.99