Financial Accounting 9th Edition by Miller-Nobles Test bank

Repairs expense

800.  

•  

1.  

•  

1.  

Loans payable

8100.  

•  

7400.  

Supplies expense

1300.  

Service revenue

1.  

Petrol expense

2900.  

Salary payable

300.  

At the end of the year, what is the amount of total liabilities?

1. $24,500
2. $15,100
3. $15,400
4. $27,400

Answer: C
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 3 Use the accounting equation to analyse transactions
A-Head: How do you analyse transactions?

48. Following is a list of account balances of Wilson Mowing Service as at 31 December of the first year of operation:

Accounts receivable
Accounts payable
Salary expense
Repairs expense
Loans payable
Supplies expense
Service revenue
Petrol expense
Salary payable

Calculate the profit.

1. $2000
2. $2900
3. $30,300
4. $33,200

Answer: A
Difficulty: Basic
AACSB: Analytical Thinking, Reflective Thinking
Learning Objective: 3 Use the accounting equation to analyse transactions