Refer to the information provided for IPOD Corporation. What amount should IPOD

Question

Refer to the information provided for IPOD Corporation. What amount should IPOD report on in balance sheet for total assets? a. $2,000,000 b. $2,550,000 c. $2,100,000 d. $1,900,000 23. Refer to the information provided for IPOD Corporation. What is IPOD's retained earnings balance at the end of the current year? a. $ 500.000 b. $1,100,000 c. $ 400,000 d. $1, 200,000 24. Paradise Company reports the following information at December 31, 2012: What is Natural Company's Gross Profit? a. $ 6,100,000 b. $ 6,500.000 c. $ 5.500,000 d. $12,000,000 25. Which one of the following is a source of equity? a. Notes payable b. Accounts payable c. land d. Contributed capital 26. Which of the following accounts are normally reported as current liabilities on a classified balance sheet? a. Accounts payable and Prepaid insurance b. Interest payable and Interest receivable c. Income taxes payable and Salaries payable d. Capital stock and Accounts payable

Explanation / Answer

Total assests = Total Liabilities Assets Cash $250,000.00 Property, Plant and equipment $900,000.00 Accounts receivable $500,000.00 Inventory $450,000.00 Total of assets $2,100,000.00 Liabilities and Shareholders equity Liabilities Long term debt $300,000.00 Accounts payable $100,000.00 Shareholders equity Capital stock $1,200,000.00 Retained earnings ($2100000-300000-100000-1200000) $500,000.00 Total Liabilities and Shareholders equity $2,100,000.00 22 Total assets =$2,100,000 Option c.$2,100,000 is correct 23 Retained earnings ($2100000-300000-100000-1200000) $500,000.00 Option a.$500,000 is correct 24 Gross profit = Sales-Cost of sales Gross profit = $18,000,000-$12,500,000 5500000 Gross profit = $5,500,000 Option c.$5,500,000 is correct 25 Contributed capital Option d. contributed capital is correct 26 Income taxes payable and salries payable Option c. Income taxes payable and salries payable is correct

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