ACC 101 Test
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2), identify the trial balance column (debit or credit) with the larger amount if they are not equal. In column (3), identify the […]
ACC 101 Test
Cola Company and Pop Company both produce and market beverages that are direct competitors. Key financial figures for these businesses for a recent year follow: Key Figures ($ millions) Cola Company Pop Company Sales $ 49,922 $ 71,674 Net income 10,742 8,360 Average assets 82,000 76,000 Required: Compute return on assets for Cola Company and […]
ACC 102 Test
As of December 31 of the current year, Armani Company’s records show the following. Cash $ 10,900 Accounts receivable 9,900 Supplies 6,900 Equipment 5,900 Accounts payable 12,800 Common stock 14,900 Retained earnings, December 31, prior year 3,900 Retained earnings, December 31, current year 5,900 Dividends 13,900 Consulting revenue 34,800 Rental revenue 23,800 Salaries expense 20,900 […]
ACC 101 Test 1
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month. April 2 Nozomi invested $44,000 cash and computer equipment worth $35,000 in the company in exchange for its common stock. April 3 The company rented furnished office space by paying $2,600 cash for the […]