Accounting

posted by .

O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011.

Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts Receivable 27,000; Service Revenue 108,000; Wages Expense 47,000; Rent Expense 13,000; Notes Payable 10,000; Accounts Payable 16,000; Dividends 15,000; Share Capital 28,000;

1. At December 31, 2011, assets total
a. £54,000.
b. £70,000.
c. £81,000.
d. £97,000.

2. At December 31, 2011, liabilities total
a. £16,000.
b. £26,000.
c. £37,000.
d. £41,000.

3. Net income for the month of December is
a. £27,000
b. £42,000
c. £56,000
d. £66,000

4. Retained earnings at December 31, 2011 is
a. £15,000
b. £22,000
c. £27,000
d. £55,000

5. Equity at December 31, 2011, is
a. £148,000
b. £121,000
c. £93,000
d. £55,000

  • Accounting -

    1,c
    2,a
    3,d
    4,b
    5,b

  • Accounting -

    sknmkhhj

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Accounting

    For my assignment I was asked to complete a journal for the Portand After School Program. I have completed it, but I know I did something wrong because when I try to do the second part which is a trial balance it is not balancing out …
  2. Accounting

    I need to enter the following into Journal Enteries a) Borrowed $12,000 cash on a short-term note payable dates march 1, 2011 b) Purchased land for future buildings site, paid cash, $9,000. c) Earned $160,000 in Service Revenue for …
  3. math

    Information related to Hermesch Company for 2011 is summarized below. Total credit sales $2,200,000 Accounts receivable at December 31 825,000 Bad debts written off 33,000 What amount of bad debts expense will Hermesch Company report …
  4. accounting

    O'Hara Inc. made sales of $310,000 during 2008, it's first year of operations. Of this, $15,000 remained in accounts receivable at the end of the year. Additionally, the company paid and incurred $270,000 in expenses during the year. …
  5. accounting

    O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011. Office Equipment ₤ 40,000 Utilities Expense ₤ 6,000 Cash 14,000 Accounts Receivable …
  6. Accounting

    O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011. Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts …
  7. accounting

    Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2011 (the end of its fiscal year). BYTE REPAIR SERVICE Trial Balance December 31, 2010 Cash $8,000 Accounts Receivable …
  8. acc 100

    Metzger Company compiled the following financial information as of December 31, 2010: Revenues $140,000 Metzger, Capital (1/1/10) 70,000 Equipment 40,000 Expenses 125,000 Cash 35,000 Metzger, Drawings 10,000 Supplies 5,000 Accounts …
  9. accounting 100

    The following items are taken from the financial statements of the Postal Service for the year ending December 31, 2014: Accounts payable $ 18,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000 Advertising …
  10. accounting

    40. The following items are taken from the financial statements of Pelatihan OSN Company for the year ending December 31, 2016: Accounts payable 18,000 Accounts receivable 11,000 Accumulated depreciation – equipment 28,000 Advertising …

More Similar Questions