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 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

  1. 👍
  2. 👎
  3. 👁
  4. ℹ️
  5. 🚩
  1. 1,c
    2,a
    3,d
    4,b
    5,b

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩
  2. sknmkhhj

    1. 👍
    2. 👎
    3. ℹ️
    4. 🚩

Respond to this Question

First Name

Your Response

Similar Questions

  1. Social Studies

    Dave is an executive at a large company. He is concerned that other businesses in his industry have been moving some of their operations to foreign countries in order to cut down on labor costs. The CEO has asked Dave to make a

  2. Mental Health Diagnosis and assessment

    Hello I am not sure about my answers. Can someone help me? Jose is a Latino client who presents with occupational difficulties. He was laid off from a construction job 8 months ago and has been unable to find work. Ever since he

  3. accounting

    Perez Company began operations in 2009. Since then, it has reported the following gains and losses for its investments in trading securities on the income statement: 2009 2010 2011 Gains (losses) from sale of trading securities $

  4. Financial Accounting

    Prepare adjusting journal entries for the year ended December 31, 2011 for each of the independent situation in (a) to (f). Assume that prepaid expenses are initially recorded in asset accounts. Assume that fees collected in

  1. accounting

    Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2011, its fiscal-year end, based on a physical count, was determined to be $326,000. Capwell's unadjusted trial balance also

  2. Accounting

    Samuels, Inc. reported net income for 2011 is $105,000. During 2011 the company had 5,000 shares of $100 par, 5% preferred stock and 20,000 of $5 par common stock outstanding. Samuels’ earnings per share for 2011 is A.$4.00

  3. BIS219

    These are the only ones I need help on, Thanks 1. Which of the following statements about information systems is not correct? A. Information systems are concentrated in the IS Department. B. Information systems tend to follow the

  4. Math

    The following table shows the profit, in millions of dollars, for a company from 2010 to 2013. 2011 24 Million 2011 neg 354 Million 2012 248 Million 2013 587 Million How much more profit did the company make in 2010 than in 2011,

  1. Finance

    P17-3 (Available-for-Sale Investments) Cardinal Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits, with the following descriptions. Feb. 1, 2010

  2. Accounting

    Nafari Company's sales budget has the following unit sales projection for each quarter of the calendar year 2011. January -March 1,080,000 April-June 1,360,000 July-September 980,000 October-December 1,100,000 Total 4,520,000

  3. Financial Accounting 1

    Maximus Dog Company purchased a new supply van on January 1, 2011, for $35,000. The van is estimated to last for five years and will then be sold, at which time it should be worth approximately $5,000. The company uses straight-

  4. 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

View more similar questions or ask a new question.