Accounting 350 Name Quiz #3, Fall 20101. Olmsted Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $363,000. What total amount should Olmsted Company report as stockholders' equity?A) $898,000.B) $998,000.C) $1,098,000.D) $1,198,000.2. . Presented below are data for Antwerp Corp.2010 2011 2012Assets, January 1 $2,800 $3,360 ? Liabilities, January 1 1,680 ? $2,016Stockholders' Equity, Jan. 1 ? ? 2,100Dividends 560 420 476Common Stock 504 448 500Stockholders' Equity, Dec. 31 ? ? 1,596Net Income 560 448 ?Stockholders' Equity at January 1, 2010 isA) $ 504.B) $ 560.C) $1,120.D) $1,624.3. Lohmeyer Corporation reports:Cash provided by operating activities $250,000Cash used by investing activities 110,000Cash provided by financing activities 140,000Beginning cash balance 70,000What is Lohmeyer's ending cash balance?A) $280,000.B) $350,000.C) $500,000.D) $570,000.Page 14. During 2010 the DLD Company had a net income of $50,000. In addition, selected accounts showed the following changes:Accounts Receivable $3,000 increaseAccounts Payable 1,000 increaseBuilding 4,000 decreaseDepreciation Expense 1,500 increaseBonds Payable 8,000 increaseWhat was the amount of cash provided by operating activities?A) $49,500B) $50,000C) $51,500D) $59,5005. Stine Corp.'s trial balance reflected the following account balances at December 31, 2010:Accounts receivable (net) $24,000Trading securities 6,000Accumulated depreciation on equipment and furniture15,000Cash 11,000Inventory 30,000Equipment 25,000Patent 4,000Prepaid expenses 2,000Land held for future business site 18,000In Stine's December 31, 2010 balance sheet, the current assets total isA) $90,000.B) $82,000.C) $77,000.D) $73,000.Page 2Use the following to answer questions 6-8:The following trial balance of Reese Corp. at December 31, 2010 has been properly adjusted except for the income tax expense adjustment.Reese Corp.Trial BalanceDecember 31, 2010 Dr. Cr.Cash $ 775,000Accounts receivable (net) 2,695,000Inventory 2,085,000Property, plant, and equipment (net) 7,366,000Accounts payable and accrued liabilities $ 1,701,000Income taxes payable 654,000Deferred income tax liability 85,000Common stock 2,350,000Additional paid-in capital 3,680,000Retained earnings, 1/1/10 3,450,000Net sales and other revenues 13,360,000Costs and expenses 11,180,000 Income tax expenses 1,179,00025,280,00 25,280,00Other financial data for the year ended December 31, 2010:• Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29, 2012.• The balance in the Deferred Income Tax Liability account pertains to a temporary difference that arose in a prior year, of which $20,000 is classified as a current liability.• During the year, estimated tax payments of $525,000 were charged to income tax expense. The current and future tax rate on all types of income is 30%.In Reese's December 31, 2010 balance sheet,6. The current assets total isA) $6,080,000.B) $5,555,000.C) $5,405,000.D) $4,955,000.7. The current liabilities total isA) $1,850,000.B) $1,915,000.C) $2,375,000.D) $2,440,000.Page 38. The final retained earnings balance isA) $4,451,000.B) $4,536,000.C) $4,976,000.D) $4,905,000.9. Fulton Company owns the following investments:Trading securities (fair value) $60,000Available-for-sale securities (fair value) 35,000Held-to-maturity securities (amortized cost) 47,000Fulton will report investments in its current assets section ofA) $0.B) exactly $60,000.C) $60,000 or an amount greater than $60,000, depending on the circumstances.D) exactly $95,000.10. For Grimmett Company, the following information is available:Capitalized leases $200,000Trademarks 65,000Long-term receivables 75,000In Grimmett's balance sheet, intangible assets should be reported atA) $65,000.B) $75,000.C) $265,000.D) $275,000.11. Houghton Company has the following items: common stock, $720,000; treasury stock, $85,000; deferred taxes, $100,000 and retained earnings, $313,000. What total amount should Houghton Company report as stockholders' equity?A) $848,000.B) $948,000.C) $1,048,000.D) $1,118,000.Page 412. Presented below are data for Caracas Corp.2010 2011 2012Assets, January 1 $3,800 $4,560 ? Liabilities, January 1 2,280 ? $2,736Stockholders' Equity, Jan. 1 ? ? 2,850Dividends 760 570 646Common Stock 684 608 650Stockholders' Equity, Dec. 31 ? ? 2,166Net Income 760 684 ?Net income for 2012 isA) $684 income.B) $684 loss.C) $38 income.D) $38 loss.Page 5Answer Key1. B2. C3. B4. A5. D6. D7. A8. C9. C10. A11. B12. DPage