ch 21 study guide 20 questions 494536

Ch 21: Accounting Records Multiple Choice Identify the letter of the choice that best completes the statement or answers the question. ____ 1. Assets are $18,254.00 in cash, $67,099.00 in merchandise, and $15,334.00 in supplies. Liabilities are $35,000.00 owed to the bank and $568.50 owed in taxes. Find the owner’s equity. a.?$66,881.50?c.?$55,781.50??b.?$65,118.50?d.?$42,887.50?? Figure 21.3. Use this table with the question(s) below, as needed. Balance Sheet Zimmerman Appliances July 25??Assets?Liabilities??Cash?$125,500?Notes payable?$30,000??Computer hardware?150,000?Bank loan?110,000??Computer software?32,000?Total liabilities?140,000??Store fixtures?15,000?Owner’s Equity???Capital?$182,500???Total liabilities and??Total assets?322,500?owner’s equity?322,500?? ____ 2. Use Figure 21.3. What are the total liabilities for Zimmerman Appliances? a.?$117,000?c.?$120,000??b.?$210,000?d.?$140,000?? Figure 21.4. Use the following information with the question(s) below, as needed. Matson’s Hair Styling Salon has $22,000 in cash, $9,500 in inventory, $4,000 in supplies, a bank loan for $11,275, and taxes owed of $2,500. ____ 3. Use Figure 21.4. What is Matson’s owner equity? a.?$21,000?c.?$23,985??b.?$21,900?d.?$21,725?? ____ 4. Cellular Services has $9,489 in cash and $15,800 in equipment. The company owes the bank $15,000. What is the owner’s equity? a.?$25,289?c.?$15,000??b.?$10,289?d.?$11,850?? ____ 5. Murphy’s Hardware began the quarter with an inventory valued at $18,950.00. During the quarter, it received 50 buckets that cost $3.59 each, 75 rakes at $22.45 each, and 35 shovels at $14.85 each. The ending inventory was valued at $15,300.00. What was the cost of goods sold? a.?$5,925.00?c.?$6,033.00??b.?$7,455.00?d.?$8,424.00?? ____ 6. Creative Calendars had a beginning inventory of $11,475, receipts of $3,025, and ending inventory of $12,700. Find the cost of goods sold. a.?$1,600?c.?$1,800??b.?$1,780?d.?$1,200?? ____ 7. Allen’s Shoe Shop started…