Coursera | Financial Accounting: Foundations

Module 1 Graded Quiz

Module 1 Graded Quiz >> Financial Accounting: Foundations

Module 1 Graded Quiz

TOTAL POINTS 10
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Asset Expected Life Balance Sheet Value, in USD
Cash $50,000
Accounts Receivable 6 months $100,000
Accounts Receivable 13 months $200,000
Machinery 18 months $50,000
Building 20 years $100,000
Inventory 10 months $50,000
Prepaid Expenses 3 months $50,000
Notes Receivable 15 months $200,000
Equipment 24 months $100,000

 

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Year Stock issued Amount of Common Stocks Issued Par Value Total Paid by Investors on all Stocks this Year
2013 Common Stock A 10,000 $2 $100,000
2014 Common Stock B 50,000 $2 $120,000
2015 Common Stock C 20,000 $2 $150,000
2016 Common Stock D 30,000 $2 $180,000

 

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Hint: Please write down a representative income statement (you can refer to Walmart income statement), start from the bottom (i.e., net income after taxes), and work your way up in the income statement.

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Hint 1: Total sales (or Total Revenue) – Cost of Sales (Or Cost of Goods Sold) – Operating Expenses = Operating Income.

Hint 2: Interest revenue, interest expense, and income tax are not part of operating income.

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Cost of Sales $7,950
Rent Expense $4,020
Utilities Payable $400
Cash $20,700
Sales $1,700
Accounts Receivable $3,060
Retained Earnings $12,900
Prepaid Insurance $3,250
Utilities Expense $800
Common Stock $7,005

How many of these accounts would appear in The Gathering Sound’s year-end balance sheet?

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