Total equity is $1,620, fixed assets are $1,810, long-term debt is $650, and short-term debt is $300. What is the amount of current assets?

A) $760
B) $360
C) $1,140
D) $480
E) $790


A) $760

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Use this information to answer the following question. Hernandez Corporation has 60,000 shares of $10 par value common stock outstanding. The following transactions occurred during the year: Mar. 17 Declared a 10 percent stock dividend to stockholders of record on March 20 . Market value of the stock was $13 on March 17. 30 Distributed the stock dividend. The entry to record the transaction of

March 30 would be: a. Common Stock Distributable 60,000 Common Stock 60,000 b. Common Stock Distributable 60,000 Retained Earnings 18,000 Common Stock 78,000 c. Common Stock Distributable 78,000 Common Stock 60,000 Additional Paid-in Capital 18,000 d. Common Stock Distributable 60,000 Cash 60,000

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Vertical analysis always involves comparing financial statement elements over a span of time.

Answer the following statement true (T) or false (F)

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A company had $43 missing from petty cash that was not accounted for by petty cash receipts. The correct procedure is to:

A. Credit Petty Cash for $43. B. Debit Cash Over and Short for $43. C. Debit Petty Cash for $43. D. Debit Cash for $43. E. Credit Cash Over and Short for $43.

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Cash or goods invested to generate income and wealth is called ________.

A. profit B. capital C. debt D. liability

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