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Question 1 Hayes' Consulting provided $1,000 of consulting services to a customer. The customer did not pay cash for the services, but agreed to pay cash within the next 30 days. Total Resources Total Sources of Resources + $1,000 - $1,000 - $1,000 + $1,000 + $0 A) + $1,000 B) - $1,000 C) + $1,000 D) - $1,000 E) + $1,000 a. b. c. d. e. & - $1,000 A) B) C) D) E) Question 2 Hayes' Consulting paid $300 to Barbara Borsa for assistance in providing services on the consulting project mentioned in part 1 above. (In part 1, Hayes' Consulting had provided $1,000 of consulting services to a customer. The customer did not pay cash for the services, but agreed to Total Resources A) +$300&-$300 B) + $300 C) - $300 D) + $300 E) - $300 a. A) b. B) c. C) d. D) e. E) Question 3 Hayes' Consulting purchased $200 of supplies. No cash was paid for the supplies, but Hayes' Consulting agreed to pay cash within the next 30 days. pay cash within the next 30 days.) Total Sources of Resources + $0 + $300 - $300 - $300 + $300 Total Resources A) - $200 B) +$200&-$200 C) + $200 D) - $200 E) + $200 Total Sources of Resources + $200 + $0 - $200 - $200 + $200 a. A) b. B) c. C) d. D) e. E) Question 4 Hayes' Consulting provided $800 of consulting services to a customer who paid cash for the services. Total Resources A) + $800 B) - $800 C) +$800&-$800 D) + $800 E) - $800 a. A) b. B) c. C) d. D) e. E) Total Sources of Resources - $800 + $800 + $0 + $800 - $800 Question 5 $750 cash was received from the customer mentioned in part 1 above. The remaining $250 will be paid by the customer next week. (In part 1, Hayes' Consulting had provided $1,000 of consulting services to a customer. The customer did not pay cash for the services, but agreed to pay cash within the next 30 days.) Total Resources A) - $750 B) + $750 C) - $750 Total Sources of Resources - $750 - $750 + $750 + $0 + $750 D) + E) + a. b. c. d. e. $750 & - $750 $750 A) B) C) D) E) Question 6 Hayes' Consulting paid cash for one-half of the supplies purchased in part 3 above. The company will pay the remaining amount due next month. (In part 3, Hayes' Consulting had purchased $200 of supplies. No cash was paid for the supplies, but Hayes' Consulting agreed to pay cash within the next 30 days.) Total Resources A) + $100 B) - $100 C) + $100 D) - $100 E) +$200&-$200 a. A) b. B) c. C) d. D) e. E) Question 7 Hayes' Consulting paid the phone bill for $30 of telephone services used during July. Total Sources of Resources + $100 - $100 - $100 + $100 + $0 Total Resources A) +$30&-$30 B) + $30 C) - $30 D) + $30 E) - $30 Total Sources of Resources + $0 + $30 - $30 - $30 + $30 a. A) b. B) c. C) d. D) e. E) Question 8 Hayes' Consulting declared and paid a $50 cash dividend. Total Resources A) - $50 B) +$50&-$50 C) + $50 D) - $50 E) + $50 Total Sources of Resources + $50 + $0 + $50 - $50 - $50 a. b. c. d. e. A) B) C) D) E) Question 9 Hayes' Consulting provided $1,000 of consulting services to a customer. The customer did not pay cash for the services, but agreed 30 days. to pay cash within the next Stockholders' Equity Total Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Cash A) + $1,000 B) C) + $1,000 Accounts Receivable + $1,000 - $1,000 + $1,000 + $1,000 Supplies Liabilities Accounts Payable + $1,000 Common Stock + $1,000 + $1,000 Retained Earnings D) E) + $1,000 a. A) b. B) c. C) d. D) e. E) Question 10 Hayes' Consulting paid $300 to Barbara Borsa for assistance in providing services on the consulting project mentioned in part 9 above. (In part 9, Hayes' Consulting had provided $1,000 of consulting services to a customer. The customer did not pay cash for the services, but agreed to pay cash within the next 30 days.) Total Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Liabilities Accounts Accounts Stockholders' Equity Cash A) - $300 B) - $300 C) - $300 D) - $300 ReceivableSupplies Payable Common Stock Retained Earnings E) + $300 - $300 - $300 + $300 + $300 - $300 a. b. c. d. e. A) B) C) D) E) Question 11 Hayes' Consulting purchased $200 of supplies. No cash was paid for the supplies, but Hayes' Consulting agreed to pay cash within the next 30 days. Total Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Accounts Cash Receivable Liabilities Accounts Payable + $200 Stockholders' Equity Supplies + $200 + $200 + $200 + $200 + $200 Common Stock Retained Earnings A) - B) $200 C) D) E) - $200 + $200 + $200 a. A) b. B) c. C) d. D) e. E) Question 12 Hayes' Consulting provided $800 of consulting services to a customer who paid cash for the services. Total Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Accounts Cash Receivable + A) $800 + B) $800 C) + $800 + D) $800 + E) $800 - $800 a. A) b. B) c. C) d. D) e. E) Liabilities Accounts Payable Stockholders' Equity Supplies Common Stock + $800 Retained Earnings - $800 + $800 + $800 Question 13 $750 cash was received from the customer mentioned in part 9 above. The remaining $250 will be paid by the customer next week. (In part 9, Hayes' Consulting had provided $1,000 of consulting services to a customer. The customer did not pay cash for the services, but agreed to pay cash within the next 30 days.) Total Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Accounts Cash Receivable Liabilities Accounts Payable + $750 Stockholders’ Equity Supplies Common Stock + $750 Retained Earnings A) + $750 B) C) D) E) + $750 a. A) b. B) c. C) d. D) e. E) + $750 + $750 + $750 - $750 + $750 + $750 Question 14 Hayes' Consulting paid cash for one-half of the supplies purchased in part 11 above. The company will pay the remaining amount due next month. (In part 11, Hayes' Consulting had purchased $200 of supplies. No cash was paid for the supplies, but Hayes' Consulting agreed to pay cash within the next 30 days.) Total Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Accounts Liabilities Accounts Payable Stockholders' Equity Common Retained Cash - A) $100 - B) $100 - C) $100 D) - E) $100 a. b. c. d. e. ReceivableSupplies Stock - $100 Earnings + $100 - $100 - $100 - $100 + $100 A) B) C) D) E) Question 15 Hayes' Consulting paid the phone bill for $30 of telephone services used during July. Total Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Accounts CashReceivable - A) $30 - B) $30 + $30 - C) $30 - D) $30 Liabilities Accounts Payable Stockholders’ Equity Supplies Common Stock - $30 Retained Earnings - $30 + $30 E) + $30 - $30 a. A) b. B) c. C) d. D) e. E) Question 16 Hayes' Consulting declared and paid a $50 cash dividend. Total Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets Liabilities Accounts Accounts Cash ReceivableSupplies Payable Stockholders' Equity Common Stock Retained Earnings A) -$50 B) -$50 C) - $50 D) - $50 E) a. A) b. B) c. C) d. D) e. E) Question 17 -$50 -$50 - $50 + $50 + $50 - $50 At the end of July, the Hayes’ Consulting, Inc.’s accounting system showed the following amounts: cash = $6,070, accounts receivable = $250, supplies = $200, accounts payable = $100, common stock = $5,000, and retained earnings = $1,420. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,800, resources used up to provide services to customers = $330, and dividends = $50. Determine the dollar amount of Hayes' Consulting, Inc.'s total resources at the end of July. a. $6,070 b. $6,520 c. $100 d. $6,420 e. $1,470 Question 18 At the end of July, the Hayes’ Consulting, Inc.’s accounting system showed the following amounts: cash = $6,070, accounts receivable = $250, supplies = $200, accounts payable = $100, common stock = $5,000, and retained earnings = $1,420. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,800, resources used up to provide services to customers = $330, and dividends = $50. Determine the dollar amount of resources on hand at the end of July that Hayes' Consulting, Inc. obtained through borrowing. a. $6,520 b. $6,070 c. $5,000 d. $100 e. $1,470 Question 19 At the end of July, the Hayes’ Consulting, Inc.’s accounting system showed the following amounts: cash = $6,070, accounts receivable = $250, supplies = $200, accounts payable = $100, common stock = $5,000, and retained earnings = $1,420. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,800, resources used up to provide services to customers = $330, and dividends = $50. Determine the dollar amount of resources on hand at the end of July that Hayes' Consulting, Inc. obtained through the owner’s investments. a. $5,000 b. $6,420 c. $1,470 d. $100 e. $6,520 Question 20 At the end of July, the Hayes’ Consulting, Inc.’s accounting system showed the following amounts: cash = $6,070, accounts receivable = $250, supplies = $200, accounts payable = $100, common stock = $5,000, and retained earnings = $1,420. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,800, resources used up to provide services to customers = $330, and dividends = $50. Determine the Hayes' Consulting, Inc.'s net income for July. a. $1,800 b. $330 c. $1,420 d. $250 e. $1,470 Question 21 At the end of July, the Hayes’ Consulting, Inc.’s accounting system showed the following amounts: Cash = $6,070, accounts receivable = $250, supplies = $200, accounts payable = $100, common stock = $5,000, and retained earnings = $1,420. The retained earnings amount was based on the following: net income = $1,470 and dividends = $50. Determine the net dollar amount of resources that Hayes' Consulting, Inc. generated through management operations in July. a. $1,420 b. $250 c. $1,470 d. $1,800 e. $330 Question 22 At the end of July, the Hayes’ Consulting, Inc.’s accounting system showed the following amounts: Cash = $6,070, accounts receivable = $250, supplies = $200, accounts payable = $100, common stock = $5,000, and retained earnings = $1,420. The retained earnings amount was based on the following: net income = $1,470 and dividends = $50. Determine the dollar amount of resources on hand at the end of July that Hayes' Consulting, Inc. obtained through management operations and kept in the company. a. $1470 b. $1,420 c. $6,520 d. $5,000 e. $6,420

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