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Question 1 May 4: Lane May 22. A) B) C) D) E) Corporation provided $390 of services to a client who agreed to pay on Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets + $390 + $390 + $390 + $390 & - $390 + $390 a. A) b. B) c. C) d. D) e. E) Liabilities + $390 Stockholders' Equity + $390 + $390 - $390 Question 2 May 7: Lane A) B) C) D) E) Corporation paid $600 cash for additional supplies. Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets + $600 & - $600 + $600 + $600 + $600 + $600 a. A) b. B) c. C) d. D) e. E) Liabilities + $600 - $600 Stockholders' Equity + $600 + $600 Question 3 May 10: Lane Corporation provided $520 of services to a client and received full payment in cash. Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets A) + $520 + $520 & B) - $520 C) + $520 D) + $520 E) a. A) b. B) c. C) d. D) e. E) Liabilities + $520 + $520 Stockholders' Equity - $520 + $520 - $520 Question 4 May 15: Lane Corporation paid $140 to an employee for work done in the first two weeks of May. Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets + $140 & A) - $140 B) - $140 C) - $140 D) E) - $140 a. A) b. B) c. C) d. D) e. E) Liabilities - $140 + $140 Stockholders' Equity - $140 - $140 - $140 Question 5 May 18: Lane Corporation purchased $975 of supplies on account. The supplies will be paid in full by June 18. Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets A) + $975 B) + $975 C) + $975 & D) - $975 E) + $975 a. A) b. B) c. C) d. D) e. E) Liabilities + $975 + $975 Stockholders' Equity + $975 + $975 - $975 Question 6 May 19: Lane Corporation paid a $225 cash dividend to its owner. Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources A) B) C) D) E) Assets - $225 - $225 - $225 a. A) b. B) c. C) d. D) e. E) Liabilities + $225 - $225 Stockholders' Equity - $225 - $225 - $225 - $225 + $225 Question 7 May 22: Lane Corporation received full payment from the customer serviced on May 4. (On May 4, Lane Corporation had provided $390 of services to a client who agreed to pay on May 22.) Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets A) + $390 B) C) + $390 + $390 & D) - $390 E) + $390 a. A) b. B) c. C) d. D) e. E) Liabilities + $390 + $390 Stockholders' Equity + $390 - $390 + $390 Question 8 May 25: Lane Corporation provided $375 of services to a client who agreed to pay on June 25. Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets + $375 & A) - $375 B) C) + $375 D) + $375 E) + $375 a. A) b. B) c. C) d. D) e. E) Liabilities + $375 + $375 Stockholders' Equity + $375 + $375 + $375 Question 9 May 28: Lane Corporation paid $500 as partial payment for the supplies purchased on May 18. (On May 18, Lane Corporation had purchased $975 of supplies on account.) Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets + $500 & A) - $500 B) - $500 C) + $500 D) - $500 E) - $500 a. A) b. B) c. C) d. D) e. E) Liabilities - $500 + $500 + $500 Stockholders' Equity - $500 Question 10 May 31: A review of supplies revealed that $450 of supplies had been used up by the end of May. Resources Sources of Borrowed Resources Sources of Owner Invested Resources Sources of Management Generated Resources Assets A) - $450 B) C) - $450 + $450 & D) - $450 E) - $450 a. A) b. B) c. C) d. D) e. E) Liabilities - $450 + $450 Stockholders' Equity - $450 - $450 - $450 Question 11 May 4: Lane Corporation provided $390 of services to a client who agreed to pay on May 22. Assets Accounts Cash +Receivable +Supplies =Liabilities +Stockholders' Equity Accounts Common Retained =Payable +Stock +Earnings A) 390 390 B) C) D) E) 390 390 390 390 390 390 390 390 a. A) b. B) c. C) d. D) e. E) Question 12 May 7: Lane Corporation paid $600 cash for additional supplies. Assets Cash A) B) C) D) 600 E) 600 a. A) b. B) c. C) d. D) e. E) Accounts + Receivable + Supplies 600 600 600 =Liabilities +Stockholders' Equity Accounts Common Retained = Payable 600 + Stock + Earnings 600 600 600 600 Question 13 May 10: Lane Corporation provided $520 of services to a client and received full payment in cash. Assets Cash A) 520 B) 520 C) 520 D) E) 520 a. A) b. B) c. C) d. D) e. E) Question 14 Accounts +Receivable +Supplies 520 =Liabilities +Stockholders' Equity Accounts Common Retained =Payable 520 520 +Stock +Earnings 520 520 520 May 15: Lane Corporation paid $140 to an employee for work done in the first two weeks of May. Assets Cash 140 140 140 140 =Liabilities +Stockholders' Equity Accounts Accounts Common Retained A) B) C) D) E) +Receivable+Supplies =Payable +Stock 140 140 +Earnings 140 140 140 140 a. A) b. B) c. C) d. D) e. E) Question 15 May 18: Lane Corporation purchased $975 of supplies on account. The supplies will be A) B) C) D) E) paid in full by June 18. Assets =Liabilities +Stockholders' Equity Accounts Accounts Common Retained Cash +Receivable+Supplies =Payable +Stock +Earnings 975 975 975 975 975 975 975 975 975 975 a. A) b. B) c. C) d. D) e. E) Question 16 May 19: Lane Corporation paid a $225 cash dividend to its owner. Assets =Liabilities +Stockholders' Equity Accounts Accounts Common Retained Cash A) 225 +Receivable+Supplies =Payable +Stock 225 +Earnings 225 225 B) C) D) E) 225 225 a. A) b. B) c. C) d. D) e. E) 225 225 225 225 Question 17 May 22: Lane Corporation received full payment from the customer serviced on May 4. (On May 4, Lane Corporation had provided $390 of services to a client who agreed to pay on May 22.) Assets Accounts Cash +Receivable +Supplies =Liabilities +Stockholders' Equity Accounts Common Retained =Payable +Stock +Earnings A) 390 390 B) 390 390 C) 390 390 D) 390 390 E) 390 390 a. A) b. B) c. C) d. D) e. E) Question 18 May 25: Lane Corporation provided $375 of services to a client who agreed to pay on June 25. Assets Cash A) =Liabilities +Stockholders' Equity Accounts Accounts Common Retained +Receivable+Supplies =Payable +Stock 375 +Earnings 375 B) C) D) 375 E) 375 375 375 375 375 375 a. A) 375 b. B) c. C) d. D) e. E) Question 19 May 28: Lane Corporation paid $500 as partial payment for the supplies purchased on May 18. (On May 18, Lane Corporation had purchased $975 of supplies on account.) Assets Cash Accounts +Receivable +Supplies =Liabilities +Stockholders' Equity Accounts Common Retained =Payable +Stock +Earnings 500 A) B) 500 C) D) E) 500 500 500 500 500 500 500 500 a. A) b. B) c. C) d. D) e. E) Question 20 May 31: A review of supplies revealed that $450 of supplies had been used up by the end of May. Assets Cash 450 450 Accounts +Receivable +Supplies =Liabilities +Stockholders' Equity Accounts Common Retained =Payable +Stock +Earnings 450 A) B) C) D) E) 450 450 450 450 450 450 450 a. A) b. B) c. C) d. D) e. E) Question 21 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the Lane Corporation's total revenues for May. a. $695 b. $1,660 c. $1,285 d. $470 e. $520 Question 22 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the Lane Corporation's total expenses for May. a. $1,715 b. $815 c. $140 d. $1,465 e. $590 Question 23 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the Lane Corporation's net income for May. a. $695 b. $470 c. $6,445 d. $1,070 e. $7,945 Question 24 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the Lane Corporation's total assets on May 31. a. $7,470 b. $695 c. $6,445 d. $7,945 e. $475 Question 25 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the Lane Corporation's total liabilities on May 31. a. $1,600 b. $475 c. $850 d. $7,945 e. $695 Question 26 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the Lane Corporation's total stockholders' equity on May 31. a. $7,000 b. $7,945 c. $7,695 d. $7,225 e. $7,470 Question 27 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the dollar amount of Lane Corporation's total resources on May 31. a. $695 b. $6,445 c. $7,945 d. $475 e. $7,470 Question 28 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the dollar amount of resources on May 31 that Lane Corporation obtained through borrowing. a. $475 b. $850 c. $7,945 d. $695 e. $1,600 Question 29 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the dollar amount of resources on May 31 that Lane Corporation obtained through owner's investments. a. $7,945 b. $7,470 c. $225 d. $7,000 e. $695 Question 30 At the end of May, the Lane Corporation's accounting system showed the following amounts: cash = $6,445, accounts receivable = $375, supplies = $1,125, accounts payable = $475, common stock = $7,000, and retained earnings = $470. The retained earnings amount was based on the following: resources resulting from services provided to customers = $1,285, resources used up to provide services to customers = $590, and dividends = $225. Determine the net dollar amount of resources that Lane Corporation generated through management operations in May. a. $7,945 b. $695 c. $470 d. $6,445 e. $1,070

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