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UMUC ACCT301 quiz 1 part 2




Question;Question1;Use the accounting equation to find the;Owner?s Capital.;Assets $100,500;Liabilities $30,145;Owner's;Capital;Owner's;Draw $20,155;Revenues $51,085;Expenses $26,765;Question2;Deadwood;Trading reported assets of $950 and equity of $ 779. What is Deadwood Trading?s;debt ratio? (Round your answer to the nearest whole number);Question;3;Tombstone;Laundry has the following balance sheet:Tombstone;Laundry;Balance Sheet;December 31, 2013;Assets;Cash $;751;Accounts;Receivable 292;Office;Supplies 355;Land 1,000;Total;Assets $ 2,398;Liabilities;Accounts;Payable $;550;Salaries;Payable 100;Total;Liabilities $ 650;Owner?s;Equity;Earp;Capital, 12/31/13 1,748;Total;Liabilities & Owner?s Equity $ 2,398;Tombstone;laundry?s current ratio is? (Round the current ratio to two decimal places.);Question;4;Assume;Calamity Jane Lawn Service had net income of $2,352 for the year ending 2013.;Calamity Jane Lawn Service beginning and ending total assets were $10,840 and;$10,160, respectively. Calculate Calamity Jane Lawn Service?s return on assets;(ROA). (Round the ROA to the nearest hundredth percent, X.XX%);Question;5;Doc;Holiday Dental Dispensary completed the following transactions in July;On;July 1, Doc contributed $1000 to the business.;On;July 15, Purchased office supplies on account, $ 150;On;July 30, Paid $25 on account;Journalize the transactions of Doc;Holiday Dental Dispensary without explanations


Paper#40171 | Written in 18-Jul-2015

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