54. A business owned by one person is called a A. Nonprofit organization B. Partnership C. Corporation D. Proprietorship 55. In 2009, Franklin Corporation’s balance had the following balances: cash, $153,250; accounts receivable, $235,700; and accounts payable, $195,400. During 2010, Franklin had a net increase in cash of $34,300 and net income of $23,900. Given this information, what is the cash balance that will be reported on Franklin’s 2010 balance sheet? A. $187,550 B. $118,950 C. $177,150 D. $129,350 56. Companies prepare classified and comparative financial statements because A. They are required by international accounting principles B. They provide financial statement readers with useful information about trends in financial position and operating performance C. They are required by the IRS D. They show changes in a company's management policies 57. The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or a year, is called a(n) A. Statement of Cash Flows B. Statement of Retained Earnings C. Income Statement D. Balance Sheet 58. Lange Company purchased land for $60,000 in 2004. In 2006, the land is valued at $75,000. The land would appear on the company's books in 2006 at A. $15,000 B. $60,000 C. $45,000 D. $75,000
54. A business owned by one person is called a A. Nonprofit organization B. Partnership C. Corporation D. Proprietorship 55. In 2009, Franklin Corporation’s balance had the following balances: cash, $153,250; accounts receivable, $235,700; and accounts payable, $195,400. During 2010, Franklin had a net increase in cash of $34,300 and net income of $23,900. Given this information, what is the cash balance that will be reported on Franklin’s 2010 balance sheet? A. $187,550 B. $118,950 C. $177,150 D. $129,350 56. Companies prepare classified and comparative financial statements because A. They are required by international accounting principles B. They provide financial statement readers with useful information about trends in financial position and operating performance C. They are required by the IRS D. They show changes in a company's management policies 57. The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or a year, is called a(n) A. Statement of Cash Flows B. Statement of Retained Earnings C. Income Statement D. Balance Sheet 58. Lange Company purchased land for $60,000 in 2004. In 2006, the land is valued at $75,000. The land would appear on the company's books in 2006 at A. $15,000 B. $60,000 C. $45,000 D. $75,000
Test-Bank-Accounting-10th-Edition-Albrecht.docx