Which financial statement provides information for a point in time only quizlet?

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41) The following information is provided for a company.
-Accounts payable: $15,000
-Buildings: 80,000
-Cash: 10,500
-Accounts receivable: 9,500
-Salaries payable: 4,500
-Retained earnings: 47,500
-Supplies: 40,000
-Notes payable (due in 18 months): 35,000
-Interest payable: 3,000
-Common stock: 35,000

What is the amount of current assets, assuming the accounts above reflect normal activity?
A) $20,000.
B) $60,000.
C) $140,000.
D) $175,000.

42) The following information is provided for a company. All liabilities are due to be satisfied within one year unless stated otherwise.
-Retained earnings: $52,000
-Supplies: 37,000
-Equipment: 72,000
-Accounts receivable: 9,000
-Deferred revenue: 6,000
-Accounts payable: 15,000
-Common stock: 25,000
-Notes payable (due in 18 months): 35,000
-Interest payable: 7,000
-Cash: 22,000

What is the amount of current liabilities?
A) $63,000.
B) $28,000.
C) $46,000.
D) $22,000.

43) The following information is provided for Sacks Company.
-Cash: $12,000
-Supplies: 4,500
-Prepaid rent: 2,000
-Salaries expense: 4,500
-Equipment: 65,000
-Service revenue: 30,000
-Miscellaneous expenses: 20,000
-Dividends: 3,000
-Accounts payable: 5,000
-Common stock: 68,000
-Retained earnings: 8,000

What is the amount of total assets?
A) $81,500.
B) $82,500.
C) $68,500.
D) $83,500.

44) The following information is provided for Sacks Company.

-Cash: $12,000
-Supplies: 4,500
-Prepaid rent: 2,000
-Salaries expense: 4,500
-Equipment: 65,000
-Service revenue: 30,000
-Miscellaneous expenses: 20,000
-Dividends: 3,000
-Accounts payable: 5,000
-Common stock: 68,000
-Retained earnings: 8,000

What is the amount of total liabilities?
A) $5,000.
B) $78,500.
C) $68,500.
D) $83,500.

45) The following information is provided for Sacks Company before closing entries.

-Cash: $12,000
-Supplies: 4,500
-Prepaid rent: 2,000
-Salaries expense: 4,500
-Equipment: 65,000
-Service revenue: 30,000
-Miscellaneous expenses: 20,000
-Dividends: 3,000
-Accounts payable: 5,000
-Common stock: 68,000
-Retained earnings: 8,000

What is the amount of total shareholders' equity?
A) $5,000.
B) $78,500.
C) $68,500.
D) $83,500.

56) Janson Corporation Co.'s trial balance included the following account balances at December 31, 2021:

-Accounts receivable: $12,000
-Inventory: 40,000
-Patent: 12,000
-Investments: 30,000
-Prepaid insurance: 6,000
-Notes receivable, due 2024: 50,000

Investments consist of treasury bills that were purchased in November, 2021, and mature in January, 2022. Prepaid insurance is for two years. What amount should be included in the current assets section of Janson's December 31, 2021, balance sheet?
A) $88,000.
B) $85,000.
C) $55,000.
D) $135,000.

57) Lanson Corporation Co.'s trial balance included the following account balances at December 31, 2021:

-Accounts payable: $25,000
-Bonds payable, due 2030: 22,000
-Salaries payable: 16,000
-Notes payable, due 2022: 20,000
-Notes payable, due 2026: 40,000

What amount should be included in the current liabilities section of Lanson's December 31, 2021, balance sheet?
A) $63,000.
B) $41,000.
C) $61,000.
D) $101,000.