The balance sheet reports the financial position of a company at a point in time.

Andrea Apple opened Apple Photography on January 1 of the current year. During January, the following transactions occurred and were recorded in the company’s books: Andrea invested $13,500 cash in the business in exchange for common stock. Andrea contributed $20,000 of photography equipment to the business. The company paid $2,100 cash for an insurance policy covering the next 24 months. The company received $5,700 cash for services provided during January. The company purchased $6,200 of office equipment on credit. The company provided $2,750 of services to customers on account. The company paid cash of $1,500 for monthly rent. The company paid $3,100 on the office equipment purchased in transaction #5 above. Paid $275 cash for January utilities. Based on this information, the balance in the cash account at the end of January would be:

In preparing statements from the adjusted trial balance, the balance sheet must be prepared first.

At the beginning of the current year, Nashua Company’s total assets were $248,000 and its total liabilities were $175,000. During the year, the company reported total revenues of $93,000, total expenses of $76,000 and dividends of $5,000. There were no other changes in equity during the year and total assets at the end of the year were $260,000. Nashua Company’s debt ratio at the end of the current year is:

A company had no office supplies available at the beginning of the year. During the year, the company purchased $250 worth of office supplies. On December 31, $75 worth of office supplies remained. How much should the company report as office supplies expense for the year?

The balances in Anna’s Accounting Services’ office supplies account on February 1 and February 28 were $1,200 and $375, respectively. If the office supplies expense for the month is $1,900, what amount of office supplies was purchased during February?

A company’s month-end adjusting entry for Insurance Expense is $1,000. If this entry is not made then expenses are understated by $1,000 and net income is overstated by $1,000.

In preparing statements from the adjusted trial balance, the balance sheet must be prepared first.

A company purchased a new delivery van at a cost of $45,000 on July 1. The delivery van is estimated to have a useful life of 6 years and a salvage value of $3,000. The company uses the straight-line method of depreciation. How much depreciation expense will be recorded for the van during the first year ended December 31?

Clayton makes a $25,000, 90-day, 7% cash loan to Citrus Co. The amount of interest that Clayton will collect on the loan is: (Use 360 days a year.)