1) BITCOIN Ltd. began business on 20-Jan-2000 by issuing all of its 100,000 $1 par value authorized shares of common stock at $6 per share. On June 30, BITCOIN Ltd. declared a cash dividend of $2.75 per share. On Nov 1, BITCOIN Ltd. reacquired 20,000 of its own shares for $10 per share. On December 22, BITCOIN Ltd. resold 10,000 of these shares for $12 per share. Compute the amount of total stockholders’ equity as at 31 December 2016 assuming that the net income for the year was $275,000.

2)

 Dope weed LLC started the year with a normal balance of $73,000 in the Inventory account. During the year, debits totaling $47,500 and credits totaling $60,000 were posted to the Inventory account. Which of the following statements about the Inventory account is correct?
 The debits and credits posted to the Inventory account caused it to decrease by $12,500.

The debits and credits posted to the Inventory account caused it to increase by $12,500.

The debits and credits posted to the Inventory account caused it to decrease by $24,500.

The debits and credits posted to the Inventory account caused it to increase by $24,500

3)

 The Chung Chung Chung Corporation uses a periodic inventory system. The company has a beginning inventory of 1,250 units at $15 each on January 1. Chung chung chung purchases 1,500 units at $14 each In February and 700 units at $16 each In March. There were no additional purchases or sales during the remainder of the year. Chung Chung Chungo sells 650 units during the quarter. If they use the weighted average method, what is its cost of goods sold for the quarter?

4)

 FEC LLC. made sales of $10,000 plus sales tax at 20% to a customer. CUSTOMER JONES paid 80% of the total liability in cash and agreed to pay the remaining after 15 days. Choose the correct journal entry to record this transaction

Dr: Cash $8,000 Dr: Accounts receivable $2,000, Cr: Sales $10,000

Dr: Cash $9,600 Dr: Accounts receivable $2,400, Cr: Sales $10,000 Cr: Sales tax payable $2,000

Dr: Cash $9,600 Dr: Accounts receivable $2,400, Cr: Sales $12,000

Dr: Cash $8,000 Dr: Accounts receivable $2,000, Cr: Sales $8,000 Cr: Sales tax payable $2,000

 During the first year of operations, BOOTIE LLC. Earned a net income totaling $30,400 and paid ordinary dividends of $12,200. In year 2, they reported net income of $34,400, paid ordinary dividends of $5,200 and paid preference dividends of $10,000. At the end of year 1, the BOOTIE LLC. had total assets of $154,000. At the end of year 2, the BOOTIE LLC. had total assets of $244,000. What is the amount of retained earnings at the end of year 2?

6) On 01 March 2016, SHOES AND SOCKS Ltd bought 02 vans and 03 flip flops from BEACH Ltd by signing a 01 year 8% note payable for total liability. The vans cost $10,000 each and flip flops cost $15,000 each plus sales tax @ 15%. Company’s policy is to depreciate vans over four years and flip flops over five years on straight line basis. Salvage value is $1,000 each for vans and $2,000 each for flip flops. What will be the total depreciation and interest expense of SHOES AND SOCKS Ltd for the year ended 31 December 2016?

7)

 Wood and Lamb Furniture company had net Accounts Receivable of $790,000 at the beginning of the year and $945,000 at the end of the year. Net Sales Revenue for 2010 was $6,540,000. What are the days to collect from customers?

8)

 YOLO Worldwide has net sales revenue of $850,000, cost of goods sold of $344,600, and all other expenses of $328,300. The gross profit percentage is closest to:

9) Young Money Cash Money has net sales revenue of $793,000 cost of goods sold of $349,700 net income of $193,200, and preferred dividends of $16,500 during the current year. At the beginning of the year, 477,000 shares of common stock were outstanding, and, at the end of the year, 550,000 shares of common stock were outstanding. A total of 7,500 preferred shares were outstanding throughout the year. The company's earnings per share for the current year are closest to:

$0.34 

$0.86

$0.93

$1.45

9)

 Inventory costing $3,200 is sold for $4,500 on terms 4/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?

10)The Wil. E. Coyote Business starts the year with a beginning inventory of 450 units at $20 per unit. The company purchases 575 units at $34 each in February and 500 units at $21 each in October. For this year, WEC sells 225 units during the year. WEC has a periodic inventory system and uses the FIFO inventory costing method. What is the amount of cost of goods sold