fin 621 solved
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FIN621Total questions = 32MCQs = 28Two were of 3 marks each; two were of 5 marks each.Q. Classify the following activities as cash flow from operating \, investing and financing activities.
Payments for repurchase of company shares Collection on loan principal and sales of other firms’ debt instruments Tax payments Expenditure for purchase of other firms’ equity instruments Payments to suppliers for goods and services.
Q. Valuation of stock, FIFO and LIFO methods.MIDTERM EXAMINATION Fall 2009FIN621- Financial Statement Analysis (Session - 2) Ref No: 1034740 Time: 60 min Marks: 50Student InfoStudentID: MC070200674Center: OPKSTExamDate: 12/22/2009 12:00:00 AM
For Teacher's Use OnlyQ No. 1 2 3 4 5 6 7 8 TotalMarks Q No. 9 10 11 12 13 14 15 16 Marks Q No. 17 18 19 20 21 22 23 24 Marks Q No. 25 26 27 28 29 30 31 32 Marks Q No. 33 34 35 36 37 38 39 40 Marks Q No. 41 42 Marks
Question No: 1 ( Marks: 1 ) - Please choose oneWhich of the following principle deals with the valuation and recording of the assets at cost?
► Entity Principle
► Matching Principle
► Cost Principle
► Stable Currency principle
Question No: 2 ( Marks: 1 ) - Please choose oneWhich of the following is the acronym for GAAP?► Generally Adopted Accounting Principles
► Generally Accepted Auditing Principles
► Generally Accepted Accounting Principles
► Generally Adapted American Principles
Question No: 3 ( Marks: 1 ) - Please choose oneHow much duration does an accounting period usually have?
► Three months
► Two years
► One year
► Five years
Question No: 4 ( Marks: 1 ) - Please choose oneTo determine the balance of a particular account, one should refer to which of the following?
► Ledger
► Source document
► Chart of accounts
► Journal
Question No: 5 ( Marks: 1 ) - Please choose oneAs transactions and events related to financial resources occur, they are analyzed with
respect to their effect on which of the following?
► Financial position of the company
► Accounting cycle
► Trial balance
► Liquidity position of the company
Question No: 6 ( Marks: 1 ) - Please choose oneWhich of the following refers to the term “posting”?► The system of giving numbers to the accounts
► Transferring the debits and credits to ledger
► Transferring the debits and credits to journal
► The recording of transactions
Question No: 7 ( Marks: 1 ) - Please choose oneWhich of the following is the next step after the preparation of trial balance?
► Adjusted trial balance
► Financial statements
► Adjusting entries
► Closing entries
Question No: 8 ( Marks: 1 ) - Please choose oneWhich of the following is TRUE regarding the income statement?► The income statement reports only revenue for which cash was received at the point of sale
► The income statement reports the financial position of a business at a particular point in time
► The income statement is sometimes called the statement of operations
► The income statement reports revenues, expenses and liabilities
Question No: 9 ( Marks: 1 ) - Please choose oneWhich of the following principle is used for recording an expense?
► Matching Principle
► Cost Principle
► Realization Principle
► Objectivity Principle
Question No: 10 ( Marks: 1 ) - Please choose oneThe net income reported on the income statement is Rs. 90,000. However, adjusting entries have not been made at the end of the period for supplies expense of Rs. 2,700 and accrued salaries of Rs. 1,300. Net income, as corrected, would be:
► Rs. 87,300
► Rs. 86,000
► Rs. 88,700
► Rs. 90,000
Question No: 11 ( Marks: 1 ) - Please choose onePrepaid Expense is a(n) _________ account and has a _________ normal balance.
► Revenue, credit
► Liability, credit
► Asset, debit
► Expense, debit
Question No: 12 ( Marks: 1 ) - Please choose oneCompany A owns a building. Which of the following statements regarding depreciation is FALSE from an accounting perspective?
► As the market value of the building increases, depreciation should increase
► Depreciation is an estimated expense to be recorded each period during the building’s life
► As depreciation is recorded, stockholders’ equity is reduced
► As depreciation is recorded, total assets are reduced
Question No: 13 ( Marks: 1 ) - Please choose oneA firm paid Rs. 800,000 in dividends over the last period. The beginning and ending retained earnings account balances were Rs. 10,100,000 and Rs. 12,500,000 respectively. Assuming a 40% average tax rate, what was the firm's net income (net profit after taxes)?► Rs. 5,333,333
► Rs. 3,200,000
► Rs. 2,400,000
► Rs. 1,600,000
Question No: 14 ( Marks: 1 ) - Please choose oneWhich of the following is the largest single expense of most merchandising firms?► Cost of goods sold
► Rent Expense
► Amortization Expense
► Salaries Expense
Question No: 15 ( Marks: 1 ) - Please choose oneWhich of the following is NOT among the five main kinds of current assets?
► Cash and equivalents
► Deferred income
► Accounts receivable
► Prepaid expenses
Question No: 16 ( Marks: 1 ) - Please choose oneWhen preparing a statement of cash flows under the indirect method, supplemental
disclosure should be made for which of the following?
► Net cash consumed by operating activities► Cash dividend distributions► Cash paid for interest and taxes► Cash paid for wages
Question No: 17 ( Marks: 1 ) - Please choose oneWhich of the following items is included in the financing activities section of the statement of cash flows?
► Cash effects of transactions involving making and collecting loans► Cash effects of acquiring and disposing of investments and property, plant, and equipment► Cash effects of transactions obtaining resources from owners and providing them with a return on their investment► Cash effects of transactions that enter into the determination of net income
Question No: 18 ( Marks: 1 ) - Please choose oneABC Company has a cost of goods sold of Rs. 500,000. During the year the inventory increased by Rs. 10,000 and accounts payable increased by Rs. 15,000. The interest expense was Rs. 15,000 for the year and dividend of Rs. 11,000 were paid during the year. What would be the cash payments for the purchase of the merchandise.
► Rs. 505,000► Rs. 516,000► Rs. 490,000► Rs. 495,000
Question No: 19 ( Marks: 1 ) - Please choose oneThe statement of cash flow does NOT assist investors, creditors and others in assessing:
► The company’s ability to generate positive cash flows in future periods► The company’s ability to meet its obligations and to pay dividends► The company’s needs for external financing► The company’s ability to forecast future losses
Question No: 20 ( Marks: 1 ) - Please choose oneNotes to financial statements are beneficial in meeting the disclosure requirements of financial reporting. The note should not be used to:
► Correct an improper presentation in the financial statements► Describe significant accounting policies► Describe depreciation methods employed by the company► Describe principles and methods peculiar to the industry
Question No: 21 ( Marks: 1 ) - Please choose oneWhen using the perpetual inventory system, each time a sale is recorded the:
► Inventory account is increased► Inventory account is decreased ► Cost of Goods Sold account is decreased► Cost of goods available for sale decreases
Question No: 22 ( Marks: 1 ) - Please choose oneWhich of the following feature is shown by the income statement for a merchandising company?► Gross profit
► Cost of goods sold
► A sales revenue section
► All of the given options
Question No: 23 ( Marks: 1 ) - Please choose oneIn a period of rising prices, all of the following statements regarding LIFO are true EXCEPT: ► Net income is generally higher
► Ending inventory is generally undervalued
► It can be used to manipulate net income
► Most recent inventory costs are allocated to cost of goods sold
Question No: 24 ( Marks: 1 ) - Please choose oneFrom the given data, calculate Cost of Goods Sold using the FIFO costing method:Beginning inventory is 10 units . Rs. 10 each.On January 20, purchased 10 units . Rs. 20 eachOn January 30, purchased 5 units . Rs. 30 each15 of the 25 units are sold.
► Rs. 200
► Rs. 150
► Rs. 350
► Rs. 450
Question No: 25 ( Marks: 1 ) - Please choose oneIn which of the following inventory pricing procedure, the oldest costs incurred rarely have an effect on the ending inventory valuation?
► FIFO
► LIFO
► Retail
► Weighted-average
Question No: 26 ( Marks: 1 ) - Please choose oneIf beginning inventory is Rs. 60,000, cost of goods purchased is Rs. 380,000, and ending inventory is Rs. 50,000, what is cost of goods sold under a periodic system?
► Rs. 390,000
► Rs. 370,000
► Rs. 330,000
► Rs. 420,000
Question No: 27 ( Marks: 1 ) - Please choose oneThe purpose of recording depreciation on productive assets is to:
► Reflect the decline in the market value of the assets each period
► Reduce income when the company has an exceptionally profitable year
► Be in conformity with the revenue recognition principle
► Allocate the original cost of a productive asset to expense over its useful life
Question No: 28 ( Marks: 1 ) - Please choose oneIn which of the following situations, a company should NOT record any depreciation expense on asset described?
► Computer Airline is required by law to maintain its aircraft in “as good as new” condition► Metro Advertising owns an office building that has been increasing in value each year► Computer Sales Company has in inventory a new type of computers, designed never to obsolete► None of the given option is right as depreciation is applied on all assets
Question No: 29 ( Marks: 1 ) - Please choose oneWhich of the following is NOT the part of annual report?
► Financial statements
► Auditor’s report
► Five year summary
► Future investments report
Question No: 30 ( Marks: 1 ) - Please choose oneIn a statement of cash flows, the acquisition of land by issuing capital stock:
► Is not shown at all, since no cash was received or disbursed
► Is shown as an investing activity
► Is shown as a financing activity
► Is shown in a supplementary schedule as a non-cash investing and financing transaction
Question No: 31 ( Marks: 1 ) - Please choose oneWhich of the following would represent an increase in Owner's Equity?
► Increase in net income
► Increase in assets
► Increase in accounts receivable
► Increase in cash
Question No: 32 ( Marks: 1 ) - Please choose oneWhich of the following steps of accounting cycle keep on occuring throughout the period?
► Journalizing and posting the entries ► Making adjusting entries for the relevent accounts► Preparing Trial Balance► Preparing financial statements
Question No: 33 ( Marks: 1 ) - Please choose oneWhich one of the following items is NOT generally used in preparing a statement of cash flows?
► Adjusted trial balance
► Comparative balance sheets► Current income statement► Additional information
Question No: 34 ( Marks: 1 ) - Please choose oneWhich of the following items does NOT result in an adjustment in the merchandise inventory account under a perpetual system?
► A return of merchandise inventory to the supplier► Payment of freight costs for goods shipped to a customer► Payment of freight costs for goods received from a supplier► A purchase of merchandise
Question No: 35 ( Marks: 1 ) - Please choose oneFrom the given information, calculate the Cost of Goods Sold using the weighted-average cost method:Beginning inventory 10 units . Rs. 10 eachOn January 20, purchased 10 units . Rs. 20 eachOn January 30, purchased 5 units . Rs. 30 each15 of the 25 units are sold
► Rs. 200
► Rs. 270
► Rs. 300
► Rs. 350
Question No: 36 ( Marks: 1 ) - Please choose oneWhich of the following is the most common item in adjusting entries of a merchandising business?
► Un-earned revenue► Pre-paid expense► Depreciation expense► Accrued revenue
Question No: 37 ( Marks: 1 ) - Please choose oneClosing entries result in net income being calculated in the income summary account and then transferred to which of the following account?► Revenue account► Common Stock account► Dividends account► Owner's Capital account
Question No: 38 ( Marks: 1 ) - Please choose oneThe users of a statement of cash flows are mostly interested in:
► Net cash flow from operating activities► Net cash flow from investing activities► Net cash flow from financing activities► Net cash flow from non-cash transactions
Question No: 39 ( Marks: 1 ) - Please choose oneWhich of the following question is NOT addressed by cash flow statement?► How much cash was generated by the company’s operations?► Why is such a profitable company able to pay only small dividends?► How much was spent for the new plants and equipment?► How profitable the company’s current assets are?
Question No: 40 ( Marks: 1 ) - Please choose oneWhich of the following statements is CORRECT regarding depreciation methods?► Accumulated depreciation represents a fund being accumulated fro the replacement of assets► The cost of a machine includes the cost of repairing damage to the machine during the installation process► A company may use different depreciation methods in its financial statements and its income tax returns► The use of an accelerated depreciation method causes an asset to wear out more quickly than does the straight line method
Question No: 41 ( Marks: 5 ) Security Service Company adjusts its accounts at the end of the month. On November 30, adjusting entries are prepared to record:a. Depreciation expense for November b. Interest expense that has accrued during Novemberc. Revenue earned during November that has not yet been billed to customersd. Salaries, payable to company employees that have accrued since the last pay day in Novembere. The portion of the company’s prepaid insurance that has expired during NovemberRequirement:Indicate the effect of each of these adjusting entries on the major elements of the company’s income statements i.e. upon revenue, expenses, net income. Organize your answer in the table given below and use the symbols I for increase, D for decrease, and NE for no effect.
Adjusting entry Revenue Expenses Net incomea
b c d e
Question No: 42 ( Marks: 5 ) Olympic Inc., had the following cash flows during the current year:
Cash received from customers Rs. 240,000Interest and dividend received 50,000Proceeds from the sale of the plant assets 330,000Cash paid to suppliers and employees 127,000Cash paid for the purchase of investments 45,000Cash paid for the purchase of treasury stock 36,000
Requirement:Determine the amount of net cash flow from operating activities by using the direct method.
Question No: 1 ( Marks: 1 ) - Please choose one
How much duration does an accounting period usually have?
► Three months
► Two years
► One year
► Five years
Question No: 2 ( Marks: 1 ) - Please choose one
Which of the following statement shows the effects of cash inflows and outflows?
► Balance Sheet
► Statement of Owner’s Equity
► Income Statement
► Statement of Cash Flows
Question No: 3 ( Marks: 1 ) - Please choose one
To determine the balance of a particular account, one should refer to which of the following?
► Ledger
► Source document
► Chart of accounts
► Journal
Question No: 4 ( Marks: 1 ) - Please choose one
A business has purchased a building on credit, how it would be recorded in the journal?
► Building - Credit; Accounts payable - Debit
► Building - Debit; Notes payable -Credit
► Building - Debit; Owner’s equity- Credit
► Building - Debit; Accounts payable - Credit
Question No: 5 ( Marks: 1 ) - Please choose one
An entry that affects more than one accounts is knows as _____________.
► Journal entry
► Compound entry
► Adjusting entry
► Reversing entry
Question No: 6 ( Marks: 1 ) - Please choose one
Which of the following is NOT true about the net income?
► It is a calculated figure and represents actual cash
► It can be distributed among holders of common stock as a dividend
► It can be held by the firm as retained earnings
► It is obtained by subtracting expenses from the revenues
Question No: 7 ( Marks: 1 ) - Please choose one
What would be the adjusting entry to record depreciation if the estimated amount of depreciation on equipment for a period is Rs. 2,000?
► Depreciation expense - Debit; Equipment - Credit
► Depreciation expense - Debit; Accumulated depreciation - Credit
► Equipment - Debit; Depreciation expense - Credit
► Accumulated depreciation - Debit; Depreciation expense - Credit
Question No: 8 ( Marks: 1 ) - Please choose one
The trial balance shows Supplies of Rs.1,350 and Supplies Expense of Rs.0. If Rs.600 of supplies are on hand at the end of the period, the adjusting entry would be:
► Supplies, Rs. 600 - Debit; Supplies Expense, Rs. 600 - Credit
► Supplies, Rs. 750 - Debit; Supplies Expense, Rs. 750 - Credit
► Supplies Expense, Rs. 750 - Debit; Supplies, Rs. 750 - Credit
► Supplies Expense, Rs. 600 Debit; Supplies, Rs. 600 - Credit
Question No: 9 ( Marks: 1 ) - Please choose one
Which of the following accounts would NOT be included in a post-closing trial balance?
► Cash
► Accumulated depreciation
► Owner’s equity
► Fees earned
Question No: 10 ( Marks: 1 ) - Please choose one
After the closing entries are posted to the ledger, each expense account will have?
► A debit balance
► A negative balance
► A credit balance
► A zero balance
Question No: 11 ( Marks: 1 ) - Please choose one
Current assets are those assets which management intends to convert into cash or consume within:
► The operating cycle
► One year
► The longer of operating cycle or one year
► The shorter of operating cycle or one year
Question No: 12 ( Marks: 1 ) - Please choose one
Which of the following is NOT the most common example of cash equivalents?
► Savings deposits
► Certificates of Deposit (CDs)
► Stocks of other companies
► Money market mutual funds
Question No: 13 ( Marks: 1 ) - Please choose one
In preparing the statement of cash flows, how should non-cash investing/financing activities be reported?
► In the financing activities section of the statement of cash flows
► In a separate schedule accompanying the statement of cash flows
► In the investing activities section of the statement of cash flows
► Shoud not to be reported
Question No: 14 ( Marks: 1 ) - Please choose one
Which of the following items are NOT added back to the net income figure (which is found on the Income Statement) to arrive at cash flows from operations?
► Depreciation
► Deferred tax
► Amortization
► Investments
Question No: 15 ( Marks: 1 ) - Please choose one
Which of the following activities convert the income statement items from the accrual basis of accounting to cash?
► Operating activities
► Investing activities
► Financing activities
► Non cash activities
Question No: 16 ( Marks: 1 ) - Please choose one
Which one of the following items is specifically included in the body of a statement of cash flows?
► Operating and non-operating cash flow information
► Conversion of debt to equity
► Acquiring an asset through a capital leases
► Purchasing a building by giving a mortgage to the seller
Question No: 17 ( Marks: 1 ) - Please choose one
ABC Company has a cost of goods sold of Rs. 500,000. During the year the inventory increased by Rs. 10,000 and accounts payable increased by Rs. 15,000. The interest expense was Rs. 15,000 for the year and dividend of Rs. 11,000 were paid during the year. What would be the cash payments for the purchase of the merchandise.
► Rs. 505,000
► Rs. 516,000
► Rs. 490,000
► Rs. 495,000
Question No: 18 ( Marks: 1 ) - Please choose one
The cash flow from investing activities shows the cash effects of which of the following?
► Income statement items
► Long term assets items
► Long term liability & stockholder’s equity
► Long term liability and long term assets
Question No: 19 ( Marks: 1 ) - Please choose one
Which of the following must be included in a company's summary of significant accounting policies in the notes to the financial statements?
► Description of current year equity transactions
► Summary of long-term debt outstanding
► Schedule of fixed assets
► Revenue recognition policies
Question No: 20 ( Marks: 1 ) - Please choose one
Gross profit is:
► Excess of sales over cost of goods sold
► Sales less Purchases
► Cost of goods sold + Opening stock
► Net profit less expenses of the period
Question No: 21 ( Marks: 1 ) - Please choose one
An inventory error affects ___________ accounting periods.
► Only current
► Two
► Three
► Four
Question No: 22 ( Marks: 1 ) - Please choose one
From the given data, calculate Cost of Goods Sold using the FIFO costing method:
Beginning inventory is 10 units @ Rs. 10 each.
On January 20, purchased 10 units @ Rs. 20 each
On January 30, purchased 5 units @ Rs. 30 each
15 of the 25 units are sold.
► Rs. 200
► Rs. 150
► Rs. 350
► Rs. 450
Question No: 23 ( Marks: 1 ) - Please choose one
Under which cost flow assumption, the ending inventory is composed of the most recently purchased merchandise?
► FIFO
► LIFO
► Average cost
► Specific identification
Question No: 24 ( Marks: 1 ) - Please choose one
If sales revenues are Rs. 400,000, cost of goods sold is Rs. 310,000, and operating expenses are Rs. 60,000, what is the gross profit?
► Rs. 30,000
► Rs. 90,000
► Rs. 340,000
► Rs. 400,000
Question No: 25 ( Marks: 1 ) - Please choose one
Which cost flow assumption most closely matches the actual physical flow of inventory in most retailing businesses?
► FIFO
► LIFO
► Average cost
► Specific identification
Question No: 26 ( Marks: 1 ) - Please choose one
The sale of a depreciable asset resulting in a loss indicates that the proceeds from the sale were:
► Less than current market value
► Greater than cost
► Greater than book value
► Less than book value
Question No: 27 ( Marks: 1 ) - Please choose one
The purpose of recording depreciation on productive assets is to:
► Reflect the decline in the market value of the assets each period
► Reduce income when the company has an exceptionally profitable year
► Be in conformity with the revenue recognition principle
► Allocate the original cost of a productive asset to expense over its useful life
Question No: 28 ( Marks: 1 ) - Please choose one
Which depreciation method allocates an equal portion of depreciation expense to each period of asset’s useful life?
► Straight-line method
► Double-declining balance method
► Sum-of-the-year digit method
► Accelerated depreciation method
Question No: 29 ( Marks: 1 ) - Please choose one
Which of the following is NOT an example of accelerated depreciation method?
► Straight-line method
► Sum-of-the-years digit method
► Double-declining balance method
► Modified Accelerated Cost Recovery System
Question No: 30 ( Marks: 1 ) - Please choose one
The Drawing account is closed by which of the following entry?
► Capital – Debit; Drawing - Credit
► Drawing – Debit; Capital - Credit
► Income Summary – Debit; Drawing - Crediting
► Drawing – Debit; Income Summary - Crediting
Question No: 31 ( Marks: 1 ) - Please choose one
Which of the following account would be classified as a current asset on the balance sheet?
► Accumulated depreciation
► Accounts receivable
► Office equipment
► Land
Question No: 32 ( Marks: 1 ) - Please choose one
An adjusting entry would NOT be required for which of the following account?
► Salaries
► Past due expense
► Income tax expense
► Accounts receivable
Question No: 33 ( Marks: 1 ) - Please choose one
Which of the following accounts will be debited, when increased?
► Liabilities and expenses
► Assets and equity
► Assets and expenses
► Equity and revenues
Question No: 34 ( Marks: 1 ) - Please choose one
Accounting Cycle is a series of activities that begins with ___________ and ends with ___________.
► Closing of books, transactions
► Transaction, After closing Trial Balance
► Journal, ledger account
► Transactions, financial statements
Question No: 35 ( Marks: 1 ) - Please choose one
The income statement of ABL shows other operating expenses of Rs. 30 million; prepaid insurance expense increased by Rs. 4 million; and accrued utilities payable decreased by Rs. 7 million. How much did the company pay in other operating expenses?
► Rs. 41 million
► Rs. 33 million
► Rs. 27 million
► Rs. 19 million
Question No: 36 ( Marks: 1 ) - Please choose one
The statement of cash flows does NOT report the:
► Sources of cash in the current period
► Amount of checks outstanding at the end of the period
► Uses of cash in the current period
► Change in the cash balance for the current period
Question No: 37 ( Marks: 1 ) - Please choose one
Which of the following is NOT normally required for revenue to be recognized according to the revenue principle for accrual basis accounting?
► The price is fixed or determinable
► Services have been performed
► Cash that has already been collected
► Evidence of an arrangement for customer payment exists
Question No: 38 ( Marks: 1 ) - Please choose one
Which of the following balances does the Contra-Asset account show typically?
► Credit
► Debit
► Negative
► Positive
Question No: 39 ( Marks: 1 ) - Please choose one
Which one of the following would lead to the decrease in the owner’s equity?
► Purchasing a piece of land
► Paying dividends to shareholders
► Purchasing equipment on account
► Paying back the principal of a loan
Question No: 40 ( Marks: 1 ) - Please choose one
The users of a statement of cash flows are mostly interested in:
► Net cash flow from operating activities
► Net cash flow from investing activities
► Net cash flow from financing activities
► Net cash flow from non-cash transactions
Question No: 41 ( Marks: 5 )
Classify the following activities as cash flow from operating, investing and financing activities.
Payments for repurchase of company shares Collections on loan principal and sales of other firms' debt instruments Tax payments Expenditure for purchase of other firms' equity instruments Payments to suppliers for goods and services
Answer:
Payments for repurchase of company shares: Financing activities
Collections on loan principal and sales of other firms' debt instruments: Investing activities.
Tax payments: Operating activities
Expenditure for purchase of other firms' equity instruments: Investing activities
Payments to suppliers for goods and services: Operating activities
Question No: 42 ( Marks: 5 )
Listed below in random order are the items to be included in the balance sheet of the Mystery Mountain Lodge at December 31, 2001:
Equipment Rs. 29,200Buildings Rs. 450,000
Land 425,000Owner’s capital ?
Accounts payable 54,800Cash 21,400
Accounts receivable 10,600Furnishings 58,700
Salaries payable 33,500Snowmobiles 15,400
Interest payable 12,000Notes payable 620,000
Requirement:
Prepare a Balance Sheet at December 31, 2001.
Mystery Mountain Lodge
Balance Sheet as on December 31, 2001
Particulars Amount (Rs.)
Current Assets:
Cash 21,400
Accounts receivable 10,600
Snowmobiles 15,400
Fixed Assets:
Equipment 29,200
Furnishings 58,700
Buildings 450,000
Land 425,000
1,010,300
Liabilities:
Interest payable 12,000
Salaries Payable 33,500
Accounts Payable 54,800
Notes Payable 620,000
Capital:
Owner’s capital 290,000
1,010,300