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Question 2 W of the following is NOT a liability for Swift Inc.? O a note receivable from the company's owner amounts received from a customer for goods that will be shipped next period interest accrued on a bank loan that has not yet been paid O money owed to a bank for a business loan Question 3 Which of the following is an example of an asset for Zenon Corp? O gift certificates issued by Zenon Corp to its customers that have yet to be redeemed O equipment purchased by Zenon Corp on credit o Zenon Corp's obligation to pay its employees for work completed O money owed to a bank by Zenon Corp for property Question 4 1 pts Question 4 An increase to assets for $5,000 and a decrease to assets for $5,000 is most likely due to which of the following scenarios? O collecting a rent deposit from a prospective tenant O buying inventory and agreeing to pay for it in 30 days O receiving cash from a customer for services previously provided O settling a debt with a supplier for inventory 1 pts Question 5 The accountant at BlueBird Diner paid $12,000 for meat inventory purchased from a supplier on credit in the previous month. How would this payment impact the accounting equation? O increase assets; increase liabilities O decrease assets, increase liabilities O decrease assets; decrease liabilities O increase assets, decrease asset Question 6 On January 1, 2020, Voodoo Doughnuts purchased 100 pounds of flour as inventory from its supplier for $400 and agreed to pay in 30 days. Which of the following is the correct journal entry needed to record this transaction on Voodoo Doughnuts' books? debit inventory $400; credit cash $400 O debit inventory $400; credit deferred revenue $400 O debit inventory $400; credit accounts payable $400 debit inventory $400; credit accounts receivable $400 Question 8 Which of the following best describes the transaction that led to this journal entry? 700 Accounts Payable 700 Cash The company received payment for providing services to a customer The company sold inventory to a customer who agreed to pay for it at a later date O The company paid for inventory purchased on account last month O The company bought inventory and agreed to pay for it at a later date Question 9 Arliton Pediatric Associates has a subscription to a prominent medical journal. The 2-year subscription costs $432, and the office paid for a full subscription on January 1. How will the office's accounting equation be impacted after one quarter (3 months)? O decrease assets by $54; decrease owners' equity by $54 O increase assets by $18; decrease assets by $18 decrease assets by $18; decrease owners' equity by $18 increase assets by $54; increase owners' equity by $54 Question 10 Mountain Java is a local coffee shop. The owner purchased 100 cases of coffee on January 1. 2020 for $o per case. By the end of January 2020. the price for a case of coffee was $45 per case. Mountain Java keeps the coffee inventory on the books at $4.000. This is an example of which of the following accounting principles? O materiality O relevance historical cost consistency 1 pts Question 13 For the year 2019, Flower Cafe had revenues of $800.000. Gross profit was $650,000 and other expenses were $300,000. Picase enter the amount of cost of coods sold Round your answer to the nearest whole dollar 1 pts Question 14 For the year 2019, Cartman Co. had operating income of $250,000. It also had the following expenses: $75,000 $50,000 cost of goods sold selling, general & administrative expense $15.000 interest expense $45,000 rent expense $15,000 income tax expense What would Cartman's gross profit be for 2019? $375.000 O $310.000 O $345.000 O $360,000

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