Question & Answer: Which of the following reports is filled annually with SEC? a. Form 10-Q b. Form 8-K c. Form 10-K d. Press release Atlantic Corpor…..

of the following reports isfled annually with a. Form 10-Q b. Form 8-K c. Form 10-K d. Press release 6. Atlantic Corporation reported the following amounts at the end of the first year of operations Common stock Sales revenue Total assets 600,000 600,000 s dedlared 15.000 330,000 what amount of expenses were Total liabilities What are the retained earnings of Atlantic at the end of the year, and incurred during the year? Retained Expenses carnings incurred a. $60,000 $810,000 b. $75,000 $810,000 c. $75,000 $825,000 d. $60,000 $825,000 Net income was $121,500. Beginning and ending assets were $790,000 and $830,000, respectively. Beginning and ending stockholders equity were $150,000 and $170,000 respectively. What was return on assets (ROA)? 7. a. b. c. d. 15.37% 14.64% 75.94% 15% When a company using the allowance method writes off a specific customers account receivable (of $50,000) from the accounting system, which of the following statements are true? 8. Total stockholders equity remains unchanged Total expenses remain unchanged Total assets decrease L. , a. b. c. d. ii. i and li are true i and ill are true land ii and ili are true None of the statements are true.

Answers 5-8

Which of the following reports is filled annually with SEC? a. Form 10-Q b. Form 8-K c. Form 10-K d. Press release Atlantic Corporation reported the following amounts at the end of the first year of operations: What are the retained earnings of Atlantic at the end of the year, and what amount of expenses were incurred during the year? Retained Expenses earnings incurred a. $60, 000 $810, 000 b. $75, 000 $810, 000 c. $75, 000 $825, 000 d. $60, 000 $825, 000 Net income was $121, 500. Beginning and ending assets were $790, 000 and $830, 000, respectively. Beginning and ending stockholders’ equity were $150, 000 and $170, 000 respectively. What was return on assets (ROA)? 15.37% 14.64% 75.94% 15% When a company using the allowance method writes off a specific customer’s account receivable (of $50, 000) from the accounting system, which of the following statements are true? i. Total stockholders’ equity remains unchanged ii. Total expenses remain unchanged iii. Total assets decrease a. i and ii are true b. i and ill are true c. i and ii and iii are true d. None of the statements are true.

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