Below Is Accounting Information for Cascade Company for 2013,its First

question 36

Multiple Choice

Below is accounting information for Cascade Company for 2013,its first year of
Business
$$\begin{array} { | l | r | } \hline \text { Revenue } & \$ 416,000 \\\hline \text { Cash } & \$ 120,000 \\\hline \text { Common stock } & \$ 200,000 \\\hline \text { Expenses } & \$ 300,000 \\\hline \text { Equipment } & \$ 240,000 \\\hline \text { Accounts receivable } & \$ 35,000 \\\hline \text { Notes payable } & \$ 50,000 \\\hline \text { Notes receivable } & \$ 62,000 \\\hline\end{array}$$

What was total equity at year end?

• A) $320,000
• B) $296,000
• C) $316,000
• D) $457,000
• E) $116,000

Apply the concept of base salary plus commission to determine total compensation.

Calculate earnings based on hourly rates and overtime pay.

Understand investment calculations involving multiple interest rates to find average interest earned.

Apply the concept of grade point average (GPA) calculation based on letter grades and course credits.

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Definitions:

Produce Market

A location or establishment where agricultural products, especially fruits and vegetables, are sold directly to consumers.

Tangerines

A type of citrus fruit smaller than oranges with a sweet, tangy flavor.

Monetary Products

Financial products and services that involve the management, investment, transfer, or lending of money.

Round Off

The process of adjusting a numerical value to its nearest and most simplified form, often by eliminating decimal points or insignificant digits.