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The balance that would be reported for equity 



1.	The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
Accounts payable	¥  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share Capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	210,000
Insurance expense	3,000
Note payable, due 6/30/12	70,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000

What is the company- net income for the year ending December 31, 2011?
a.	¥133,000
b.	¥42,000
c.	¥28,000
d.	¥12,000


2.	The following items (in thousands) are taken from the financial statements of Haung Company for the year ending December 31, 2011:
Accounts payable	¥  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	210,000
Insurance expense	3,000
Note payable, due 6/30/12	70,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000
What is the balance that would be reported for equity at December 31, 2011?
a.	¥102,000
b.	¥130,000
c.	¥144,000
d.	¥158,000


3.	The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
Accounts payable	¥  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	210,000
Insurance expense	3,000
Note payable, due 6/30/12	70,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000
What are total current assets at December 31, 2011?
a.	¥26,000
b.	¥32,000
c.	¥36,000
d.	¥218,000


4.	The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
Accounts payable	¥  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	190,000
Insurance expense	3,000
Note payable, due 6/30/12	70,000
Patents	20,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000

What is the book value of the equipment at December 31, 2011?
a.	¥218,000
b.	¥190,000
c.	¥162,000
d.	¥150,000

5.	The following items (in thousands) are taken from the financial statements of Huang Company for the year ending December 31, 2011:
Accounts payable	¥  18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Share capital-ordinary	42,000
Dividends	14,000
Depreciation expense	12,000
Equipment	210,000
Insurance expense	3,000
Note payable, due 6/30/12	70,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Retained earnings (1/1/11)	60,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000
What are total current liabilities at December 31, 2011?
a.	¥18,000
b.	¥70,000
c.	¥88,000
d.	¥0



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