Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10, 11, and 12 plz!! QUESTION 10 If Mario paid $800 in utility expense last week, how should he reflect this in his books? Utility

10, 11, and 12 plz!!

image text in transcribed
QUESTION 10 If Mario paid $800 in utility expense last week, how should he reflect this in his books? Utility expense increased by $800, cash decreased by $800 Utility expense decreased by $800, cash decreased by $800 Liabilities increased by $800, cash increased by $800 Liabilities increased by $800, cash decreased by $800 QUESTION 11 You are the owner of the 9th Blunder Brewery. Your brewery purchases $2,000 worth of yeast from Yeezy Yeast with cash. The transaction for the sale will be recorded on your books as: decrease an asset $2,000 and decrease a liability. increase an asset $2,000 and decrease another asset. increase an asset $2,000 and increase another asset. nothing as only assets were affected. QUESTION 12 The Abed Hotel had beginning Owners' Equity of $160,000. During the year, total assets increased by $240,000 and total liabilities increased by $120,000. The Abed Hotel had net income of $180,000 and no additional investments were made; however, dividends were declared and paid during the year. How much were the dividends? $20,000 $60,000 O $140,000 O $220,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Plus

Authors: Robert Libby, Patricia Libby, Daniel Short

8th Edition

1259116832, 9781259116834

More Books

Students also viewed these Accounting questions

Question

=+What kind of study is this?

Answered: 1 week ago