29. c Use the following to answer questions 29-32 Match the four underlying assumptions of Generally Accepted Accounting Principles with its description Assumption Description Economic entity a. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate indefinitely 30. Going concern b. The economic life of a company can be divided into artificial time intervals for financial reporting, 31. Periodicity A common denominator is needed to measure all business activities 32 Monetary unit d. Economic events can be identified with a particular economic body. Use the following to answer questions 33 - 40 Income Statement Statement of Stockholders' Equity Revenues Common stock Retained earnings Expenses: Beginning S650,000 $335,800 Salaries $412,300 Issuance Administrative 226,400 Net Income 147,200 Utilities 19.200 Dividends Total expenses 657 900 Ending 725.000 $405.000 Net Income #34 Balance Sheet Assets Liabilities Cash $99.400 Accounts payable $25,200 A/R 125,000 Notes payable 256.000 Office supplies Total liabilities $281,200 Prepaid rent 5,000 Stockholders' Equity Equipment 531,600 Common stock Building 650.000 Retained earnings 2 Total stockholders' equity Total assets #38 Total Land SE H40 #33 #35 #36 H37 ? #39 33.5 Revenue: 37.5 Office supplies 34.5 Net Income: 38. S Total Assets 35$ Issuance: 39. S Stockholders' Equity 36. $ Dividends: 40.5 Total L & SE