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Montauk Oil Company reports these account balances at December 31, Year 1:

Accounts Payable	$ 116,000
Land	206,000
Notes Payable	266,000
Equipment	166,000
Cash	86,000
Accounts Receivable	106,000
Buildings	246,000
Capital Stock	346,000
Retained Earnings	76,000

On January 2, Year 2, Montauk Oil collected $56,000 of its accounts receivable and paid $26,000 of its accounts payable. On January 3, Year 2, total liabilities are:

Multiple Choice

• $382,000.

• $76,000.

• $306,000.

• $356,000.

• 0

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Ceramic Products, Incorporated reports these account balances at January 1, Year 2 (shown in alphabetical order):

Accounts Payable	$ 34,000
Accounts Receivable	26,000
Buildings	159,000
Capital Stock	191,000
Cash	19,000
Equipment	26,000
Land	86,000
Notes Payable	30,000
Retained Earnings	55,000

On January 5, Year 2, Ceramic Products collected $18,000 of its accounts receivable and paid $17,000 on its note payable. On January 6, Year 2, total liabilities are:

Multiple Choice

• $64,000.

• $293,000.

• $47,000.

• $0.

If total assets equal $349,000 and total owners' equity equal $122,000, then total liabilities must equal: 4 Multiple Choice 8 00:33:07 eBook $122,000. $471,000. O Cannot be determined from the information given. $227,000. Twenty five percent of the total assets of Shanahan Corporation have been financed through borrowing. The total liabilities of the company are $425,000. What is the amount of owners' equity? 8 00:32:05 Multiple Choice eBook $106,250. $2,125,000 O $1,275,000. O O $1,700,000. The following transactions occurred during March, the first month of operations for Quality Galleries, Incorporated: 25 Capital stock was issued in exchange for $364,000 cash. Purchased $188,000 of equipment by making a $64,000 cash down payment and signing a note payable for the balance. Made a $37,000 cash payment on the note payable from the purchase of equipment. Sold a piece of equipment for cash of $22,000. The equipment was sold at cost, so there is no gain or loss on the sale. 8 00:31:15 eBook What is the balance in the Note Payable account at the end of March? Multiple Choice $124,000 O $87,000 O $37,000 O $161,000 The bookkeeper for Galloway Paints made the following journal entry to record a transaction that took place on April 23, Year 2: 26 Credit Debit 26,400 Inventory Accounts Payable Cash 20, 200 6,200 8 00:30:40 Before the journal entry above, Galloway had assets of $454,000; liabilities of $232,000; and owners' equity of $222,000. Total assets immediately after the above transaction has been recorded amount to: eBook Multiple Choice $480,400. $433,800. $474,200. O $454,000