A) $30,000 B) $38,000 C) $88,000 D) $47,000 2) A is a list of account titles with corresponding reference numbers used by companies so that transaction items are consistently named chart of accounts trial balance classified balance sheet ledger 3) When a business issues stock, what does it give to its owners Notes Payable Common Stock Retained Earnings Cash 4) Assuming a transaction affects the accounting equation by decreasing a liability and has no effect on assets, which of the following statements is correct with regards to this transaction If other liabilities are unchanged, stockholders' equity must be decreasing If other liabilities are unchanged, stockholders' equity must be increasing If stockholders' equity is unchanged, another liability must be decreasing If stockholders' equity is unchanged, other liabilities must be unchanged 5) Which of the following requires a credit Decreases in liabilities Decreases in stockholders' equity Increases to assets Increases to liabilities A company's financial records at the end of the year included the following amounts What is the amount of net income on the Income Statement for the year

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A) $30,000 B) $38,000 C) $88,000 D) $47,000 2) A ____________ is a list of account titles with corresponding reference numbers used by companies so

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A) $30,000

B) $38,000

C) $88,000

D) $47,000

2) A ____________ is a list of account titles with corresponding reference numbers used by companies so that transaction items are consistently named.

chart of accounts
trial balance
classified balance sheet
ledger

3) When a business issues stock, what does it give to its owners?

Notes Payable
Common Stock
Retained Earnings
Cash

4) Assuming a transaction affects the accounting equation by decreasing a liability and has no effect on assets, which of the following statements is correct with regards to this transaction?

If other liabilities are unchanged, stockholders' equity must be decreasing.
If other liabilities are unchanged, stockholders' equity must be increasing.
If stockholders' equity is unchanged, another liability must be decreasing.
If stockholders' equity is unchanged, other liabilities must be unchanged.

5) Which of the following requires a credit?

Decreases in liabilities
Decreases in stockholders' equity
Increases to assets
Increases to liabilities

A company's financial records at the end of the year included the following amounts: What is the amount of net income on the Income Statement for the year