According to Generally Accepted A reported at: Generally Accepted Accounting Principles, assets on the balance sheet are primarily What it would cost to replace the assets Cost, because cost is usually factual and verifiable C. Current fair market value as established by independent appraisers D. Cost, because in the event of liquidation, the assets would be sold at an amount equal to their original cost B. Bob Bertolucci, owner of Bob's Bazaar, also owns a personal residence that costs $575,000. The market value of his residence is $725,000. During preparation of the financial statements for Bob's Bazaar, the accounting principle most relevant to the presentation of Bob's home is: A. The Separate Business Entity Assumption B The Cost Principle C. The Going-Concern Assumption D. The Objectivity Principle Deerpark Corporation recently borrowed $70,000 cash from its bank. Which of the following was unaffected by this transaction? Assets B. Liabilities Revenues D. Cash 10. A During the current year, the assets of Quality Stairs increased by $175,000 and the liabilities decreased by $15,000. If the Shareholders' (Stockholders') Equity in the business is $475,000 at the end of the year, the Shareholders' Equity at the beginning of the year must have been $335.000 B. $285,000 C. 5665,000 D. S615,000 Which of the following accounting balances normally has a credit balance? A. Prepaid Insurance B. Accounts Receivable c. Utilities Expense D. Service Revenue 12. Markell Corporation's Shareholders' (Stockholders') Equity at the beginning of the year was $175,000. During the year, Markell reported the following: Net Income of $79,000 Dividends declared and paid totaling $17,000 Issued (sold) stock to shareholders (stockholders) in exchange for $42,000 cash Some shareholders (stockholders) sold some of their stock to other individuals for $11,000 cash What is Markell's Shareholder (Stockholder) Equity at the end of the year? A $296,000 $279,000 $290,000 $273,000 B