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MULTIPLE CHOICE

9- All's Good Bakery opened for business, Eva Flores, the owner reported the following assets and liabilities.

Cash $15,500

Baking Equipment $12,100

Refrigerator $4,000

Loan Payable $8,000

Accounts Payable $3,750

Use the information from the All's Good Bakery to determine the totals that would appear in her company's fundamental accounting equation in the following set of questions.

All's Good Bakery had total assets of:

A. 36,100

B. 31,600

C. 15,500

D. 43,350

10- All's Good Bakery opened for business, Eva Flores, the owner reported the following assets and liabilities.

Cash $15,500

Baking Equipment $12,100

Refrigerator $4,000

Loan Payable $8,000

Accounts Payable $3,750

All's Good Bakery had total liabilities of:

A. 8,000

B. 4,000

C. 12,100

D. 11,750

11-All's Good Bakery opened for business, Eva Flores, the owner reported the following assets and liabilities.

Cash $15,500

Baking Equipment $12,100

Refrigerator $4,000

Loan Payable $8,000

Accounts Payable $3,750

Based on the information provided, Eva Flores, Capital must be:

A. 36,100

B. 19,850

C. 43,350

D. none of the above

26- The following are transactions recorded by Aye Java Coffee Shop.

Cash

85,000

20,000

7,500

Equipment

60,000

Accounts Receivable

8,000 ] 2,000

Aye Java's cash balance was:

A. a debit balance of 52,500

B. a credit balance of 52,500

C. a debit balance of 112,500

D. a credit balance of 60,000

27-The following are transactions recorded by Aye Java Coffee Shop.

Cash

85,000

20,000

7,500

Equipment

60,000

Accounts Receivable

8,000 ] 2,000

Aye Java's equipment balance is:

A. a credit balance of 60,000

B. incomplete because there is no credit balance associated with it

C. a debit balance of 60,000

D. 0

28- The following are transactions recorded by Aye Java Coffee Shop.

Cash

85,000

20,000

7,500

Equipment

60,000

Accounts Receivable

8,000 ] 2,000

Aye Java's account receivable account had a balance of:

A. a total balance of 10,000

B. a credit balance of 2,000

C. a debit balance of 6,000

D. a debit balance of 8,000