Hockleed Community.com M Question 1.2 Seved Help Save & Exit Subs Quiz #2 Use the following information as of December 31 to determine equity. 1 1 Cash Buildings Equipment Liabilities $ 64,000 182,000 213,000 148,000 00:19 Multiple Choice $459,000 $607.000 $64,000 $311,000 $148.000. Prev 1 of 7 Next > MC Graw Hill Qulz #26 Help Save & Exit Submit 2 A company purchased a truck. The seller asked for $22,000, but the company paid only $20,000 after negotiation. The owner of the company believes he got a great deal, and the truck is really worth $30,000. What amount should the company record on its financial statements for the truck? 30:27 Multiple Choice O $22,000 o $27,000 $20.000 $30,000 $21,000 Meto Save A Eat Submit 3 A company's balance sheet shows: Cash $22,000, Accounts receivable $16,000, Office equipment $50,000, and Accounts payable $17,000 What is the amount of total equity? 200 Multiple Choice $105,000 $71000 $17,000 $88,000 $29,000 Quiz #2 Savid Help Save & E Which of the following items is not reported on the income statement? 4 Multiple Choice 00 11:19 Revenues earned by a business The time period over which the earnings occurred. Assets owned by a business Net Income or loss earned by a business Expenses incurred by a business Quiz #2 Saved Help Save & E Submit 07 A financial statement providing information that helps users understand a company's financial status, and which lists the types and amounts of assets, liabilities, and equity as of a specific date, is called an): 3 00:10 Multiple Choice Income statement Balance sheet Statement of cash flows Statement of return on assets. Financial status statement Quiz #2 Sed Help Save Use the following information for Meeker Corporation to determine the amount of equity to report 6 Cash Buildings Land Liabilities $ 71,000 126,000 206, 200 131,000 8 00:02 Multiple Choice $534,200 O $20.200 O $282.200 $403,200. $272.200 Determine the net income of a company for which the following information is available for the month of July 7 Employee salaries expense Interest expense Rent expense Consulting revenue $ 198,000 28,000 38,000 472,000 8 00:10:43 Multiple Choice O $736,000 O $472.000 $208,000. $284,000 $264.000