Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I need help with a accounting question ASAP I have attached a table as a picture to refer to while answering all the 6 parts

I need help with a accounting question ASAP I have attached a table as a picture to refer to while answering all the 6 parts about this same table, please answer each of the 6 parts accurately showing all the calculations too. ALL PARTS ARE MCQ's so CHOOSE THE CORRECT ANSWER WISELY and CORRECTLY.
*Figure 1 is attached in this question as a picture to refer to for all 6 parts*
PART 1:
In Figure 1, the capital figure in the trial balance columns should be ______________.
a) $45,000
b) $50,000
c) $140,000
d) $290,000
PART 2:
In Figure 1, the total value of current assets is _____________________.
a) $90,000
b) $170,000
c) $200,000
d) $70,000
PART 3:
In Figure 1, the total value of long-term liabilities is ______________________.
a) $70,000.
b) $90,000
c) $110,000
d) $115,000
PART 4:
In Figure 1, after extending the worksheet correctly, a _____________ would be indicated.
a) net income of $4,500
b) net income of $5,000
c) net income of $5,500
d) None of the above
PART 5:
In Figure 1, the total for the debit side of the balance sheet column will be _________________.
a) $175,000
b) $176,000
c) $180,000
d) $181,000
PART 6:
In Figure 1, the owners capital figure to appear on the balance sheet should be __________________.
a) $45,000
b) $50,000
c) $55,000
d) None of the above
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Core Concepts Of Accounting

Authors: Leslie K. Breitner, Robert N. Anthony

10th Edition

0136029442, 9780136029441

More Books

Students also viewed these Accounting questions

Question

What are the objectives of systems biology?

Answered: 1 week ago