i need help with a quiz if anyone can give me a hand. please. This is for ADMS2500, Quiz 1 fall 2017.

On June 30, 2014, the balance sheet of Zorab & Co. showed total assets of $400,000, total liabilities of $300,000, and owner's equity of $100,000. The following transactions occurred in July of 2004:

The owner invested an additional $70,000 cash in the business.

The business purchased equipment for $150,000, paying $60,000 cash and issuing a note payable for $90,000.

The business paid off $40,000 of its accounts payable.

As of July 31, 2014 what is the amount reported in Total assets?

$300,000

$350,000

$520,000

$170,000

$400,000

Which of the following would cause an imbalance in the accounting equation?

Recording a 20X1 purchase in 20X2 instead

Recording a purchase on account at the wrong amount

Posting the credit for a cash purchase at the wrong amount

None of the others alternatives are correct

All of the statements included in the other alternatives are correct

The order in which financial statements are prepared:

does not matter

does matter and the balance sheet must be first

does matter and the income statement must be first

does matter and the statement of retained earnings must be first

does matter and the cash flow statement must be first

Identify the generally accepted accounting concept principle, assumption, or constraint violated in the following situation: M.T. Careless, does not keep the books of his business, Careless Creations, separate from his personal records.

None of the others alternatives are correct

Matching

Revenue recognition

Separate Entity

Going Concern

Noncurrent assets provide firms with long-term productive capacity.

although false for most of the times, there are several exceptions detailed in Canadian GAAP

this is always a false statement

Cannot say if it is true or false given the limited information provided

although true for most of the times, there are several exceptions detailed in Canadian GAAP

this is always a true statement

On June 30, 2014, the balance sheet of Zorab & Co. showed total assets of $400,000, total liabilities of $300,000, and owner's equity of $100,000. The following transactions occurred in July of 2004:

The owner invested an additional $70,000 cash in the business.

The business purchased equipment for $150,000, paying $60,000 cash and issuing a note payable for $90,000.

The business paid off $40,000 of its accounts payable.

As of July 31, 2014, what best represents the accounting equation of this company:

$490,000 = $390,000 + $100,000

$470,000 = $300,000 + $170,000

None of the others alternatives are correct

$520,000 = $350,000 + $170,000

$430,000 = $260,000 + $170,000