Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I NEED THE ANSWERS IMMEDIATELY, TIME IS LIMITED PLEASE!!! Section II: Multiple Choice (4 points each) 11.) The effect on assets when dividends are disbursed

image text in transcribedI NEED THE ANSWERS IMMEDIATELY, TIME IS LIMITED PLEASE!!!

Section II: Multiple Choice (4 points each) 11.) The effect on assets when dividends are disbursed to investors is: (a.) an increase in assets (b.) no change in assets (c.) a decrease in assets (d) not enough information to know if it is an increase or decrease in assets (e.) none of the above 12.) At year end, company Specs in the City (a fictional glasses store) has total assets of $11,800 and total equity of $5,700. Total liabilities are: (a.) $5.700 (b.) $6,100 (c.) $11,800 (d) $17,500 (e.) none of the above 13.) At year end, Henry David Tour-o (a fictional tour guide company) has total assets of $64,000 and total liabilities of $34,000. Total equity is: (a.) $24,000 (b.) $30,000 (c.) $34.000 (d.) $98,000 (e.) none of the above 14.) At year end, Frying Nemo (a fictional restaurant) has total liabilities of $22,200 and total equity of $40,300. Total assets are: (a.) $18.100 (b.) $22,200 (c.) $40,300 (d) $62,500 (e.) none of the above 15.) A company's capital as of January 1, 2018 was $10,000. During the year, the net income was $18,000 and the owner withdrew $5,000. How much is the capital as of December 31, 2018? (a.) $5,000 (b.) $10,000 (c.) $15.000 (d) $18,000 (e.) none of the above T

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

Accounting Custom Edition For National American University

Authors: Charles T. Horngren, Walter T. Harrison Jr, M. Suzanne Oliver

9th Edition

1256297585, 978-1256297581

More Books

Students also viewed these Accounting questions

Question

Dont off er e-mail communication if you arent going to respond.

Answered: 1 week ago