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just need the answers for these ten questions. Thanks in advance Felty 1 You decide to start your own business as a professional corporation. You
just need the answers for these ten questions. Thanks in advance
Felty 1 You decide to start your own business as a professional corporation. You purchase an office building for $35,000 from your mother even though your real estate agent said it was worth $500,000 in the current market. The corporation recorded the building at $35,000 because of which of the following concepts? going concern assumption money unit assumption lower of cost of market principle cost principle Liabilities and assets for a company amount to $150,000 and $250,000. Owner's equity equals? $100,000 $150,000 $250,000 $400,000 The three types of events that affect retained earnings are: dividends, revenues and expenses liabilities, revenues and expenses assets, liabilities and revenues assets, liabilities and expense Furniture, buildings and land are? assets liabilities owner's equity accounts revenue expenses On February 1 our company purchased land for $300,000 by making a cash payment of $50,000 and promising to pay the remaining amount in a later accounting period. What is the net effect on liabilities? liabilities increased by $100,000 liabilities increased by $250,000 liabilities increased by $300,000 liabilities decreased by $250,000 Felty 2 The net income for our company this year is $20,000. The beginning and ending stockholders' equity balances were $36,000 and $50,000, respectively. The company issued no common stock. Calculate the amount of dividends paid by the company this year: $34,000 $14,000 $16,000 $6,000 Which of the following is the correct accounting equation? Revenues - expenses = net income Assets = liabilities - owner's equity Assets = liabilities + capital stock + revenue Assets = liabilities + owner's equity Which of the following has a past emphasis? labor unions managerial accounting human resource managers financial accounting Equity and assets for a company amount to $100,000 and $250,000. Liabilities total? $100,000 $150,000 $350,000 $400,000 Furniture, buildings and land appear on which financial statement? income statement statement of retained earnings Felty 3 balance sheet statement of cash flowsStep by Step Solution
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