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Micah's web design company is doing well. Her father would like to provide her some funds to help her expand. He would like to lend
Micah's web design company is doing well. Her father would like to provide her some funds to help her expand. He would like to lend her $1000 and purchase shares of the company for $1000. How would Micah express this investment on her balance sheet? A) Increase liabilities and owner's equity by $1000; increase cash by $2000. B) Increase owner's equity by $2000; increase cash by $2000. C) Increase assets and owner's equity by $1000; increase cash by $2000. D) Increase liabilities by $1000; increase cash by $1000. The owner's equity section of the balance sheet for the Blue Top Taxi Company shows that A) Tom Cotton has an interest in the company. B) Tom Cotton owes Sam's Garage. C) the Blue Top Taxi Company owes more than it owns. D) First National Bank is an owner of the company. Now you're ready to prepare your first balance sheet for the Blue Top Taxi Company. What should the top of your balance sheet look like? A) Blue Top Taxi Company June 1, 20- Balance Sheet B) Tom Cotton, Owner Balance Sheet June 1, 20- Blue Top Taxi Company Balance Sheet D) June 1, 20- Blue Top Taxi Company Balance Sheet May 31, 20
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