________ must have more than one owner. (Points : 20) corporation

LLC

partnership

proprietorshipQuestion 2.2. ________ represents a liability to perform work in the future. (Points : 20) Accounts payable

Notes payable

Unearned revenue

Accrued liabilitiesQuestion 3.3. ________ could be included in the trial balance of a cash-basis business. (Points : 20) Revenues

Accounts payable

Accounts receivable

Depreciation expenseQuestion 4.4. Lisa opened a shoe store in January, 2010. She purchased inventory from a previous owner by signing a long-term note payable. What affect did this transaction have on the accounting equation? (Points : 20) assets are decreased and owner's equity is decreased

assets are increased and owner's equity is increased

expense is increased and owner's equity is decreased

assets are increased and liabilities are increasedQuestion 5.5. Below is a list of account balances for Greene Industrial Cleaning Company:

Accounts receivable

$ 5,400

Accounts payable

3,200

Salary expense

6,000

Repairs expense

1,500

Truck

10,000

Equipment

6,300

Notes payable

3,500

Cash

6,800

Supplies expense

1,600

Service revenue

45,000

Fuel expense

3,800

Salary payable

200

Interest revenue

50

Owner draws

3000

Based on the account balances above, net income for Greene Industrial Cleaning is ________. (Points : 20) $29,100

$18,950

$34,150

$32,150