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On September 1, 2015, Richard started a small business called Ricky Rock Wrestling for Fun. Ricky Rock offers a party package designed for active kids,

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On September 1, 2015, Richard started a small business called "Ricky Rock Wrestling for Fun". "Ricky Rock" offers a party package designed for active kids, teen and adults that want to learn and practice wrestling activities for fun by learning how to perform headlocks, leg scissors and other tricks. The following transaction occurred during the first month of operations, please indicate what's the effect on the accounting equation: September Description Amount 4 Collected the brochures and presentation cards to be used in promoting the $300 business. The invoice will be paid on October 5th. Increase and decrease assets Increase assets and increase liabilities Increase assets and increase Owner's equity Decrease assets and decrease liabilities None of the others alternatives are correct Different balance sheet items employ different valuation methods. Which valuation application is not generally accepted? A major line of inventory has increased in value substantially above its cost and has been restated to its current replacement cost Machinery is stated at its historical cost less the estimated amount of benefits consumed to date Cash is received for goods to be delivered next month, the liability is stated at the amount of cash received and not the cost of foods to be delivered Common share capital is stated at the amount at which it was originally sold None of the others alternatives are correct Coleman Inc. reports total assets and total liabilities of $225,000 and $100/000, respectively, at the conclusion of its first year of business. The company earned $75,000 during the first year and distributed $30,000 in dividends. What was the Iirm's contributed capital? $125,000 $95,000 $80,000 $50,000 None of the others alternatives are correct The Bonanza Co. Ltd. is interested in disposing of one of its subsidiaries and needs to decide on the minimum price it might be able to charge. Which valuation method would likely be used

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