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Calculate the missing cash at bank account balance from these statement of financial position items. Equity $5 800; accounts receivable $890: accounts payable $450; inventory $360; loan to another business $1 400. Answers: A. $6 300 B. $4 900 C. $3 600 D. $5 400 The amount of rent expense reported on the income statement is 1 Answers: A. an increase in net income B. the amount of cash paid for rent in the current period less any unpaid rent at the end of the period c. the amount of rent used up during the current period to earn revenue D. the amount of cash paid for rent during the current period The premium on a three-year insurance policy purchase on April 30th, 2019 was $18 000 for the coverage to begin immediately. Calculate the amount of insurance expense that should be presented in the company's income statement for the year ended December 31, 2019. Answers: $2 000 A. $12 000 B. $6 000 c. $4 000 D. Assume a company's January 1st, 2019 financial position was: Assets, $40 000 and Liabilities, $15 000. During January 2019, the company completed the following transactions: (a) paid accounts payable for $6 000; collected accounts receivable for $4 000 and (c) purchased a truck using $1 000 in cash and borrowing $8 000 from the bank. The company's January 31, 2019 financial position is: Answers Assets A. $42 000 Liabilities $9 000 Equity $33 000 Assets B. S47 000 Liabilities $22 000 Equity $25 000 Assets C. $42 000 Assets D. $44 000 Liabilities $17 000 Liabilities $17 000 Equity $25 000 Equity $27 000 Which of these is not always a characteristic of an asset? 1 Answers: A. Probable expected future economic benefits B. Legal ownership by the entity C. Ability of the benefit to be measured in money terms D. Exclusive control of the economic benefits