solve the problem with solution , please

THE FOLLOWING INFORMATION APPLIES TO QUESTIONS 9 THROUGH 10.

The following transactions occurred during June, the first month of operations for AC Manufacturing:

• Issued 60,000 shares to the owners of the corporation in exchange for $600,000 cash.
• Purchased a piece of land for $250,000, making an $80,000 cash down payment and signing a note payable for the balance.
• Made a $100,000 cash payment on the note payable from the purchase of land.
• Purchased equipment on credit from National Supply for $40,000.

9. Refer to the above data. What are total assets of AC Manufacturing at the end of June?

(A) $810,000 (B) $710,000 (C) $630,000 (D) $460,000 (E) $420,000

10. Refer to the above data. What is the total of ACs liabilities at the end of June?

(A) $70,000 (B) $100,000 (C) $110,000 (D) $180,000 (E) $240,000

11. The CPA firm auditing Indian Company found that profit had been overstated. Which of the

following errors could be the cause?

1. Failure to record depreciation expense for the period.
2. No entry made to record purchase of land for cash on the last day of the year.
3. Failure to record payment of an account payable on the last day of the year.
4. Failure to make an adjusting entry to record revenue which had been earned but not yet billed to customers.

12. BOA Ltd. extracted the trial balance for the year ended 31 December 20X7. The total of the

debits exceeded the credits by $300. Which of the following could explain the imbalance?

1. Sales of $300 were omitted from the sales day book
2. Returns inward of $150 were extracted to the debit column of the trial balance
3. Discounts received of $150 were extracted to the debit column of the trial balance
4. The bank ledger account did not agree with the bank statement by a debit of $300