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the questions with accuracy........ 1. If total liabilities decreased by $25,600 and stockholders' equity increased by $4,700 during a period of time, then total assets
1. If total liabilities decreased by $25,600 and stockholders' equity increased by $4,700 during a period of time, then total assets must change by what amount and direction during the same time period? |
A. $30,300 decrease.B. $20,900 decrease.C. $30,300 increase.D. $20,900 increase.
2. Assets totaled $26,050 and liabilities totaled $8,680 at the beginning of the year. During the year, assets decreased by $3,680 and liabilities increased by $2,980. |
What is the amount of the change in stockholders' equity during the year?
A. $6,660 decreaseB .$910 increaseC. $700 decreaseD. $6,110 increase
3. Accounts Payable had a balance of $18,340 at the beginning of the month. During the month, three debits in the amounts of $4,560, $11,160, and $14,660 were posted to Accounts Payable, and three credits in the amounts of $3,740, $9,640, and $12,840 were posted to Accounts Payable. What is the ending balance of the Accounts Payable account? |
A.$48,720.B. $22,500.C. $14,180.D. $4,160
4.A company reported the following information at December 31, Year 1:
Accounts payable | $ | 4,560 | |
Accounts receivable | $ | 9,410 | |
Cash | $ | 24,090 | |
Common Stock | $ | 90,600 | |
Equipment | $ | 50,100 | |
Inventory | $ | 31,800 | |
Notes Payable due December 31, Year 3 | $ | 2,560 | |
Retained Earnings, December 31, Year 1 | $ | 14,150 | |
Wages payable | $ | 3,530 | |
|
6. A company's trial balance included the following account balances:
Accounts payable | $19,307 |
Accounts receivable | 81,436 |
Cash | 73,424 |
Income tax payable | 3,612 |
Inventories | 25,916 |
Note payable, due in two years | 1,809 |
Equipment | 55,128 |
Stockholders' equity | 203,808 |
Supplies | 5,612 |
Wages payable | 12,980 |
|
A. $4,560 B. $10,650 C. $7,120 D. $8,090
7.What is the amount of Total Assets on the Balance Sheet? A. $235,904 B. $445,324 C. $260,823 D. $241,516
8. What is the amount of Total Liabilities on the Balance Sheet? A. $241,516 B. $63,624 C. $37,708 D. $119,144
9.The Sweet Smell of Success Fragrance Company borrowed $60,000 from the bank to be paid back in five years and used all of the money to purchase land for a new store. Sweet Smell's balance sheet would show this as:
A. $60,000 under Land and $60,000 under Notes Payable (long-term). B. $60,000 under Depreciation Expense and $60,000 under Notes Payable (long-term). C. $60,000 under Land and $60,000 under Notes Receivable (long-term). D. $60,000 under Other Assets and $60,000 under Other Liabilities.
10.Which account is affected by recording the buying of goods on credit? A. Cash B. Retained Earnings C. Common Stock D. Accounts Payable
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