Use the following to answer questions 29 - 32 Match the four underlying assumptions of Generally Accepted Accounting Principles with its description 29 Assumption Economic entity 30 Going concern Description a. In the absence of information to the contrary, it is anticipated that a business entity will continue to operate Indefinitely b. The economic life of a company can be divided into artificial time intervals for financial reporting. c. A common denominator is needed to measure all business activities d Economic events can be identified with a particular economic body 31 Periodicity 32 Monetary unit Use the following to answer questions 33-40 1133 Income Statement Revenues Expenses. Salaries $400,000 Administrative 300,000 Utilities 35.000 Total expenses Net income Statement of Stockholders' Equity Common stock Retained earnings Beginning $350,000 $400,000 Issuance #35 Net Income 65,000 Dividends 36 Ending $400,000 $450,000 735 000 1134 Assets Cash A/R Supplies Prepaid rent Equipment Building $40,000 129,000 #37 10,000 150,000 800,000 Balance Sheet Liabilities Accounts payable Notes payable Total liabilities Stockholders' Equity Common stock Retained earnings Total stockholders equity Total Land SE $30,000 250 000 $260,000 ? Total assets 2 #39 140 #38 33.5 Revenue: 37. S _Supplies: 34. S Net Income: 38. $ Total Assets 35. S Issuance: 39. $ Stockholders' Equity: 36. S Dividends: 40. S Total L & SE