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1. ABC Inc. has total assets of $45,000. What are the total assets if new equipment is purchased for $5,000 cash?
A. $45,000
B. $50,000
C. $55,000
D. $60,000
2. The net income or net loss is calculated on the:
A. balance sheet.
B. statement of owner’s equity.
C. income statement.
D. annual profit report.
3. Julie billed her legal clients $5,000 for legal work completed during the month. This transaction will:
A. cause a $5,000 increase in cash and revenues.
B. cause a $5,000 increase in cash and owners equity.
C. cause a $5,000 increase in assets and revenues.
D. not be recorded until the cash is collected.
Staley Inc. reported the following data: Net income $280,000 Depreciation expense 48,000 Loss on disposal of equipment 19,520 Increase in accounts receivable 17,280 Increase in accounts payable 8,960 Prepare the Cash Flows from Operating Activities s..
Juart Corporation reported the following data for the month of December: Inventories: Beginning Ending Raw materials $26,000 $38,000 Work in process $22,000 $21,000 Finished goods $54,000 $56,000 Additional information: Sales $230,000 Raw materials p..
the world of business has changed radically over the last twenty years.nbsp where once it was unique to operate
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