Reference no: EM132768493
Question -
Q1. What cash flow category contains activities associated with buying and selling land, building and equipment?
A. Investing
B. Equity
C. Expense
D. Financing
Q2. On January 1, a company had total assets of $400,000, total liabilities of $300,000, and total equity of $100,000. On January 1, the company entered into the following three transactions
Purchasing goods for resale: Total cost of this inventory was $90,000. The company paid $30,000 cash and the remainder was put on the company's credit accounts with its suppliers.
Selling land for cash: The original cost of the land was $80,000. The land was sold for $32,000.
Paying a portion of the amount owed to suppliers. This is because of past inventory purchases.
After these three transactions, what is this company's total liabilities?
A. $383,000
B. $335,000
C. $287,000
D. $365,000
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