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Which the reporting of item in the manner violated the

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Reference no: EM132641832

Problem 1: The owner of Westhampton Fish Eatery purchased a new car for his daughter who is away at college at a cost of $43,000 and reported this amount as Delivery Vehicle in the restaurant's balance sheet. The reporting of this item in this manner violated the:

A. Going-concern assumption
B. Cost principle
C. Objectivity principle
D. Business entity concept.

Problem 2: If current assets are $110,000 and current liabilities are $50,000, working capital will be:

A. 2:2
B. $160,000
C. $60,000
D. 45.5%.

Reference no: EM132641832

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