tinker0419
Jun 17, 2009, 06:00 AM
I need help with the following questions.
1. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash, $20,500; Accounts Receivable, $7, 250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year?
a. $8,300
b. $13,500
c. $20,500 (answer)
d. $31,100
e. $40,400
2. The balance sheet equation is:
a. Revenues minus expenses equals net income.
b. Debits equal credits.
c. The bookkeeping phase of accounting.
d. Another name for the accounting equation.
e. Assets minus liabilities and equity. (answer)
3. The assets of a company total $200,000; the liabilities, $700,000. What are the claims of the owners?
a. $900,000
b. $700,000
c. $500,000
d. $200,000
e. It is impossible to determine unless the amount of this owner's investment is known.
I do not know the answer to this question.
1. On June 30 of the current year, the assets and liabilities of Phoenix Phildell are as follows: Cash, $20,500; Accounts Receivable, $7, 250; Supplies, $650; Equipment, $12,000; Accounts Payable, $9,300. What is the amount of owner's equity as of July 1 of the current year?
a. $8,300
b. $13,500
c. $20,500 (answer)
d. $31,100
e. $40,400
2. The balance sheet equation is:
a. Revenues minus expenses equals net income.
b. Debits equal credits.
c. The bookkeeping phase of accounting.
d. Another name for the accounting equation.
e. Assets minus liabilities and equity. (answer)
3. The assets of a company total $200,000; the liabilities, $700,000. What are the claims of the owners?
a. $900,000
b. $700,000
c. $500,000
d. $200,000
e. It is impossible to determine unless the amount of this owner's investment is known.
I do not know the answer to this question.