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Homework answers / question archive / Shenandoah University - ACCT 101 1)If a company is considering the purchase of a parcel of land that was acquired by the seller for $95,000 is offered for sale at $170,000, is assessed for tax purposes at $105,000, is recognized by the purchaser as easily being worth $160,000, and is purchased for $157,000, the land should be recorded in the purchaser's books at: $105,000
Shenandoah University - ACCT 101
1)If a company is considering the purchase of a parcel of land that was acquired by the seller for $95,000 is offered for sale at $170,000, is assessed for tax purposes at $105,000, is recognized by the purchaser as easily being worth $160,000, and is purchased for $157,000, the land should be recorded in the purchaser's books at:
$105,000.
$157,000
$158,500.
$160,000.
$170,000.
On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash
$31,800; Supplies, $740; Equipment, $11,300; Accounts Payable, $10,100. What is the amount of owner's equity as of August 31 of the current year?
$33,000
$33,740
$53,940
$11,140
$32,260
Zippy had cash inflows from operations $81,500; cash outflows from investing activities of $66,000; and cash inflows from financing of $44,000. The net change in cash was:
$59,500 increase.
$59,500 decrease.
$191,500 decrease.
$191,500 increase.
$28,500 decrease.
A company's balance sheet shows: cash $32,000, accounts receivable $21,000, office equipment
$55,000, and accounts payable $22,000. What is the amount of owner's equity?
$22,000.
$34,000.
$86,000.
$108,000.
$130,000.
If Houston Company billed a client for $30,000 of consulting work completed , the accounts receivable asset increases by $30,000 and:
If assets are $96,000 and liabilities are $31,300, then equity equals:
$31,300.
$64,700. 96,000.
$127,300.
$223,300.
If a company receives $12,800 from the owner to establish a proprietorship, the effect on the accounting equation would be:
Charlie's Chocolates' owner made investments of $74,000 and withdrawals of $32,000. The company has revenues of $107,000 and expenses of $76,000. Calculate its net income.
$42,000.
$107,000.
$76,000.
$31,000.
$73,000.
If assets are $348,000 and liabilities are $188,000, then equity equals:
$160,000.
$188,000.
$348,000.
$536,000.
$884,000.
Dawson Electronic Services had revenues of $94,000 and expenses of $57,000 for the year. Its assets at the beginning of the year were $407,000. At the end of the year assets were worth $457,000. Calculate its return on assets.
8.6%
9.1%
8.1%
23.1%
21.8%
A company reported total equity of $175,000 at the beginning of the year. The company reported
$240,000 in revenues and $180,000 in expenses for the year. Liabilities at the end of the year totaled
$107,000. What are the total assets of the company at the end of the year?
$60,000.
$107,000.
$128,000.
$240,000.
$342,000.
Alpha Company has assets of $630,000, liabilities of $265,000, and equity of $365,000. It buys office equipment on credit for $90,000. What would be the effects of this transaction on the accounting equation?
The assets of a company total $732,000; the liabilities, $216,000. What is the total equity?
$948,000.
$732,000.
$516,000.
$216,000.
If a company purchases equipment costing $4,100 on credit, the effect on the accounting equation would be:
If the assets of a business increased $123,000 during a period of time and its liabilities increased $84,000 during the same period, equity in the business must have:
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