University Of Arizona ATMO 005 Quiz 4 1)If a company reported $1,600 in total assetsand $300 in total liabilities then its total equity would be A

University Of Arizona

ATMO 005

Quiz 4

1)If a company reported $1,600 in total assetsand $300 in total liabilities then its total equity would be

A. $800

B. $500

C. $300

D. $1,300

E. None of the above

2. Which financial statement reports how much dividends were paid?
   1. Balance sheet

B. Income statement

C. Statement of wealth

D. Statement of retained earnings

E. None of the above

3. If a company made a loan payment, thetransaction used to record it would include
   1. Cash, Note payable

B. (Cash), (Loan Expense)

C. Cash, Revenue

D. (Cash), (Note payable)

E. Cash, Capital

4. Which of the following would be reported as acash inflow from an investing activity on the statement of cash flows?
   1. Sale of inventory

B. Purchase of equipment

C. Payment of a long-term loan

D. Purchase of inventory

E. Sale of equipment

5. If a company purchased some equipment on account, the transaction used to record it wouldinclude
   1. (Cash), (Equipment expense)

B. Equipment, Accounts payable

C. (Cash), Equipment

D. Cash, (Equipment)

E. Equipment, (Accounts payable)