ACC 556 ASSIST Great Stories /acc556assist.com ACC 556 ASSIST Great Stories /acc556assist.com | Page 3

Ashley‘s Accessory Shop started the year with total assets of
$140,000 and total liabilities of $80,000. During the year the
business recorded $220,000 in revenues, $110,000 in expenses, and
dividends of $40,000. The net income reported by Ashley‘s
Accessory Shop for the year was
Question 12
Stockholders‘ equity is comprised of
Question 13
Marvin Services Corporation had the following accounts and
balances:
If the balance of the Buildings account was $42,000 and $3,000 of
Accounts Payable were paid in cash, what would be the balance of
the total stockholders' equity?
Question 14
All of the following are interrelationships that are important to
understand when preparing financial statements except
Question 15
External users want answers to all of the following questions
except
Question 16
Which of the following statements is not true regarding the
Sarbanes-Oxley Act (SOX)?
Question 17
When expenses exceed revenues, which of the following is true?
Question 18
The financial statement that summarizes the changes in retained
earnings for a specific period of time is the
Question 19