recording, communication, identification.
communication, recording, identification.
identification, communication, recording.
4- If total assets equal $345,000 and total stockholders’ equity equal
$120,000, then total liabilities must equal
$465,000.
There is not enough information given to determine this.
$225,000.
$120,000.
6-Liabilities of a company would not include
notes payable.
salaries and wages payable.
accounts payable.
cash.
7- Bright Eyes Downtown Diner received a bill of $600 from the
Jronand Wine Advertising Agency. The owner, A. A. Bondy, is
postponing payment of the bill until a later date. The effect on specific
items in the basic accounting equation is
a decrease in Accounts Payable and an increase in Retained Earnings.
a decrease in Cash and an increase in Retained Earnings.
a decrease in Cash and an increase in Accounts Payable.
an increase in Accounts Payable and a decrease in Retained Earnings.