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Pharoah Company started the year with total assets of $219000 and total
liabilities of $129000. During the year the business recorded $334000 in
revenues, $171000 in expenses, and dividends of $54000. The net
income reported by Pharoah Company for the year was
$129000.
$201000.
$163000.
$165000.
Multiple Choice Question 135
If total liabilities decreased by $131500 and stockholders’ equity
decreased by $42000 during a period of time, then total assets must
change by what amount and direction during that same period?
$173500 decrease
$89500 increase
$89500 decrease
$173500 increase
Multiple Choice Question 80
Use the following data to determine the total dollar amount of assets to
be classified as current assets.