GB 518 RANK Extraordinary Life/gb518rank.com GB 518 RANK Extraordinary Life/gb518rank.com | Page 18

Liabilities
Question 12. Question: activity is:
An example of a financing
Buying office supplies Obtaining a long-term loan Buying office equipment Selling inventory Buying land
Question 13. Question: A parcel of land is: offered for sale at $ 150,000, assessed for tax purposes at $ 95,000, recognized by its purchasers as being worth $ 140,000 and purchased for $ 137,000. The land should be recorded in the purchaser ' s books at:
$ 95,000 $ 137,000 $ 138,500 $ 140,000 $ 150,000

Liabilities

Question 12. Question: activity is:

An example of a financing

Buying office supplies Obtaining a long-term loan Buying office equipment Selling inventory Buying land

Question 13. Question: A parcel of land is: offered for sale at $ 150,000, assessed for tax purposes at $ 95,000, recognized by its purchasers as being worth $ 140,000 and purchased for $ 137,000. The land should be recorded in the purchaser ' s books at:

$ 95,000 $ 137,000 $ 138,500 $ 140,000 $ 150,000