$140,000
$150,000
Question 14. Question :
Prepaid expenses are:
Payments made for products and services
that do not ever expire
Classified as liabilities on the balance
sheet
Decreases in retained earnings
Assets that represent prepayments of
future expenses
Question 15. Question :
A company has twice as much
owner's equity as it does liabilities. If total liabilities are
$50,000, what amounts of assets are owned by the company?
$50,000
$100,000
$150,000
$200,000