Question 9. 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
Question 10. Question :
A credit is used to record:
An increase in an expense account
An increase in an asset account
An increase in an unearned revenue
account
A decrease in a revenue account
A decrease to retained earnings
Question 11. Question :
Apatha Company has assets of
$600,000, liabilities of $250,000 and equity of $350,000. It buys