ANLIB-C1 out of My vccs x C Homel ake Test Quiz TORRE sedu/webapps/assessmert/ta

Question

ANLIB-C1 out of My vccs x C Homel ake Test Quiz TORRE sedu/webapps/assessmert/takeMaunchisp?course assessment id .2756600 1&course.; .87 QUESTION 9 lf equity is s305.000 and labilities are s197.000, then assets equal $108.000 $19 000 $502.000 QUESTION 10 These transactions were completed by the atgalery opened by zed Bennett a Bernett the Anery, by investing s41 500 cash and equpment vaued s18 15on hange for common stock b Purchased $85 of office supplies on credit E Paid $1.275 cash for the receptionist's salary d sold a for an anist and collected asa 540 cash commission on the sale Completed an art appraisal and biled the chert s215 What was the balance of the cash account ather these transactions were S12.250 512465 $44,766 QUESTION 11

Explanation / Answer

Solution:

Assets = Equity + Liability Equity = 305,000 Liabilities = 197,000 Assets = 502,000 Therefore, the answer to the abive question is $ 502,000 Total Cash 41,500 Less: Salary 1,275 Add: Sale of Sofa 4,540 Cash balance 44,765 Therefore, the answer to the above question is $ 44,765 Assets = Equity + Liability Liabilities = 158,000 Assets = Cash 58,700 Equipment 223,000 Building 192,000 Equity = 315,700 Therefore, the answer to the above question is $ 315,700

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