need answers lugeiial Accountin Williams Haka The Basis for Business Desicions B

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lugeiial Accountin Williams Haka The Basis for Business Desicions Bettner Carcello iz Multiple Choice Quiz (See related pages) If assets total $400,000 and owners equity totals $250,000, then total liabilties must be A) $450,000 B) $550,000 C) $150,000 D) $250,000 In which order are liabilities usually listed in the balance sheet A) The order in which they were incurred B) The order of smallest to largest c) Alphabetical order D) The order in which they are expected to be repaid Office equipment was purchased for cash. What effect did this transaction have in the financial position of the company? A) Assets, decrease; Liabilities, no change, Owners' Equity, decrease c) Assets, no change; Liabilities, no change; Owners' Equity, no change Office equipment was purchased by issuing a check for $10,000 and a not B) Assets, decrease, Liablities, increase, Owners' Equity, no change. D) Assets, increase; Liabilities, increase Owners' Equity, no change e payable for the balance of Soooo what emeerdetho . A) Assets, no change, Liabilities, no change: Owners' Equity, no change

Explanation / Answer

1.Ans C.150000

Total assets ($400,000) are equal to total liabilities plus total owners' equity (=$150,000 + $250,000)

2.D.The order in which they are expected to be repaid

Liabilities, which are financial obligations or debts, are listed in the balance sheet in the order in which they are expected to be repaid.

3.C.Assets, no change; Liabilities, no change; Owners' Equity, no change.

One asset cash decrease and another asset equipment increase

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