50.1K

Verified Solution

Link Copied!

please show the step to solutions as possible as you can

8. Which of the following financial statements is concerned with the c ompany at a point in time? a. Balance sheet b. Income statement c. Retained eamings statement d. Statement of cash flows 9. If total liabilities increased by $75,000 and stockholders equity increased by $25,000 during a period of time, then total assets ust change by what amount and direction during that same period? a. $100,000 decrease b. $100,000 increase c. $125,000 increase d. $150,000 increase 10. Elston Company compiled the following financial information as of December 31, 2014 $700,000 150,000 200,000 625,000 175,000 50,000 25,000 100,000 75,000 375,000 Service revenue Common stock Cash Dividends Supplies Accounts payable Accounts receivable Retained eamings, 1/1/14 Elston's stockholders' equity on December 31, 2014 is a. $525,000 b. $550,000. c. $400,000. d. $600,000. 11. Use the following data to determine the total dollar amount of assets to be classified as current Carne Auto Supplies Balance Sheet December 31, 2014 S 35,000 50,000 70,000 40,000 90,000 95,000 S 65,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities 10,000 165,000 $120,000 $370.000 $535000 Accounts receivable Prepaid insurance Stock investments $115,000 Buildings Less: Accumulated Common stock Retained eamings 85,000 Total stockholders' equity Total liabilities and Trademarks Total assets stockholders equity

Answer & Explanation Solved by verified expert

See Answer