Acc 201 Sample Test 1form 2 page 5

Acc 201 Sample Test 1form 2 page 5 - B. Total Assets...

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16. On 12/31/07 Don's Dentist's Inc. failed to recognized depreciation on equipment it use in his business. What is the effect of this error on Total Assets, Total Liabilities, and Total Stockholders' Equity? A. Total Assets overstated, Total Liabilities unaffected and Total Stockholders’ Equity understated B. Total Assets overstated, Total Liabilities unaffected, and Total Stockholders’ Equity overstated C. Total Assets understated, Total Liabilities unaffected, and Total Stockholders’ Equity unaffected D. Total Assets understated, Total Liabilities increase, and Total Stockholders’ Equity unaffected E. Total Assets unaffected, Total Liabilities unaffected, and Total Stockholders’ Equity unaffected 17. On 1/15/07 Shelley's Motel received a $100 deposit from a customer that will be staying at her motel in February. What is the effect of this transaction on Total Assets, Total Liabilities, and Total Stockholders' Equity? A. Total Assets decrease, Total Liabilities decrease, and Total Stockholders’ Equity decrease
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Unformatted text preview: B. Total Assets decrease, Total Liabilities unaffected, and Total Stockholders Equity decrease C. Total Assets unaffected, Total Liabilities increase, and Total Stockholders Equity unaffected D. Total Assets increase, Total Liabilities increase, and Total Stockholders Equity unaffected E. Total Assets unaffected, Total Liabilities unaffected, and Total Stockholders Equity unaffected 18. Katies Caramel and Candy Apples began operations on 1/1/07 and had the following transactions occur during 2007: Stock was issued for $15,000 cash. Supplies worth $12,000 were purchased with cash, by year-end only $3,000 of the supplies were available to be used in 2008. Sold $20,000 worth of coated apples; all collected in cash. Based on the above information for Katie, what was stockholders equity at the end of 2007? A. $15,000 B. $29,000 C. $26,000 D. $35,000 E. $23,000 1 2...
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This note was uploaded on 03/19/2008 for the course ACCT 201 taught by Professor Anothony during the Fall '07 term at Michigan State University.

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Acc 201 Sample Test 1form 2 page 5 - B. Total Assets...

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