Module 1 Practice Assessment.docx - Module 1 Practice...

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Module 1 Practice Assessment1.A list of assets, liabilities, and owners' equity as of a specific date is a(n):Select one:a. income statement. b. balance sheet. c. statement of cash flows. d. retained earnings statement.
2. Debts owed by a business are referred to as:
3. Given the following list of accounts, calculate Total Assets:Accounts Receivable$ 10,000Capital Stock20,000Cash25,300Equipment16,800Fees Earned44,400Miscellaneous Expense17,800Rent Expense3,250Retained Earnings7,850Salaries Expense15,400Wages Expense15,000
4. Hofnim, Inc. had the following account balances on September 30, 2016. What is Hofnim's netincome for the month of September?Accounts Payable$ 9,900Capital Stock15,000Cash19,600Equipment19,100Fees Earned64,000Miscellaneous Expense19,700Rent Expense5,100Retained Earnings5,000Wages Expense16,450

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