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