Midterm Exam 1 Review - Midterm Examination 1 Review 1 On...

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Midterm Examination 1 Review: 1. On December 31, 2006, ABC Inc. had Total Assets of $252,500, and Total liabilities were $146,800. During the year 2007, the company issued additional common stock to its shareholders for $25,000, and paid dividends of $3,800. In addition, revenues earned for the year 2007 were $19,000 and expenses incurred were $12,500. If the total Assets at December 31, 2007 were $265,000, what were total liabilities at December 31, 2007? $131,600
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Midterm Examination 1 Review: 2. At the end of the year 2006, XYZ Inc had the following balances in their accounts. Accounts Payable ...................................... $50,00 0 Cash .......................................................... 80,000 Accounts Receivable ................................ 70,000 Rent Expense ............................................ 60,000 Capital Stock ............................................. 90,000 Service Revenue ....................................... 70,000 During January 2007, the company collected $40,000 of its accounts receivable and paid $10,000 of its accounts payable. If a Trial balance is prepared, after these transactions are posted, what would the totals of XYZ Inc.’s trial balance be? $200,000 What were total Assets at the end of 2006 and what are total Assets at the end of January 2007? $ 150,000; $140,000
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Midterm Examination 1 Review: 3. The Net Income of PQR Inc before making the year end adjustments was
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