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

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
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
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 4

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

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online