Exam_1_Review_Answers

Exam_1_Review_Answers - CHAPTERS 1 AND 2 Multiple Choice 1....

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Multiple Choice 1. c 4. c 7. c 10. a 13. a 2. b 5. d 8. b 11. b 14. b 3. a 6. b 9. d 12. b Matching: Financial Statement Analysis 1. D 5. A 2. E 6. C 3. F 7. H 4. B 8. G Short Problems A. Ending stockholders’ equity, 12/31/07 . ..................................... $175,000 Beginning stockholders’ equity, 1/1/07 . .................................... 150,000 Increase in stockholders’ equity. ................................................ 25,000 Dividends paid during 2007 . ..................................................... 30,000 55,000 Investments during 2007 . ......................................................... 15,000 Net income in 2007 . .................................................................. $ 40,000 B. Total liabilities, $25,000 (Beginning of year). Total stockholders’ equity, $45,000 (End of year). Expenses during the year, $40,000. Types of Accounts Stockholders’ Asset Liability Equity 1. 2. 3. 4. 5. 6. 7. 8. 9.
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Exam_1_Review_Answers - CHAPTERS 1 AND 2 Multiple Choice 1....

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