quiz_1-form_2 - SAMPLE QUIZ 1-FORM 2 1. Assets for Bishop's...

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1. Assets for Bishop’s Bowling might include a. Cash, accounts payable, and notes payable b. Cash, retained earnings, and accounts receivable c. Cash, accounts receivable, and inventory d. Inventory, property and equipment, and contributed capital 2. If you wanted to know (without looking elsewhere) how much of its net income a corporation distributed as dividends, which financial statement would be the best one for you look at? a. Balance sheet b. Income statement c. Statement of cash flows d. Statement of retained earnings 3. At January 1, 2007, Min’s Mini Minivans had Total Assets of $12,000 and Total Stockholders’ Equity of $5,000. On January 2, 2007, the following two transactions took place: Paid cash dividends of $1,000 Purchased a new office copy machine for $1,500; the entire amount is to be paid on June 30, 2007. What are Min’s Total Assets and Total Stockholders’ Equity after these two transactions are recorded? Total Assets
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This note was uploaded on 04/02/2008 for the course ACCT 201 taught by Professor Anothony during the Spring '07 term at Michigan State University.

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quiz_1-form_2 - SAMPLE QUIZ 1-FORM 2 1. Assets for Bishop's...

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