quizz 1.6 - 1. If the assets owned by a business total...

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1. If the assets owned by a business total $100,000 and liabilities total $70,000, stockholders’ equity totals $30,000. A) True B) False Points Earned: 5.0/5.0 Correct Answer(s): True 2. Which of the following financial statements is concerned with the company at a point in time? A) Statement of cash flows. B) Retained Earnings statement. C) Balance sheet. D) Income statement. Points Earned: 5.0/5.0 Correct Answer(s): C 3. Gibson Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $150,000 from customers. What was Gibson’s net cash provided by operating activities? A) $50,000 B) $10,000 C) $46,000 D) $60,000 Points Earned: 0.0/5.0 Correct Answer(s): A 4.
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An income statement A) reports the assets, liabilities, and stockholders’ equity at a specific date. B) reports the changes in assets, liabilities, and stockholders’ equity over a period of time. C) summarizes the changes in retained earnings for a specific period of time. D)
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quizz 1.6 - 1. If the assets owned by a business total...

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