Master Module Week 1 Quiz thingy

Master Module Week 1 Quiz thingy - $16,000 Wage Expense...

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[Type text] [Type text] Please select the option that best identifies two accounts that are classified as assets Inventory and Equipment Which Liability account would hold the balance of wages due but not yet paid? Wages Payable Which income statement account reports how much interest was incurred during the year? Interest Expense Amy Woods earned revenues of $49,000 and collected $24,000 in cash from customers in 2008. She also spent $5,000 on land and $22,000 on expenses. Calculate Amy Woods Net Income for 2008 Amount of Net Income: $27,000 Wednesday Rice has the following financial information as of December 31, 2008: Accounts Payable: $2,000 Accounts Receivable: $4,000 Cash: $9,000 Depreciation Expense: $2,500 Equipment: $17,000 Interest Expense: $1,500 Notes Payable: $12,000 Sales Revenue: $60,000 Selling Expense:
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Unformatted text preview: $16,000 Wage Expense: $29,000 Wages Payable: $5,000 Amount of Net Income: $11000 Wednesday Rice has the following financial information as of December 31, 2008: Accounts Payable: $2,000 Accounts Receivable: $4,000 Cash: $9,000 Depreciation Expense: $2,500 Equipment: $17,000 Interest Expense: $1,500 Notes Payable: $12,000 Sales Revenue: $60,000 Selling Expense: $16,000 Wage Expense: $29,000 Wages Payable: $5,000 What are the total Liabilities as of December 31, 2008? Total Liabilities: $19,000 Buds Microbrewery had the following account balances as of December 31, 2007: Accounts Receivable: $5,000 Cash: $2,000 Land: $42,000 Equipment: $15,000 Inventory: $7,000 Calculate the Total Current assets as of December 31, 2007 Amount of Total Current Assets: $14000...
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This note was uploaded on 07/16/2011 for the course ACCT 212 taught by Professor Song during the Spring '11 term at DeVry Kansas City.

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Master Module Week 1 Quiz thingy - $16,000 Wage Expense...

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