solution to mock exam 1

solution to mock exam 1 - 13. A $150,000 - $85,000 =...

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1. A 2. A 3. B 4. A 5. D 6. D 7. C 8. E 9. C $15,000 + $70,000 + $50,000 + $35,000 = $170,000 10. A Assets = $15,000 + $70,000 + $50,000 + $35,000 = $170,000 Liabilities = $40,000 + $20,000 = $60,000 Owners' equity = $170,000 - $60,000 = $110,000 Retained earnings = $110,000 - $100,000 = $10,000 11. B $100,000 + $30,000 - X = $105,000 => X = $25,000 12. D Assets = $400,000 + $100,000 = $500,000 Liabilities = $250,000 + $40,000 = $290,000 Owners' equity at year end = $500,000 - $290,000 = $210,000 Net income = $210,000 - $150,000 + $30,000 = $90,000
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Unformatted text preview: 13. A $150,000 - $85,000 = $65,000 14. B ($30,000 + $21,000 + $25,000)/($14,000 + $24,000) = 2.0 to 1 15. B (3 $24,000) - $24,000 = $48,000 16. B $800 20% = $160; $800 25% = $200 17. A 18. B 19. B $1,800 + $4,000 - $1,300 = $4,500 20. A $5,000 + $100,000 = $105,000 21. B 22. D $9,000 x 2/3 = $6,000 23. B $150,000 10% 7/12 = $8,750 24. B $30,000/5 1/12 = $500 25. A Solution to Mock exam 1...
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