solution to mock exam 1

# solution to mock exam 1 - 13 A \$150,000 \$85,000 = \$65,000...

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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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