This preview shows page 1. Sign up to view the full content.
Unformatted text preview: Equipment $22,000 Total Liabilities = $49,000 + Land $50,000_______________ Total Assets = $95,000 Net income Service Revenue $70,000 (Salary Expense $21,000) (Rent Expense $10,000) + (Utilities Expense $1,000) Net income = $38,000 S2-11) 1. H 6. I 2. A 7. B 3. C 8. F 4. D 9. G 5. J 10. E E2-15) a. increased cash f. increased - cash b. no effect g. decreased - cash c. no effect h. increased - PPE d. increased cash i. increased - inventory e. no effect j. decreased cash...
View Full Document
This note was uploaded on 01/06/2012 for the course BUSINESS 214 taught by Professor Michellebissonette during the Winter '10 term at Cal Poly.
- Winter '10
- Financial Accounting