FA08Quiz1Key - An appraiser valued the building at...

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Introduction to Accounting Quiz 1 Name: Fall, 2008 1. For each of the following transactions, indicate the impact on total assets, total liabilities, and total shareholders’ equity by using “I” for increase, “D” for decrease, and “N” for no effect. Record only valid accounting transactions. Assets = Liabilities + Shareholders’ Equity a. Issued common stock and received cash b. Purchased inventory on account (agreeing to pay in the future) c. Purchased a building paying with cash d.
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Unformatted text preview: An appraiser valued the building at significantly more than its cost 2. Find the missing amounts on the following balance sheet. a. Retained Earnings = _____ b. Accounts Payable = _____ c. Total Assets = _____ d. Inventory = _____ XYZ Company Balance Sheet as of 12/31/06 Cash $50 Accounts Payable $ b? Accounts Receivable 100 Other Liabilities 50 Inventory d? Total Liabilities $125 Total Assets c? Common Stock 120 Retained Earnings a? Total Liabilities and Shareholders’ Equity $275...
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This note was uploaded on 01/20/2012 for the course ACCOUNTING 101 taught by Professor Unknown during the Spring '08 term at Carnegie Mellon.

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