Week 1 Quiz Answers
A company acquires equipment for $75,000 cash. This represents a(n):
An account's balance is the difference between the total debits and total credits for the
account, including any beginning balance.
If the assets of a business increased $89,000 during a period of time and its liabilities
increased $67,000 during the same period, equity in the business must have:
Which of the following combinations results does not result in the same amount of net
income reported on the income statement?
The assets of a company total $700,000; the liabilities, $200,000. What is the amount of
The accounting equation implies that: Assets + Liabilities = Equity.
If Tyrol Willow, the owner of Willow Hardware, withdraws cash of the business to