Week 1 Quiz.docx - Week 1 Quiz Answers 1 A company acquires...

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Week 1 Quiz Answers 1. A company acquires equipment for $75,000 cash. This represents a(n):
2. An account's balance is the difference between the total debits and total credits for the account, including any beginning balance.
3. 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:
4. Which of the following combinations results does not result in the same amount of net income reported on the income statement?
5. The assets of a company total $700,000; the liabilities, $200,000. What is the amount of equity?
6. The accounting equation implies that: Assets + Liabilities = Equity.
7. If Tyrol Willow, the owner of Willow Hardware, withdraws cash of the business to

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