quiz-1-solution(ch1,2+)

quiz-1-solution(ch1,2+) - 70-122 Fall 2007 Introduction to...

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70-122 Fall 2007 Name_______________ Introduction to Accounting Section_____________ Professor Nan Quiz 1 Instructions: This is a close-book, close-notes quiz. You are allowed to use a non-programming calculator. There are two required parts with totally 100 points (Part I and II). Partial credits will be awarded for Part II. Make sure your name and section are legible and your answer is neatly presented. Part I: Circle the right answer (30 points, 6 points each) 1. In the 2006 balance sheet of Sarah Co., total assets is $50,000, stockholders’ equity is $25,000, and current assets is $30,000. Jessica Co. does not have long-term liabilities. What is its working capital for 2006? A. 50,000 B. 25,000 C. 20,000 D. 5,000 2. Black Diamond Co. reported the following in 2005 financial statements: total assets $85,000, total liabilities $35,000, contributed capital $20,000, net income $40,000. What was the retained earnings?
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