If total liabilities are 18000 and owners equity is

  • Ashworth College
  • ACCT A01V
  • Test Prep
  • psalms23forme
  • 15
  • 100% (10) 10 out of 10 people found this document helpful

This preview shows page 8 - 12 out of 15 pages.

Question 11 of 205.0/ 5.0 PointsIf total liabilities are $18,000 and owner's equity is $21,000, the total assets must be __________.A.$39,000B. $5,000C. $20,000D. $17,000
Question 12 of 205.0/ 5.0 PointsWhich of the following will be recorded in the owner's equity column as an increase?
Question 13 of 205.0/ 5.0 PointsLogan's Motor Sports buys $30,000 of equipment on credit. Which of the following is a true statement?
Question 14 of 205.0/ 5.0 PointsKatie's Vegetarian Restaurant, with total assets of $90,000, borrows $15,000 from the bank. Which of the following is a true statement upon borrowing the money?
Question 15 of 205.0/ 5.0 PointsStrum Hardware has total assets of $50,000. What are the total assets if new equipment is purchased for $10,000 cash?A. $45,000B.$50,000C. $55,000D. $60,000

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture