What is the amount of abc- owner- equity
1. on December 1, ABC Co. hired Juanita perez to begin working on January 2 at a monthly salary of $4,000. ABC- balance sheet of December 31 will show a liability of
a) $4,000
b) $48,000
c) No liability
2. ABC Co. has current assets of $50,000 and total assets of $150,000. ABC has current liabilities of $30,000 and total liabilities of $80,000. What is the amount of abc- owner- equity?
a) $20,000
b) $30,000
c) $70,000
d) $120,000
3. the amount reported on the balance sheet for property. Plant and equipment is the company- estimate of the fair market value as of the balance sheet date,
a) True
b) False
4. the financial statement that reports the revenue and expenses for a period of time such as a year or a month is the
a) Balance sheet
b) Income statement
c) Statement of cash flows
5. the financial statement that reports the assets, liabilities and stockholders’ (owner-) equity at a specific date is the
a) Balance sheet
b) Income statement
c) Statement of cash flows
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