Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

Penn Foster 06155600: Financial Accounting Study Guide (25 Questions) in $39 only (Instant Download)Penn Foster 06155600: Financial Accounting Study Guide (25 Questions)

1. A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How much does the company have in Assets?

Sample Answer: 

 23500+56500 = 80000

2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company?

3. Theaccount“Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit orcredit?

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