A company was formed with $61,000 cash contributed by its owners in exchange for common stock. The company borrowed $31,000 from a bank. The company purchased $11,000 of inventory and paid cash for it. The company also purchased $71,000 of equipment by paying $10,000 in cash and issuing a note for the remainder.What is the amount of the total liabilities to be reported on the balance sheet?
A. $81,000
B. $92,000
C. $0
D. $61,000
Answer: B
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________ branding is a special case of co-branding involving creating brand equity for materials, components, or parts that are necessarily contained within other branded products
A) Cross B) Ingredient C) Equity D) Family E) Generic
A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Unadjusted Trial Balance Adjustments Debit Credit Debit CreditCash975 Accounts receivable 300 Prepaid insurance3,600 150Supplies180 70Equipment10,320 Accumulated depreciation-equipment 190Accounts payable 1,140 Salaries payable 315Unearned fees 4,500 375 Retained earnings 9,180 Dividends1,650 Fees earned 5,850 375 300Rent expense1,500 Salaries expense2,100 315 Utilities expense345 Insurance expense 150 Supplies expense 70 Depreciation
expense-equipment 190 Totals20,670 20,670 1,400 1,400 A. $1,400. B. $2,060. C. $1,905. D. $1,855. E. $4,670.
The number of orders that will be submitted each year for raw material is given by which formula?
a. Economic order quantity ? order point b. Total annual material needs/economic order quantity c. Order point/economic order quantity d. Total annual material needs/safety stock
Why is it most likely important for Lacey to engage in the confirmation step after closing a sale with Anne?
A) Establish a long-term strategic partnership with Anne. B) Facilitate payment before Anne changes her mind. C) Gather feedback from Anne about the sales process. D) Prevent Anne from having buyer's remorse. E) Ensure that Anne provides many referrals.