Homework Answers
Answer: A) $10,000 decrease
.
Net income = Revenue - Expenses = $120,000 - $70,000 = $50,000
The net change in owners equity = Net income - Withdrawals = $50,000 - $60,000 = ($10,000)
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Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
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