Ending liabilities are 69,250, beginning equity was $88,500, common stock issued during year totaled $32,500, expenses...

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Ending liabilities are 69,250, beginning equity was $88,500, common stock issued during year totaled $32,500, expenses for th

Multiple Choice $217,200 $155,850 $136,600 $157750 $253,950

Computed by multiplying net income by average total assets. Computed by dividing net income by average total assets. Used in

Congress passed the Sarbanes-Oxley Act to

Multiple Choice Force auditors to attest to the absolute accuracy of the financial statements. Provide jobs to U.S. accountan

If a company pays cash to purchase land, the journal entry to record this transaction will include a debit to Cash. True or F

Multiple Choice To measure the amount of equity relative to the expenses. Only by banks when a business applies for a loan. T

Source documents: Multiple Choice Include the chart of accounts. Are the origins of accounting information Are based on accou

Multiple Choice Classified as liabilities on the balance sheet. Assets that represent prepayments of future expenses. Payment

Multiple Choice The total of the credit side of the account. О O Always a credit. The total of the debit side of the account.

business accounting

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Answer 1

Answer #1

Beginning assets = Beginning liabilities + Beginning equity

225100 = Beginning liabilities + 88500

Beginning liabilities = 225100 - 88500

= $136,600

The formula to calculate return on asset is:

Net income/Average total assets X 100

Answer: Computed by dividing net income by average total assets.

This act was passed to protect the investors from fraudulent activities relating to the misrepresentation of financial reporting.

Answer: Help curb financial abuses at companies that issue their stock to the public.

Cash is a current asset so it has a normal balance as debit. Any increase in cash will be debited and any decrease in cash will be credited. When cash is paid to purchase an asset, cash decreases. Thus cash will be credited.

Answer: False

As per policy, I can solve first full question or four sub parts of a question.

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Answer 2

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