Could use some help with answering questions #1-6. Thank you(:
Homework Answers
1. Option (a) is correct
Creditors balnce is given in the Balance sheet.
2. Option (b) is correct
Profit earned is calculated and shown in the income statement.
3. Option (d) is correct
The Balance sheet shows a company's financial position at a particular poit in time.
4. Option (b) is correct
As per accounting equation:
Total assets = Liabilities + Retained earnings + Common stock
$480 = Liabilities + $160 + $140
$480 = Liabilities + $300
Liabilities = $480 - $300 = $180m
5. Option (b) is correct
Wages payable is a liability.
6. Option (c) is correct
Assets will increase because supplies will be added to the assets
Liabilities will also increase because accounts pyabale will increase.
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Could use some help with answering questions #1-6. Thank
you(:
1. If Tom wants to know...
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