29 Jun Question 1.Hardin Company began operations in 2010. Du
Question
1.Hardin Company began operations in 2010. During the year, the following cash transactions
occurred:
Issued stock for $40,000
Borrowed $24,000 from bank
Provided services to customers for $53,000 cash
Paid back $8,000 of the loan from the bank
Paid rent expense, $9,000
Paid operating expenses, $29,000
Assuming that Hardin engaged in no transactions during the year other than those listed above, what was the amount of net income or loss for the year? (Points : 2)
$19,000 net income
$15,000 net income
$12,000 net income
$11,000 net loss
Question 2.2.Dale Company purchased land costing $2,400 by paying cash. The company earned $2,000 revenue on account and incurred $1,100 of operating expenses on account. As a result of these transactions: (Points : 2)
Total assets increased by $2,400.
Liabilities increased by $1,100.
Total assets increased by $5,400.
Both A and B.
Question 3.3.Liabilities are: (Points : 2)
claims of creditors.
the owner’s interest in the company.
claims of investors.
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