QuestionPart 1 of 1 –                                                                                                     95.0/ 100.0 PointsQuestion 1 of 20                                                

12 May QuestionPart 1 of 1 –                                                                                                     95.0/ 100.0 PointsQuestion 1 of 20                                                

Question

Part 1 of 1 –                                                                                                     95.0/ 100.0 Points

Question 1 of 20                                                                                             5.0/ 5.0 Points

Ryan withdrew cash from the business to pay his personal cell phone bill. The expanded accounting equation changes include __________.

A. increase in both cash and withdrawal

B. decrease in both cash and withdrawal

C. decrease in cash and increase in withdrawal

D. increase in cash and decrease in withdrawal

Question 2 of 20                                                                                             5.0/ 5.0 Points

Which of the following items are on both the balance sheet and the statement of owner’s equity?

A. Net loss

B. Capital

C. Additional owner’s investments

D. Owner’s withdrawals

Question 3 of 20                                                                                             5.0/ 5.0 Points

BPK Industries has a net income for the period of $2,500. The balance in the Owner’s Capital account for the beginning of the period is $5,000 and the owner has withdrawn $1,650 for personal expenses. The balance in the Owner’s Capital account at the end of the period will be __________.

A. $5,850

B. $7,500

C. $850

D. $9,150

Question 4 of 20                                                                                             5.0/ 5.0 Points

If beginning capital was $110,000, ending capital is $95,000, and the owner’s withdrawals were $10,000, the amount of net income or net loss was __________.

A. net income of $5,000

B. net income of $15,000

C. net loss of $15,000

D. net loss of $5,000

Question 5 of 20                                                                                             5.0/ 5.0 Points

A company has $4,500 in its Revenue account at the end of a period. The Expenses are as follows: Rent, $750; Utilities, $150; Salaries, $2,400; Insurance, $225. The net income (loss. for the period is __________.

A. $3,600

B. ($2,100.

C. $975

D. ($1,425.

Question 6 of 20                                                                                             5.0/ 5.0 Points

The financial statement that shows business results in terms of revenue and expenses is __________.

A. an income statement

B. a balance sheet

C. a statement of owner’s equity

D. the statement of cash flows

Question 7 of 20                                                                                             5.0/ 5.0 Points

Go Blue Retail Store collected $12,000 of its accounts receivable. The expanded accounting equation changes include __________.

A. cash and capital increase, $12,000

B. cash and revenue increase, $12,000

C. cash increases and accounts receivable decreases $12,000

D. accounts receivable decreases and capital increases $12,000

Question 8 of 20                                                                                             5.0/ 5.0 Points

When services are rendered but payment is not made, which account would be increased?

A. accounts receivable

B. accounts payable

C. cash

D. withdrawal

Question 9 of 20                                                                                             5.0/ 5.0 Points

Which of the following is not one of the four basic financial statements?

A. Statement of Cash Flows

B. Income Statement

C. Statement of Company Position

D. Balance Sheet

Question 10 of 20                                                                                           5.0/ 5.0 Points

An expense should be recorded when __________.

A. the bill is paid

B. the expense is incurred