Answer:
Total Assets=$18,170 Networth=Assets-Liabilites=$15,855
Total Liabilties=$2,315 Cash Outflows =$3,925
Cash Inflows=$0
Explanation:
Total Assets
Checking Account 450.00
Savings Account 1,890.00
Automobile 7,800.00
Loan payment (80.00)
Household Possession 3,400.00
Stereo Equipment 2,350.00
Computer 1,500.00
Stock Investment 860.00
18,170.00
Total Liabilties
Loan 2,160.00
Credit balance 235.00
Loan payment (80.00)
2,315.00
Networth=$18,170-$2.315=$15,855
Cash Outflows
Rent 650.00
Salaries 1,950.00
Food 450.00
telephone 65.00
Insurance 230.00
Electricity 90.00
Lunch/Parking 180.00
Donation 70.00
Purchase 110.00
Restaurant Spending 130.00
3,925.00
Cash Inflows=$0
Answer:
B. Debit Notes Receivable $4,000; credit Sales $4,000
Explanation:
Notice we are asked for hthe entry in the supplier's book:
The supplier will take the note thus, it will ahve a note receivable as in the future it expect to receive a cashflow.
The interest will be accrued over time, so are ignored for the moment
The supplier also has to recognize the amount of sales revenue earned with the sale.
Answer: D.The Partnership may be sued as as the partner and the partners' liability unlimited
Explanation:
The Partnership may be sued as as the partner and the partners' liability unlimited
A partnership is not recognized as a legal entity, in a starndard partnership agreement Partners in a partnership are Personally liable. They are jointly and severally liable for the debts of the Partnership. Their personal belongings may be claims in order to settle the liabilities of the partnership
