1. A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How much does the company have in Assets?
1. A company has Liabilities of $23,500 and Stockholders’ Equity of $56,500. How much does the company have in Assets ? 2. Beginning Retained Earnings are $65,000; sales are $29,500; expenses are $33,000; and dividends paid are $3,500. How much is the net income or loss for the company? 3. The account “Salaries Expense” began with a zero balance and then had the following changes: increase of $450, decrease of $175, increase of $600, and an increase of $350. What is the final balance of the “Salaries Expense” account, and is it a debit or credit? 4. A $375 purchase of supplies on account was recorded by debiting Supplies for $375 and crediting Cash for $375. What is the journal entry needed to correct this error? 5. Allied, Inc. bought a two-year insurance policy on August 1 for $3,600. What is the adjusting journal entry on December 31? 6. A company started the year with no supplies. During the year they bought $200 worth of supplies on account and later paid $150 of thi...