Accounting Workbook For Dummies 1st Edition John A. Tracy - Solutions

What would be the amount of accrual-basis cost of products sold expense for the year if the business’s cost of products held in inventory at year-end had been $95,000?Solve It
What would be the amount of accrual-basis sales revenue for the year if the business’s year-end receivables had been $92,000?Solve It
A business has $175,000 total liabilities. At start-up, the owners invested $250,000 capital. The business has earned $190,000 cumulative profit since its creation, all of which has been retained in the business.What is the total amount of its assets?
A business has $250,000 total liabilities. At start-up, the owners invested $500,000 in the business. Unfortunately, the business has suffered a cumulative loss of $200,000 up to the present time. What is the amount of its total assets at the present time?Solve It
A business has $485,000 total liabilities and$1,200,000 total owners’ equity. What is the amount of its total assets?Solve It
Which of the following is the normal way to present the accounting equation?a. Liabilities = Assets – Owners’ equityb. Assets – Liabilities = Owners’ equityc. Assets = Liabilities + Owners’ equityd. Assets – Liabilities – Owners’ equity = 0 Solve It

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