9. Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of...

 

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9. Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $140,000 and $50,000, respectively. During the year, there were no new capital contributions and the owner withdrew $70,000. Calculate the amount of increase or decrease in owner's equity for the year. A) a $20,000 increase B) a $80,000 increase C) a $60,000 decrease D) a $70,000 increase 10. Green Lawns Company earned $500 for landscaping services rendered. The customer promised to pay at a later time. Which of the following accounts increased as a result of this transaction? A) Accounts Payable B) Supplies C) Cash D) Accounts Receivable 9. Metropolitan Casting Services started the year with total assets of $110,000 and total liabilities of $50,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $140,000 and $50,000, respectively. During the year, there were no new capital contributions and the owner withdrew $70,000. Calculate the amount of increase or decrease in owner's equity for the year. A) a $20,000 increase B) a $80,000 increase C) a $60,000 decrease D) a $70,000 increase 10. Green Lawns Company earned $500 for landscaping services rendered. The customer promised to pay at a later time. Which of the following accounts increased as a result of this transaction? A) Accounts Payable B) Supplies C) Cash D) Accounts Receivable

Answer rating: 100% (QA)

ANSWER 9 A 20000 increase Owners Equity at the beginning Total Assets Total Liabilities 110000 5000... View the full answer