Patrick recorded $$85,000$ in assets and $$62,000$ in equity on a balance sheet.

What is the total of Patrick's liabilities?

A$.)$

$$23,000$

B$.)$

$$124,000$

C$.)$

$$31,000$

D$.)$

$$150,000$

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A$.)$

Todd reviewed a report from a board member that gave information about the firm$$s investments.

B$.)$

Alice created a report that listed information about the firm$$s assets, liabilities and equity for the month of June.

C$.)$

Paul presented a report to the firm that detailed return on investments for the first quarter of the fiscal year.

D$.)$

Stacey generated a report that described the firm's profitability from the last year.

A$.)$

A document that shows how much money the owner invested in the past year

B$.)$

A document that presents information about the firms assets, liabilities and owner's equity

C$.)$

A document that presents the revenues and expenses for the business for the past year

D$.)$

A document showing all the transactions that were recorded in the past year

Service Revenue: $$25,000$

Interest Revenue: $$2,000$

Cash: $$4,000$

Accounts Receivable: $$5,000$

Office Supplies: $$3,000$

Salaries Payable: $$4,000$

Wages Expense: $$5,000$

Rent Expense: $$4,000$

Utilities Expense: $$2,000$

Using this data, determine the$$net profit or loss for Seth's bakery.

A$.)$

Net Loss of $$16,000$

B$.)$

Net Loss of $$21,000$

C$.)$

Net Profit of $$16,000$

D$.)$

Net Profit of $$2,000$

A$.)$

Relocate the temporary net income to equity$$

B$.)$

Adjust the$$total to account for net loss

C$.)$

Debit the expense accounts

D$.)$

Consider only the$$revenue and expense accounts

What would the adjusting entry be$?$

A$.)$

Insurance Expense debited and Accounts Payable credited, both for $$1,000.$

B$.)$

Insurance Expense debited and Prepaid Insurance credited, both for $$1,000.$

C$.)$

Insurance debited and Insurance Expense credited, both for $$1,000.$

D$.)$

Insurance Expense credited and Prepaid Insurance debited, both for $$1,000.$