Question: Question 10 Can financial statements be prepared directly from the adjusted tabular summary? A. They cannot. A separate list must be used. B. They can

Question 10 Can financial statements be prepared directly from the adjusted

Question 10 Can financial statements be prepared directly from the adjusted tabular summary? A. They cannot. A separate list must be used. B. They can because the adjusted tabular summary reflects the adjusted balance to retained earnings C. Yes, adjustments have been recorded. D. No, adjusted tabular summary merely proves the equality of the basic accounting equation after adjustments are recorded. It has no other purpose. Question 11 Given the following adjusted tabular summary amounts: Cash $835 Accounts receivable $1023 Inventory $1579 Prepaid rent $44 Equipment $184 Accumulated depreciation-equipment $28 Accounts payable $42 Unearned service revenue $92 Common stock $135 Retained earnings $3320 Service revenue $ 151 Interest revenue $27 Salaries and wages expense $90 Travel expense $40 What is the amount of total assets on the balance sheet? (take out accumulated depreciation) A. $3795 B. $3770 C. $3637 D. $3665

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