Question 5 1 pts Bingo LLC started operating its business on January 1, 2024. By December 31, 2024, total assets increased by $227,500 and total liabilities decreased by $280,000. What is the net effect on total stockholder's equity during 2024? $507,500 decrease $52,500 decrease $507,500 increase $52,500 increaseQuestion 7 1 pts The entity assumption states that: O Assets should be recorded at their actual cost on the date of purchase To be useful, financial information should be reported on a timely basis An organization will continue to operate for the foreseeable future An organization stands apart from other organizations and individuals as a separate economic unitLand 125,000 Note payable due within 6 months 90,000 Prepaid rent 80,000 Retained earnings 505,000 Sales 900,000 Selling and administrative 9,000 expenses Supplies 81,000 Unearned revenue 123,000 BOA's total assets on December 31, 2024 areBOA Bank reported these balances as of December 31, 2024 (in absolute numbers): Accounts payable $100,000 Accounts receivable 350,000 Accumulated depreciation, equipment 75,000 Cash 500,000 Common stock 377,000 Cost of goods sold 675,000 Dividends 50,000 Equipment 300,000Question 22 1 pts Calix Company sold $25,000 of merchandise to a customer in cash and recorded the sale by debiting Accounts Receivable and crediting Sales. That entry needs to be corrected by: Debiting Sales $25,000, crediting Accounts Receivable $25,000 Debiting Cash $25,000, crediting Accounts Receivable $25,000 Debiting Accounts Receivable $25,000, crediting Cash $25,000 O Debiting Sales $25,000, crediting Cash $25,000n September 1, 2024, ALLIES Corp. purchased a two-year insurance policy for 126,000 with coverage beginning immediately. What is the balance of Prepaid surance on December 31, 2025? $42,000 O $21,000 $84,000 $105,000Question 27 1 pts LENNAR Holdings received $28,800 from a tenant on November 1, 2024, for advanced rent for the period November 1, 2024 through March 31, 2025. What adjustment entry would be made on December 31, 2024? Debit Unearned Rental Revenue $17,280 Credit Rental Revenue $17,280 Credit Rental Revenue $11.520 Credit Unearned Rental Revenue $11.520Question 29 1 pts Mindcraft Co. started the year with $1,750 of supplies. During the year, the company purchased an additional $1,860 of supplies. There was $550 of supplies on hand at the end of the year. How much Supplies Expense did the company report that year: $660 $1,860 $550 $3,060 NextQuestion 37 1 p What is LUNA Inc.'s current ratio based on the facts below (rounded)? Current assets $70,000 Long-term assets $400,000 Current liabilities $35,000 Long-term liabilities $120,000 Total stockholder's equity $315,000 O 0.45 O 3.03 O 2.00 O 0.33 IculatoQuestion 39 1 pts PEARSON Financial Services reported retained earnings of $860,000 on its December 31, 2023 balance sheet. Net income for 2024 totaled $330,000, and dividends declared for 2024 were $280,000. How much retained earnings should PEARSON report on its December 31, 2024 balance sheet? O $910,000 $860,000 O $810,000 O $1,470,000 NextQuestion 50 1 pts HARRIS Enterprises is in the process of reconciling its bank account for the month of November. The following information is available: Cash balance per books (general ledger) $ 4,708 Cash balance per bank statement $ 5,822 Outstanding checks 1,590 A deposit placed in the bank's night 680 depository on November 30 does not appear on the November 30 bank statement 20 Bank service charge $ 200 Customer's note receivable collected by the bank Calculator OJ Webca nt DetailsBank service charge $ 20 Customer's note receivable collected by the bank $ 200 Interest earned on bank balance 24 What would be the adjusted cash balance at the end of November? O $4,912 O $5,822 O $4,636 O $6,277book? On a bank reconciliation, which of the following would decrease the balance pe Outstanding checks. O EFT receipt of dividend revenue. O EFT payments to vendors. O Deposits in transit. Next(O Segregation of duties (O Competent and reliable personnel | (O Adequate records () Proper approvals