4. On its Balance Sheet, a company reports Total Assets of $480 million, Retained Earnings of $160 million and Common Stock of $140 million. What amount is reported on the balance sheet for Total Liabilities? a. $340 million b. $180 million c. $320 million d. $300 million 5. Which of the following accounts is classified as a LIABILITY on the balance sheet? Rent Expense b. Wages Payable c. Prepaid Insurance а. d. Retained Earnings 6. A company purchased supplies on account. What is the effect of this transaction on the accounting equation? a. increase assets and decrease liabilities. b. increase liabilities and increase stockholders' equity. increase assets and increase liabilities. с. d. decrease assets and increase liabilities.

4. On its Balance Sheet, a company reports Total Assets of $480 million, Retained Earnings of $160 million and Common Stock of $140 million. What amount is reported on the balance sheet for Total Liabilities? a. $340 million b. $180 million c. $320 million d. $300 million 5. Which of the following accounts is classified as a LIABILITY on the balance sheet? Rent Expense b. Wages Payable c. Prepaid Insurance а. d. Retained Earnings 6. A company purchased supplies on account. What is the effect of this transaction on the accounting equation? a. increase assets and decrease liabilities. b. increase liabilities and increase stockholders' equity. increase assets and increase liabilities. с. d. decrease assets and increase liabilities.

Name: 4. On its Balance Sheet, a company reports Total Assets of $480 milli
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Description: 4. On its Balance Sheet, a company reports Total Assets of $480 million, Retained Earnings of $160 million andCommon Stock of $140 million. What amount is reported on the balance sheet for Total Liabilities?a. $340 millionb. $180 millionc. $320 mill

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 24BE: Brief Exercise 1-24 The Accounting Equation Financial information for three independent cases is as...

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