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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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