ACCT 504: Accounting & Finance; Managerial Use & Analysis LATEST Week 8 Final Exam With 100% Correct Answers. MAY QTR. GRADED A+-Guaranteed Pass

ACCT 504: Accounting & Finance; Managerial Use & Analysis LATEST Week 8 Final Exam With 100% Correct Answers. MAY QTR. GRADED A+-Guaranteed Pass 1. Debt & obligations of a business are referred to as a. assets. b. equities. c. liabilities. d. expenses. 2. Which financial statement shows the assets & liabilities of a business as of a given date? a. balance sheet. b. income statement. c. statement of cash flows. d. statement of retained earnings. Use the following information for questions 3 & 4. Johnny’s Detailing Shop started the year with total assets of $60,000 & total liabilities of $40,000. During the year the business recorded $105,000 in revenues, $55,000 in expenses, & dividends of $10,000. 3. Stockholders’ equity at the end of the year was . $60,000. . $50,000. . $40,000. . $45,000. 4. The net income reported by Johnny’s Detailing Shop for the year was . $40,000. . $50,000. . $30,000. . $95,000.