Exam 1: Introduction to Financial Statements

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Marvin Services Corporation had the following accounts and balances: Accounts payable \ 30,000 Equipment \ 35,000 Accounts receivable 5,000 Land 35,000 Buildings ? Unearned service revenue 10,000 Cash 15,000 Total stockholders' equity ? If the balance of the Buildings account was $85,000, what would be the total of liabilities and stockholders' equity?

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An auditor is an accounting professional who conducts an independent examination of the accounting data presented by a company.

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Which of the following is not a liability?

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