Multiple Choice
Katie's Vegetarian Restaurant, with total Assets of $121,000, borrows $27,000 from the bank. Which of the following is a true statement upon borrowing the money?
A) Total Assets are now $148,000.
B) Total Assets are now $94,000.
C) Total Assets are now $175,000.
D) Total Assets are now $121,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q2: If total liabilities increased by $10,000 and
Q3: Revenue is the same thing as cash.
Q4: Creditors' claims against Assets are called Liabilities.
Q5: Mike's Photography completes the following transactions:<br>a. Mike
Q6: The increase or decrease in Cash is
Q7: Expenses are recorded as costs of doing
Q8: A partnership is a business which:<br>A) is
Q9: Ryan withdrew cash from the business to
Q10: If Ol' Fashioned Toys' Revenues are greater
Q11: Cash withdrawals by the owner increase both