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Homework Help: Accounting

Posted by ummu on Sunday, December 18, 2011 at 2:03am.

O' Hara Company began operations on December 1, 2011. Presented below is selected information related to O' Hara Company at December 31, 2011.

Office Equipment ₤ 40,000; Utilities Expense ₤ 6,000; Cash 14,000; Accounts Receivable 27,000; Service Revenue 108,000; Wages Expense 47,000; Rent Expense 13,000; Notes Payable 10,000; Accounts Payable 16,000; Dividends 15,000; Share Capital 28,000;

1. At December 31, 2011, assets total
a. 54,000.
b. 70,000.
c. 81,000.
d. 97,000.

2. At December 31, 2011, liabilities total
a. 16,000.
b. 26,000.
c. 37,000.
d. 41,000.

3. Net income for the month of December is
a. 27,000
b. 42,000
c. 56,000
d. 66,000

4. Retained earnings at December 31, 2011 is
a. 15,000
b. 22,000
c. 27,000
d. 55,000

5. Equity at December 31, 2011, is
a. 148,000
b. 121,000
c. 93,000
d. 55,000

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