5 accounting multiple choice questions i need the answers now within 15 min now

Question text

At the beginning of 20×6, Split Co.’s shareholders’ equity had a balance of $52562 and liabilities were equal to $18873. During the year 20×6, assets increased by $20393 and liabilities decreased by $9057.

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

At the end of 20×6, what is the balance of Split Co.’s shareholders’ equity account?

Select one:

a. $63898

b. $23112

c. $11336

d. $82012

Question text

PF Co. began business on January 1, 20×10. Below are the transactions that took place during the company’s first month of business:

Jan. 1

The owner invested $68544 in return for 6212 common shares.

Jan. 5

Purchased equipment costing $10312. $4099 was paid immediately and the remainder is due within 60 days.

Jan. 9

Purchased land for $24700 cash.

Jan. 15

Secured a $41302 loan from its bank.

Jan. 20

Another investor purchased 2416 shares of the company for $19921.

What is PF Co.’s shareholders equity balance at the end of January?

Select one:

a. $8628

b. $88465

c. $19921

d. $68544

Question text

Given the following data, what is the balance in the common stock account?

Total assets


Total liabilities


Retained Earnings, beginning


Dividends declared






Select one:

a. $352647

b. $417668

c. $283969

d. $392000

Question text

Aqua Inc. had assets and liabilities at the beginning of the year of $503223 and $344606, respectively. Aqua’s net income for the year was $169283 and dividends were $54041. The assets increased by $47571 during the year. What are Aqua’s total liabilities at the end of the year?

Select one:

a. $229364

b. $276935

c. $338136

d. $175323

Question text

On November 15, 20×2, Trink Ltd. paid $6338 to settle an account payable resulting from the purchase of goods on account in October 20×2. What is the effect of this business transaction on the accounting equation of Trink?

Select one:

a. Assets decrease $6338, liabilities do not change, and equity decreases $6338

b. Assets decrease $6338, liabilities decrease $6338, and equity decreases $6338

c. Assets increase $6338, liabilities increase $6338, and equity does not change

d. Assets decrease $6338, liabilities decrease $6338, and equity does not change