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Problem 1: If the beginning Cash account balance was $18,400, the ending balance was $10,200, and total cash received during the period was $44,000, what amount of cash was paid out during the period?
Select one:
a. $52,200
b. $35,800
c. $ 1,800
d. $42,400
e. None of the above
Problem 2: Recording the borrowing of money for which a note is signed involves:
a. Increasing Cash and decreasing Notes Receivable
b. Increasing Cash and increasing Accounts Payable
c. Increasing Cash and increasing Service Fees Earned
d. Increasing Cash and increasing Notes Payable
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ABC Incorporated's statement of financial position. If ABC's accounting period ends on February 28, how much equity on assigned accounts would be disclosed?
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During March, two cars are sold for $11,000 each. Ted determines that at March 31, the $13,000 car is still on hand. What is Ted's gross profit for March?
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