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Problem 1: Which of these is an asset?
A. Income tax payable
B. Asset revaluation reserve
C. Interest earned on investments
D. Income received in advance
E. None are assets
Accounts for ABC are as follows:
Cash $4,000Bank overdraft 11,000Creditors 3,000Inventory 2,700Debtors 8,100Furniture 4,500Loan payable 15,000Car 12,000
Problem 2: Owner's equity is:
A. $13,300
B. $400
C. $5,300
D. $31,000
E. $2,300
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