Solution-What is the balance that would be reported for

What is the balance that would be reported for owner equity

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Reference no: EM132462983

Problem - The following items are taken from the financial statements of Cerner Company for the year ending December 31, 2008:

Accounts payable	$18,000
Accounts receivable	11,000
Accumulated depreciation - equipment	28,000
Advertising expense	21,000
Cash	15,000
Cerner, Capital (1/1/08)	102,000
Cerner, Drawing	14,000
Depreciation expense	12,000
Insurance expense	3,000
Note payable, due 6/30/09	70,000
Prepaid insurance (12-month policy)	6,000
Rent expense	17,000
Salaries expense	32,000
Service revenue	133,000
Supplies	4,000
Supplies expense	6,000
Equipment	210,000

Q1. What is the balance that would be reported for owner's equity at December 31, 2008?

a. $102,000

b. $130,000

c. $144,000

d. $158,000

Q2. What are total current assets at December 31, 2008?

a. $26,000

b. $32,000

c. $36,000

d. $218,000

Q3. What are total current liabililites at December 31, 2008?

a. $18,000

b. $70,000

c. $88,000

d. $0

Q4. What are total long-term liabilities at December 31, 2008?

a. $0

b. $70,000

c. $88,000

d. $90,000

Q5. What is total liabilities and owner's equity at December 31, 2008?

a. $176,000

b. $190,000

c. $218,000

d. $232,000

Reference no: EM132462983

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What is the balance that would be reported for owner equity

Reference no: EM132462983

Reference no: EM132462983

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