Reference no: EM133155635
Question 1 - K2 Corporation has assets of $3,600,000, common stock of $936,000, and retained earnings of $570,000. What is the shareholders' equity?
a. $1,506,000
b. $3,966,000
c. $3,234,000
d. $2,094,000
Question 2 - K2 Corporation has assets of $3,600,000, common stock of $936,000, and retained earnings of $570,000. What are the creditors' claims on their assets?
a. $2,094,000
b. $3,966,000
c. $3,234,000
d. $1,506,000
Question 3 - Kingery Corporation has current assets of $1,800,000 and current liabilities of $750,000. If Kingery pays 25% of their current liabilities in cash, what will their new total current assets be?
a. $1,612,500
b. $750,000
c. $1,050,000
d. $1,800,000
Question 4 - These are selected account balances on December 31, 2021.
Land $150,000
Buildings 1,200,000
Inventory 300,000
Equipment 675,000
Furniture 150,000
Accumulated Depreciation 450,000
What is the total amount of property, plant, and equipment that will appear on the balance sheet?
a. $2,700,000
b. $1,950,000
c. $1,725,000
d. $2,250,000
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