Reference no: EM132854911
Questions -
Q1. If total assets increased by $32,000 and owner's equity increased by $41,000 during the period, the amount and direction (increase or decrease) of the period's change in total liabilities was?
Q2. The owner's equity at the beginning of the period was $96,000, at the end of the period, assets were $122,000, and liabilities were $42,000. If the owner made no additional investments or withdrawals during the period, did the business incur a net income or a net loss for the period? What was the amount of the net income or net loss?
Q3. ABC Company offered for sale at $10,000 equipment that had been purchased for $80,000. If XYZ Company paid ABC Company $8,000 for the equipment, what is the amount that XYZ Company would record in the accounting records for the purchase of the equipment?
Q4. The owner's equity at the beginning of the period was $77,000, at the end of the period, assets were $110,000 and liabilities were $28,000. If the owner made no additional investments or withdrawals during the period, did the business incur a net income or a net loss for the period? What was the amount of the net income or net loss for the period?
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