Reference no: EM132570907
Question 1: On December 21, 2018, Wal-mart Inc.'s assets were $200,000 and its stockholders' equity was $115,000. During the year, assets increased $10,000 and liabilities decreased $7,000. What was the stockholders' equity on December 31, 2018?
Question 2: Typical cash flows from investing activities include:
A. Payments to purchase property and equipment.
B. Repayment of loans.
C. Proceeds from issuing notes payable.
D. Receipts from cash sales.
Question 3: Which account would be decreased by a credit?
A. Cash
B. Accounts payable
C. Contributed capital
D. Retained earnings
Question 4: Accounts receivable
A. has a normal credit balance.
B. is increased by a debit.
C. is a liability.
D. is increased when a company receives cash from its customers.
Question 5: Which of the following would represent an investing activity?
A. Purchasing equipment.
B. An investment of financial capital by the owners.
C. Borrowing money from a bank.
D. Repaying a loan the company had taken out.
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