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Which of accounts should be closed to the capital account

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Reference no: EM133007362

Problem 1: Filly Inc has $30,000 of assets and $20,000 of liabilities. What's the stockholder's equity?

A. 10,000
B. 1000
C. 50,000
D. 30,000

Problem 2: Which of the following accounts should be closed to the capital account at the end of the year?

A. Prepaid Insurance
B. Unearned Rent
C. Equipment
D. Supply Expense

Problem 3: Filly Inc has $30,000 of assets and $20,000 of stockholder's equity. What's the liability?

A. 1000
B. 10,000
C. 30,000
D. 50,000

Problem 4: Accumulated Depreciation are shown in

A. Balance Sheet
B. Income Statement
C. Statement of Cash Flow
D. Statement of Stockholder's Equity

Reference no: EM133007362

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