Reference no: EM132999040

Problem 1: The assets and liabilities of a company are $128,000 and $84,000, respectively. Owner's equity should equal

Select one:

a. $212,000

b. $44,000

c. $128,000

d. $84,000

Problem 2: Which of the following is a service business??

Select one:

a. ?Microsoft

b. ?Walmart

c. ?Dell Computers

d. Facebook

Problem 3: An income statement is a summary of the revenues and expenses of a business as of a specific date.

Select one:

True

False

Problem 4: An account receivable is typically classified as a revenue.

Select one:

True

False