5 Accounting multiple choice questions ( I need the answers now ) within 15 min (NOW)

Question text

At the beginning of 20×6, Split Co.’s shareholders’ equity had a balance of $52562 and liabilities were equal to $18873. During the year 20×6, assets increased by $20393 and liabilities decreased by $9057.

At the end of 20×6, what is the balance of Split Co.’s shareholders’ equity account?

Select one:

a. $63898

b. $23112

c. $11336

d. $82012

Question text

PF Co. began business on January 1, 20×10. Below are the transactions that took place during the company’s first month of business:

Jan. 1

The owner invested $68544 in return for 6212 common shares.

Jan. 5

Purchased equipment costing $10312. $4099 was paid immediately and the remainder is due within 60 days.

Jan. 9

Purchased land for $24700 cash.

Jan. 15

Secured a $41302 loan from its bank.

Jan. 20

Another investor purchased 2416 shares of the company for $19921.

What is PF Co.’s shareholders equity balance at the end of January?

Select one:

a. $8628

b. $88465

c. $19921

d. $68544

Question text

Given the following data, what is the balance in the common stock account?

Total assets


Total liabilities


Retained Earnings, beginning


Dividends declared






Select one:

a. $352647

b. $417668

c. $283969

d. $392000

Question text

Aqua Inc. had assets and liabilities at the beginning of the year of $503223 and $344606, respectively. Aqua’s net income for the year was $169283 and dividends were $54041. The assets increased by $47571 during the year. What are Aqua’s total liabilities at the end of the year?

Select one:

a. $229364

b. $276935

c. $338136

d. $175323

Question text

On November 15, 20×2, Trink Ltd. paid $6338 to settle an account payable resulting from the purchase of goods on account in October 20×2. What is the effect of this business transaction on the accounting equation of Trink?

Select one:

a. Assets decrease $6338, liabilities do not change, and equity decreases $6338

b. Assets decrease $6338, liabilities decrease $6338, and equity decreases $6338

c. Assets increase $6338, liabilities increase $6338, and equity does not change

d. Assets decrease $6338, liabilities decrease $6338, and equity does not change

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