ACCT 2001 : Exam 1 Practice MC Questions Solution 3
Document Summary
Wilbur needs to borrow money to expand; therefore, he prepared financial statements to present to his banker. Wilbur obtained appraisals of the company"s property, plant, and equipment to ensure that the balance sheet would reflect the most current value of these assets. 6,000: a financial statement user wants to review the revenue and expense of a business. Use the following information to answer questions 8, 9, and 10. ,500 (a/r + office equip + cash + supplies + prepaid ins. D. salaries expense: which of the following transactions on the books of tetco oil company increase total assets, borrowed ,000 from the bank. Cash liabilities : received ,000 cash from customers on accounts receivable. Assets : made cash purchase of land for a building site, ,000. Assets : sold land and received cash of ,000. (the land was carried on the company"s books at ,000).
