ACCT 2220 Study Guide - Financial Statement, Faithful Representation, Current Liability

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Answer all questions in the exam booklet, except the multiple choice questions which must be answered on the exam itself. Abc incorporated had the following accounts and balances at december 31, 2012: Additional information: during the year the company issued common shares for ,000. Part 1: prepare a statement of changes in equity. Part 3: prepare the closing entries for company. Four months" rent paid in advance totalled ,000. Services totalling ,100 had been performed but not yet billed at the end of the year. Equipment purchased two years ago for ,000 had an estimated useful life of 4 years. The balance in the supplies account was at the beginning of the year. Salaries owed to employees at the end of the year total ,000. The following information is available from the 2012 financial statements of hubble corp. Calculate the following ratios: current ratio, debt to total assets. Multiple choice (1 mark each circle the letter of your answer)

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