BUSI 1003 Midterm: Mock Mid Term Exam.docx

• School: Carleton University
• Department: Business
• Course: BUSI 1003
• Professor: Patti Proulx

Document Summary

This mock mid term exam will be taken up on saturday, october 19 from 9 a. m. to 12 p. m. in me 4332. Please attempt the mid term before coming to the review session. Question 1 multiple choice : wolowitz co. purchased equipment with a note payable. This transaction will: decrease total liabilities, decrease total assets, howard wolowitz should consult with bernadette before purchasing equipment. How should he record this transaction: decrease cash ,000 and decrease notes payable ,000. Increase cash ,000 and decrease notes payable ,000 b: decrease cash ,000 and increase notes payable ,000. Increase cash ,000 and increase notes payable ,000 d. 1: sheldon & company has ,000 in retained earnings, ,000 in assets, and ,000 in liabilities. What is the balance of the capital stock account? a. b. c. d. In their first year, the koothrapalli astrophysics company had ,000 in net sales, expenses of ,500, bought equipment for ,000 and dividends paid were ,000.