Worksheetsstatement of owner's equity
Total questions: 12
Worksheet time: 6mins
capital increases, when the business has:
owner contributions of capital
a net loss (expenses exceed revenues)
owner withdrawals of cash or other assets
a net income (revenues exceed expenses)
the net worth invested in the business by the owner
(a)
Sole Proprietorship
Business with: single ownership no sharing of profit and loss unlimited liability one man control
single ownership
no sharing of profit and loss
limited liability
one man control
show the true statement
relationship between the owner's equity and the rules of debit and credit:
debit increased
credit decreased
the accounting equation for owner's equity:
+ capital
+ revenues - expenses
- withdrawals
net income shows the changes in capital for a business entity during a time period, such as a month, quarter, or year
debits, which decrease owner's equity, also decrease expenses
choose the owner's investment
performed a service and received a promise of payment
took assets out of the business for personal use
paid cash to an employee for services performed
transferred assets to the business from a personal account
if company has liabilities of $29000 and assets $66000, its owner's equity is:
(a)
how's your mood now?
the only difference in equity between a sole proprietorship and a partnership is
(a)
Retained Earnings account is sometimes called .................... because it
represents the stockholders’ claim to the assets that are earned from operations and reinvested in corporate operations.
Net Earnings
Operating Earnings
Earned Capital
Earned Cost
if company has assets $83000 and liabilities of $34500, its owner's equity is:
(a)
Owner's equity:
2020 - $610 000
2021 - $640 000
increase: (a) ?
The equity section of a partnership’s balance sheet is called:
partners’ equity
owner's equity
obligations
