Question

Question 1 3.5 pts The financial statements of Patrick Trash Haulers reported the following balances after the first year of operations: Assets, \$55,000; Stockholder's Equity, \$25,000; Net Income \$10,000, Dividends \$5,000. What was the amount of total Liabilities? \$55,000 \$7,000 \$13,000 \$30,000 Question 2 3.5 pts On August 1, 2020 Patrick Pet Hospitals made an advance payment of \$38,700 to cover rent for the next 18 months (August 1, 2020 to January 31, 2022). Which of the following correctly describes how this amount would be reported on their financial statements for the year ended December 31, 2020 after all adjusting entries have been made on 12/31/2020. Prepaid Rent \$0, Rent Expense \$38,700. Prepaid Rent \$10,750, Rent Expense 27,950 Prepaid Rent \$38,700, Rent Expense \$10,750. Prepaid Rent \$27,950, Rent Expense \$10,750.

          Question 1
3.5 pts
The financial statements of Patrick Trash Haulers reported the following balances after the first year of operations: Assets, \$55,000; Stockholder's Equity, \$25,000; Net Income \$10,000, Dividends \$5,000. What was the amount of total Liabilities?
\$55,000
\$7,000
\$13,000
\$30,000
Question 2
3.5 pts
On August 1, 2020 Patrick Pet Hospitals made an advance payment of \$38,700 to cover rent for the next 18 months (August 1, 2020 to January 31, 2022). Which of the following correctly describes how this amount would be reported on their financial statements for the year ended December 31, 2020 after all adjusting entries have been made on 12/31/2020.
Prepaid Rent \$0, Rent Expense \$38,700.
Prepaid Rent \$10,750, Rent Expense 27,950
Prepaid Rent \$38,700, Rent Expense \$10,750.
Prepaid Rent \$27,950, Rent Expense \$10,750.

Question 1
3.5 pts
The financial statements of Patrick Trash Haulers reported the following balances after the first year of operations: Assets, $55,000; Stockholder's Equity, $25,000; Net Income $10,000, Dividends $5,000. What was the amount of total Liabilities?
$55,000
$7,000
$13,000
$30,000
Question 2
3.5 pts
On August 1, 2020 Patrick Pet Hospitals made an advance payment of $38,700 to cover rent for the next 18 months (August 1, 2020 to January 31, 2022). Which of the following correctly describes how this amount would be reported on their financial statements for the year ended December 31, 2020 after all adjusting entries have been made on 12/31/2020.
Prepaid Rent $0, Rent Expense $38,700.
Prepaid Rent $10,750, Rent Expense 27,950
Prepaid Rent $38,700, Rent Expense $10,750.
Prepaid Rent $27,950, Rent Expense $10,750.

Added by Aaron A.

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