11. If All Pumped Up Bounce House Rentals total liabilities decreased by $75,000, and the owner’s equity increased by $15,000 over a certain period of time. The total assets must change by what amount and direction during the same period?
- $60,000 decrease
- $60,000 increase
- $75,000 decrease
- $90,000 increase
Liabilities and Equity in Accounting Case Study Assessment
12. Crankshaft Customs made __________ in net income from September 1 - September 30.
- $11,615
- $29,800
- $9,685
- $11,115
13. What was the total Revenue in September for Crankshaft Customs?
- $100,000
- $8,000
- $52,000
- $29,800
15. On the Sales Tax Liability tab, the amount owed to Tucson City is ____. (format your response as xxx and don't use any symbols)
$180
16. On Sept. 25, $3,000 is ______ to the Prepaid subscriptions account to realize this prepaid revenue.
- debited
- credited
17. Crankshaft customs had $26,100 in cash on Sept. 1. What was the change in the cash balance at the end of the month?
- +$1,235
- -$1,235
- +$1,625
- -$1,625
18. Which of the following is not accounted for in the financial statements you prepared for Crankshaft Customs?
- Vehicle Loan Payable
- FICA Tax Payable
- Sales Tax Payable
- SUTA Tax Payable
Shuffle Q/A 2
19. What were Crankshaft Customs’ total liabilities on September 30?
- $65,785
- $41,785
- $45,850
- $55,850
20. As of Sept 30, what is the balance of the bank line of credit account?
- $3,200
- $1,600
- $800
- $0