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

14. The total debits for the trial balance equal: (format your response as xxxxx)

101,650

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
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