The Balance Sheet reflects the application of various valuation methods. Which of the following methods may be used on a Balance Sheet that follows generally accepted accounting principles?

XYZ Company has assets and liabilities of $15,000 and $12,000, respectively. If the company issues an additional $1,500 of stock for cash, what will be the balance in shareholders' equity following the transaction?

Stocks and bonds that can be readily converted into cash are called _____________.

The balance in the ______ account reflects the cumulative depreciation of an asset since its acquisition.

Which of the following accounts is NOT an expense?

Which of the following does NOT represent an acceptable presentation of the Balance Sheet equation?

At the beginning of the year, XYZ Company owed $14,500 to its creditors for inventory purchases. At year end, the company owed $9,150. During the year, the company made payments totaling $48,500 to its creditors for inventory purchases. What was the cost of the additional inventory that was purchased during the year?

On December 31 of Year 1, XYZ Company reported total shareholders' equity of $225,000, of which $180,000 represented contributed capital. If revenues, expenses, and dividends during Year 2 were $500,000, $420,000, and $30,000 respectively - and the total shareholders' equity is $290,000 on December 31 of Year 2 - how much additional capital was contributed by shareholders?

From the following list of accounts and account balances, determine the amount that would be properly classified as Property, Plant, & Equipment. $100,000 - Land Used in Business $60,000 - Machinery Leased from Others ($80,000) - Accumulated Depreciation $140,000 - Inventories $40,000 - Land Held for Future Plant Site $200,000 - Building $50,000 - Investment in Stock of Construction Company

The cumulative amount of net income in excess of dividends declared that has been earned by a business since its inception is called ___________________.