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Author Question: Jem's Jewelers reported total shareholders' equity of 100,000 on its February 28 balance sheet. ... (Read 230 times)

Mr3Hunna

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on: Jul 5, 2018
Jem's Jewelers reported total shareholders' equity of 100,000 on its February 28 balance sheet. During March, the business earned 250,000, and declared and paid a cash dividend of 10,000. What was total shareholders' equity on March 31?
 
  A) 360,000
  B) 350,000
  C) 340,000
  D) 260,000

Question 2

The account that would be credited for the amount of tax collected and paid on sales would be
 a. Sales.
   b. Sales Tax Payable.
   c. Cash.
   d. Accounts Payable.


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chreslie

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Reply #1 on: Jul 5, 2018
Answer to Question 1

C

Answer to Question 2

b


Mr3Hunna

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Reply #2 on: Jul 5, 2018
Thank you :)


chreslie

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Reply #3 on: Jul 5, 2018
Happy to help you


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