This topic contains a solution. Click here to go to the answer

Author Question: Jem's Jewelers reported total shareholders' equity of 100,000 on its February 28 balance sheet. ... (Read 75 times)

Mr3Hunna

  • Hero Member
  • *****
  • Posts: 536
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.



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

chreslie

  • Sr. Member
  • ****
  • Posts: 307
Answer to Question 1

C

Answer to Question 2

b





 

Did you know?

The strongest synthetic topical retinoid drug available, tazarotene, is used to treat sun-damaged skin, acne, and psoriasis.

Did you know?

When blood is deoxygenated and flowing back to the heart through the veins, it is dark reddish-blue in color. Blood in the arteries that is oxygenated and flowing out to the body is bright red. Whereas arterial blood comes out in spurts, venous blood flows.

Did you know?

The heart is located in the center of the chest, with part of it tipped slightly so that it taps against the left side of the chest.

Did you know?

Despite claims by manufacturers, the supplement known as Ginkgo biloba was shown in a study of more than 3,000 participants to be ineffective in reducing development of dementia and Alzheimer’s disease in older people.

Did you know?

Malaria mortality rates are falling. Increased malaria prevention and control measures have greatly improved these rates. Since 2000, malaria mortality rates have fallen globally by 60% among all age groups, and by 65% among children under age 5.

For a complete list of videos, visit our video library