Jem's Jewelers reported total shareholders' equity of 100,000 on ...

[Mr3Hunna]

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.

[chreslie]

Answer to Question 1

C

Answer to Question 2

b

[Mr3Hunna]

Thank you

[chreslie]

Happy to help you