Below Is a List of Various Balance Sheet Accounts and Their

question 119

Multiple Choice

Below is a list of various balance sheet accounts and their balances. $\begin{array}{|l|r|r|} \hline& {\text { Debit }}&\text { Credit } \\\hline \text { Building } & \$ 100,000 \\\hline \text { Cash } & 2,000 \\\hline \text { Supplies } & 800 \\\hline \text { Furniture } & 2,600 \\\hline \text { Prepaid insurance } & 150 \\\hline \text { Accumulated depreciation-furniture } & & \$ 900 \\\hline \text { Inventory } & & \\\hline \text { Land } & 25,000 \\\hline \text { Accumulated depreciation-building } & & 4,800 \\\hline \text { Accounts rec eivable } & 1,500\\\hline\end{array}$
- What are the total long-term assets that would be shown on the balance sheet?

• A) $127,600
• B) $121,900
• C) $128,400
• D) $96,900

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Definitions:

Statistical Relationship

A quantifiable correlation or association between two or more variables, identified through statistical analysis.

Variables

Elements or factors that can change and potentially affect the outcome of research or experiments.

Observational Studies

Research methods in which subjects are observed in their natural environment without any manipulation by the researcher.

Cause and Effect

The principle that every event (effect) has a cause or reasons behind it, and every cause leads to an effect.