Use the following information for the next two questions. The following account
ID: 2373082 • Letter: U
Question
Use the following information for the next two questions.
The following account balances were drawn from the records of Run&Shoot Inc. On December 31, 2013:
Machine $1,500 Dividends $850
Accounts Payable $200 Accumulated Depreciation $300
Supplies $250 Accounts Receivable $100
Expenses $550 Common Stock $500
Unearned Revenue $1,000 Revenues $1,250
1. What are the total assets of Run&Shoot Inc. ?
A. $1,550
B. $2,150
C. $1,850
D. $3,000
E. $1,050
2. What are the total liabilities of Run&Shoot Inc?
A. $200
B. $1,5000
C. $800
D. $1,200
E. None of the above
Explanation / Answer
1) total assest = MACHINE = 1550
2)total liabilities = unearned revenue + Account payable = 1000 + 200 = 1200