42)On 1/1/06, 2 individuals invested $500000 each to form Jordan Co. Jordan had total revs of $200000 during '06 and $250000 during '07. Total expenses for the same periods were $120000 and $140000 respectively. Cash dividends paid out to stockholders totaled $20000 in '06 and $25000 in '07. What was Jordan's total stockholders' equity at the end of '06 and '07?a)$1m and $1065000 respectively, b)$1060000 and $1145000, c) $1100000 and $1170000, d)$1210000 and $141000043)All business's assets area)equal to liabilities+shareholders equity, b)the economic resource of the business, c)reported at historical cost, d)reported on the balance sheet, e)all of the above52)All liabilites appear on thea)balance sheet, b)income statement, c)statement of stockholders equity, d)statement of cash flows, e)none of the above55)Which of the following liability accounts is usually NOT statisfied by payment of casha)accounts payable, b)unearned revs, c)taxes payable, d)all of the above

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B-A-E-B42 1 million plus 200k minus 120k minus 20k = 1,060,000and 1,060,000 plus 250k minus 140k minus 25k = 1,145,00043 Foundation of all accounting is equation assets equal liabilites plus owner's equity, assets are the economic resources of a business, the majority of assets are reported at historical cost (hence the reason for the question mark - securities held for sale are marked to market cost) and assets are reported on the balance sheet.52 Liabilities are reported on the balance sheet (along with assets and owner's equity55 Unearned Revenue is saisfied by recognizing revenue NOT by payment of cash.Hope this helps - Also hope that this accounting is a requirement for another major becasue if you don't learn these you won't ever be an accounting major with any success.

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