A company acquires equipment for $75,000 cash. This represents a(n):

Which of the following does not affect the equity of a business?

Tweeter reported net income of $17,500 for the past year. At the beginning of the year the company had $200,000 in assets and $50,000 in liabilities. By the end of the year, assets had increased to $300,000 and liabilities were $75,000. Calculate its return on assets:

Distributions of cash or other resources by a business to its stockholders are called:

If a company records prepayment of expenses in an asset account, the adjusting entry when all or part of the prepaid asset is used or expired would:

When expenses exceed revenues, the resulting change in equity is called:

Dave’s Pizza had beginning equity of $52,000; net income of $35,000, and dividends of $12,000. There were no stockholder investments during the year.  Calculate the ending equity.

Using the following year-end information for Callaway, LLC, calculate the current ratio and acid-test ratio:    Cash $ 48,000 Short-term investments   12,000 Accounts receivable   45,000 Inventory   225,000 Prepaid expenses   12,500 Accounts payable   86,500 Other current payables   22,000

All of the following are classified as assets except:

Under the accrual basis of accounting, adjustments are often made for prepaid expenses and unearned revenues.