Professional Documents
Culture Documents
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PASS
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4
Name: 5
6
Date: NO PASS
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Quiz 1 - Accounting
Instructions: Write the number of each item in the appropriate section(s) of the appropriate financial statements
below and indicate whether it is an increase or decrease.
Owner Equity:
7 down
Net Income: Net Cash Fllow:
1 A weeks worth of sheesha and coals are delivered to your hookah bar with an invoice
2 Took 1000 out of the line of credit because you wanted extra cash on hand
3 City imposes a new hookah tax. You plan on not changing prices and just paying the tax
4 You lose the business of six loyal customers because of recently published research that says smoking
hookah can lead to infertility and/or hair loss.
5 Luis finally pays his $2,000 tab.
6 You finally sell the property of the old SE Portland location.
7 A customer knocks one of the hookahs over; one of the new couches lights on fire and is burned beyond
repair.
8 You invest in a new stereo-system at the new downtown location using cash.
New Revenue ≠ Asset Balance Sheet MUST balance! Change in Income Statement
NOT reflected in cash statement