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Rochester Corporation holds cash of $2,000 and owes $31,000 on accounts payable. Rochester has accounts receivable of $41,000, nventory of $30,000, and land that cost $50,000. How much are Rochesters total assets and liabilities? Total assets O A. $73,000 OB. $123,000 O C. $123,000 O D. $93,000 Liabilities $81,000 $61,000 $31,000 $61,000Match the following definitions with one of the terms listed here. (Click the icon to view the list of terms.) Complete the responses for a -i in the first step and then j through r in the next step. Item Definition Term a. b. c. d. e. Total revenues less total expenses Provides information for decision makers outside of the organization Provides information for managers of the organization Responsibilities of the members of society to each other Inflows of resources resulting from delivering goods or services to customers Owned by stockholders whose liability is limited to the amount they have invested f. in the business g. A debt payable to an outsider h. Costs of doing business A business organization form with a single owner who is personally liable for all of i the businesss debts j. States that assets should be recorded at their actual cost on the date of purchase k. Mechanical part of accounting I. Also called the statement of financial position m. Economic resources that are expected to produce a benefits in the futureMechanical part of accounting Also called the statement of financial position m. Economic resources that are expected to produce a benefits in the future n. Entities that provide money to finance a companys operations o. Answers the question How well did the company perform during the period? p. Reports cash flows from operating, investing, and financing activities A business organization form with two or more owners who are each personally liable for all of thebsiesss debts r. Insider claims of a businessAsset Balance sheet Bookkeeping Corporation d Equity Ethical duties Expenses Financial accounting of Historical cost principle Income statement Investors and creditors Liability Managerial accounting Net income Partnership Proprietorship Revenues Statements of cash flows

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Answer #1

Correct answer---- (c) $123000 and 31000

Asset

Liability

Cash

$        2,000.00

Accounts payables

$ 31,000.00

Accounts Receivables

$      41,000.00

Inventory

$      30,000.00

Land

$      50,000.00

Total

$ 1,23,000.00

$ 31,000.00

Requirement 2

Item

Term

a

Net income

b

Financial Accounting

c

Managerial accounting

d

Ethical duties

e

Revenues

f

Limited liability

g

Liability

h

Expenses

i

Proprietorship

j

Historical cost principle

k

Bookkeeping

l

Balance sheet

m

Assets

n

Investors and creditors

o

Income statement

p

Statement of cash flows

q

Partnership

r

Equity
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