Homework Answers
Owner’s Equity increases when revenue is earned or capital is infused
Hence, the answer is
Earning revenue
Paying expenses, Owner withdrawal will decrease Equity
Receiving cash will not affect equity as revenue has already been recognized
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Which of the following transactions increase owner's equity? Multiple Choice paying expenses o earning revenue owner...
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease...
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease and expenses increase. assets decrease and on er's equity increases. assets decrease and owner's equity decreases. owner's equity decreases and revenue decreases.
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
Which of the following is a true statement? Multiple Choice Expenses increase owners’ equity and decrease...
Which of the following is a true statement? Multiple Choice Expenses increase owners’ equity and decrease liabilities. Revenue decreases owners’ equity and expenses increase owners’ equity. Revenue increases owners’ equity and expenses decrease owners’ equity. Revenue decreases owners’ equity and increases liabilities. Which of the following statements is not true regarding the adoption of ASC Topic 606 guidance for revenue recognition? Multiple Choice When using the cumulative approach, the prior three years of financial statements need to be restated. Under...
MULTIPLE CHOICE PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
O words Question 11 2.6 pts Review the Statement of Owner's Equity. If the owner had...
O words Question 11 2.6 pts Review the Statement of Owner's Equity. If the owner had withdrew an additional $29,800 from the business, what is the remaining owner's capital? HTML Editor BIVA-AI EI? 11 x , - C V @ 12pt - Paragraph - Assignment FASTFORWARD Income Statement For Month Ended December 31, 2018 Revenues Consulting revenue (54.200 + 1,600) Rental revenue $5,800 $6.100 $1.000 Rent expense Salaries expense Total expenses Net income 700 FASTFORWARD Statement of Owner's Equity For...
Please help!! alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od....
Please help!!
alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od. increase cash Google Translate C Log in to Clever CalcuiatO The accounting equation may be expressed as Oa. Assets + Liabilities = Owner's Equity Ob. Assets = Revenues-Liabilities Oc. Assets-Liabilities = Owner's Equity Od. Assets = Equities-Liabilities The objectivity concept requires that a. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards b. accounting principles meet the...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
Q1-5 Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
3. Determine the missing amount for each of the following: Assets Liabilities Owner's Equity (a) $13,000...
3. Determine the missing amount for each of the following: Assets Liabilities Owner's Equity (a) $13,000 $16,000 $55,000 (0) $34,000 $39,000 $ 17,000 ) 4. Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. - ALOE ka) Received cash from owner...
The Income Statement shows: . Multiple Choice o the change in owner's equity for a period...
The Income Statement shows: . Multiple Choice o the change in owner's equity for a period of time. o assets, liabilities and expenses. o the amount of net income or net loss. o the financial position of a business at a given time < Prey 4 of 30 !!! Next >
+ When the owner withdraws cash for personal use, Z 22 WIE Multiple Choice assets decrease and expenses increase. assets decrease and on er's equity increases. assets decrease and owner's equity decreases. owner's equity decreases and revenue decreases.
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
MULTIPLE CHOICE
PART II MULTIPLE-CHOICE QUESTIONS (30 Points) 1. a. Although debits increase assets, they also increase revenues b. increase expenses increase owner's equity d. increase liabilities c. 2. a. The right side of a T account is the increase side b. decrease side c. credit side d. debit side 3. a. b. A compound entry is an entry affecting more than one account an entry involving multiple transactions an entry involving more than one date an entry increasing and...
O words Question 11 2.6 pts Review the Statement of Owner's Equity. If the owner had withdrew an additional $29,800 from the business, what is the remaining owner's capital? HTML Editor BIVA-AI EI? 11 x , - C V @ 12pt - Paragraph - Assignment FASTFORWARD Income Statement For Month Ended December 31, 2018 Revenues Consulting revenue (54.200 + 1,600) Rental revenue $5,800 $6.100 $1.000 Rent expense Salaries expense Total expenses Net income 700 FASTFORWARD Statement of Owner's Equity For...
Please help!!
alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od. increase cash Google Translate C Log in to Clever CalcuiatO The accounting equation may be expressed as Oa. Assets + Liabilities = Owner's Equity Ob. Assets = Revenues-Liabilities Oc. Assets-Liabilities = Owner's Equity Od. Assets = Equities-Liabilities The objectivity concept requires that a. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards b. accounting principles meet the...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
3. Determine the missing amount for each of the following: Assets Liabilities Owner's Equity (a) $13,000 $16,000 $55,000 (0) $34,000 $39,000 $ 17,000 ) 4. Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. - ALOE ka) Received cash from owner...
The Income Statement shows: . Multiple Choice o the change in owner's equity for a period of time. o assets, liabilities and expenses. o the amount of net income or net loss. o the financial position of a business at a given time < Prey 4 of 30 !!! Next >
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