Investment in company is an asset acvount. What sort of account is equity in Company income?...
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When we make investment in company it is an asset .It is shown in Balance Sheet on the asset side of the balance sheet. Equity represents the amount contributed by the shareholder’s for the operation of a business and company income is the amount of income which has been earned by the company by performing the operations. It is an Equity account and shown in the balance sheet under the heading of Shareholder’s Equity.
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Investment in company is an asset acvount. What sort of account is
equity in Company income?...
3. Next to each account, write or type the account type (asset, liability, equity, income, or...
3. Next to each account, write or type the account type (asset, liability, equity, income, or expense). • Bank Service Charges • Construction Income • Company Checking Account • Loans Payable • Machinery & Equipment • Common Stock
31) Common Stock is a separate account in the A) equity B) asset category of the...
31) Common Stock is a separate account in the A) equity B) asset category of the accounting equation C) liability D) revenue 32) The time period concept states that A) expenses incurred during a period should be matched against the revenues of the period B) companies should record revenue when it has been eamed ©) all expenses should be recorded when they are incurred during the period D) financial statements can be prepared for specific periods 33) Adjusting entries are...
Treasury stock is classified as: A. An asset account B. A contra asset account C. A...
Treasury stock is classified as: A. An asset account B. A contra asset account C. A contra equity account D. A liability account Prior period adjustments are reported in the: A. Multiple-step income statement B. Balance sheet C. Statement of retained earnings D. Statement of cash flows Changes in accounting estimates are: A. Considered accounting errors B. Accounted for with a cumulative "catch-up" adjustment C. Extraordinary items D. Accounted for in current and future periods The Discount on Bonds Payable...
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it...
Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Cost of Goods Sold 2. Inventory 3. Retained Earnings 4. Accounts Payable 5. Land 6. Dividends 7. Service Revenue 8. Prepaid Expense 9. Long Term Debt 10. Common Shares
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial...
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
1. For each of the following (1) identify the type of account as an asset, liability,...
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue...
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense 1 16.20 Show how each of the following five business transactions is both balances (Dr.
A. On which two financial statements would the Retained Earnings account appear?
A. On which two financial statements would the Retained Earnings account appear?Income Statement and Balance SheetIncome Statement and Statement of EquityBalance Sheet and Statement of Cash FlowsBalance Sheet and Statement of EquityB. On which financial statement would the Supplies account appear?Income StatementStatement of EquityStatement of Cash FlowsBalance SheetC. Services or products provided would be classified asRevenueAssetEquityLiability
acct hw help An intangible asset derives its value from the rights and privileges it provides...
acct hw help
An intangible asset derives its value from the rights and privileges it provides the owner. is converted into a tangible asset during the operating cycle. is worthless because it has no physical substance. cannot be classified on the balance sheet because it lacks physical substance. QUESTION 11 Which of the following is not a liability? Unearned Service Revenue Notes Payable Prepaid Insurance Interest Payable QUESTION 12 5 0 0 0 0 An investment by the stockholders in...
31) Common Stock is a separate account in the A) equity B) asset category of the accounting equation C) liability D) revenue 32) The time period concept states that A) expenses incurred during a period should be matched against the revenues of the period B) companies should record revenue when it has been eamed ©) all expenses should be recorded when they are incurred during the period D) financial statements can be prepared for specific periods 33) Adjusting entries are...
For each account listed, write the type of account (Asset, Liability, Equity, Revenue or Expense) and what statement it goes on (Income Statement, Statement of Retained Earnings or Balance Sheet) Account Name Account Type Statement Cash Accounts Payable Accounts Receivable Prepaid Insurance Unearned Revenue Rent Payable Rent Salaries Utilities Sales Fees Earned Common Stock Retained Earnings (Beginning Balance) Retained Earnings (Ending Balance) Inventory Supplies Supplies Expense Dividends Insurance Buildings
Question 2 Classify each account type (asset, liability, equity, revenue or expense), and identify which financial statement it would be reported on: Account Account Type Financial Statement 1. Land 2. 3. 4. 5. 6. Cost of Goods Sold Prepaid Expenses Common Shares Sales Revenue Long Term Debt Accounts Receivable Salary Expense Accounts Payable Dividends 7. 8. 9. 10.
1. For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, and (2) identify the normal balance of the account (debit or credit and the financial statement that the account is listed on (Income Statement or Balance Sheet) Normal balance (debit or credit) Financial statement Account title Account type Asset Cash Prepaid insurance Accounts payable Common stock Utilities expense Land Service revenue Notes receivable Advertising expense Unearned revenue Debit Balance sheet
15. What type of account is Bright, Withdrawals? A. Asset B. Liability C. Equity--Withdrawals D. Equity--Revenue E. Equity--Expense 1 16.20 Show how each of the following five business transactions is both balances (Dr.
acct hw help
An intangible asset derives its value from the rights and privileges it provides the owner. is converted into a tangible asset during the operating cycle. is worthless because it has no physical substance. cannot be classified on the balance sheet because it lacks physical substance. QUESTION 11 Which of the following is not a liability? Unearned Service Revenue Notes Payable Prepaid Insurance Interest Payable QUESTION 12 5 0 0 0 0 An investment by the stockholders in...
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