Homework Answers
A) Option A.
In an asset exchange transaction, there is increase in one asset account and decrease in another asset account, resulting no change in assets and there is no changes in liabilities and equity either. If one of the asset accounts affected is cash, then there will be an effect on cash flows.
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C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects...
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which...
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the accurately reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev A. NANA NA NA B. (25,000)NA(25,000) NA 25,000 | 5,000 NAİNA Exp.Net Stmt of NA NANA (25,000) NA NA Cash Inc Flows NA 25,000 IA IA D. None of these 28) - A) Option A B) Option B C) Option C D) Option D 29) Which of the following could...
Which of the following would not describe the effects of an asset source transaction on the...
Which of the following would not describe the effects of an asset source transaction on the elements of a company's financial statements? Stat of Net Inc. Rev. Exp. Equity %3D Liab. Assets Cash Flows %3D +FA NA NA NA NA A. FA NA NA NA NA B. +OA NA C. %3D -IA NA NA NA NA D. NA NA Multiple Choice
A) B) C) D) The owner of Barnes Company established a petty cash fund amounting to...
A)
B)
C)
D)
The owner of Barnes Company established a petty cash fund amounting to $400. What is the effect on the financial statements of the entry to record this transaction? Stk. Equity neV. NA A. B. Assets NA (400) NA (400) Liab. NA NA NA (400) Rev. NA NA Exp. NA 400 NA NA Stmt of Cash Net Inc. Flows NA (400) OA (400) (400) OA NA NA ΝΑΙ (400) OA (400) NA NA CN NA D. NA
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary...
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary expenses. Which of the following accurately reflects how this event affects the company's financial statements? Stmt of Equity Rev.-Exp. Net Inclea:hFlows Liab. 500 B.1 (500) NA (500) NA C. (500)NA(500) NA Assets NA (500) I NA 500(500) NA 1500- (500) (500) OA NA NA (500) OA (500) NA500(500) (500) IA D. (500)NA A) Option A B) Option B C) Option C D) Option
A,.Which of the following shows how acquiring cash from the issue of common stock will affect...
A,.Which of the following shows how acquiring cash from the issue of common stock will affect a company’s financial statements? Balance sheet Income Statement Statement of Cash Flows Assets = Liabilities + Equity Rev. − Exp. = Net Inc. A. + = NA + + NA − NA = NA NA B. + = NA + + NA − NA = NA + IA C. + = NA + + NA − NA = NA + FA D. + =...
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the...
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the following choices reflects the effects of this event on the financial statements? Assets = Liab. + Equity Rev. − Exp. = Net Inc. Cash Flow A. − = NA + − NA − NA = NA − OA B. +/− = NA + NA NA − NA = NA NA C. +/− = NA + NA NA − + = − − OA D....
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following...
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following T-accounts: Cash 2,400 Unearned Revenue 2,400 Which of the following reflects how this event affects the company's financial statements? Assets = Liab. +Equity Rev.- Exp.= Net Inc. Cash Flows NA NA NA + + + Assets = Liab. +Equity Rev.- Exp.= Net Inc.Cash Flows NA NA NA NA + OA + O Assets = Liab.+ Equity Rev.- Exp.= Net Inc. Cash Flows NA NA...
Which of the following shows how the event "collected cash for services to be rendered in...
Which of the following shows how the event "collected cash for services to be rendered in the future" affects a company's financial statements? Balance Sheet Liab. Assets + Equity NA Income Statement Exp. Net Inc. NA NA NA NA A. + Rev. NA NA NA + Statement of Cash Flows OA +OA +OA NA + NA + B. C. D. + + + NA NA + NA NA NA
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below:...
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense
Which of the following shows the effects of purchasing inventory on account? Balance Sheet Income Statement...
Which of the following shows the effects of purchasing inventory on account? Balance Sheet Income Statement Statement of sets-Liab·1 +T Equity Rev.1- Exp. 리 Net Inc-Cash Flows NA NAh NA NA NANA NANA NA + OA NA t OA NA NA NA NA NA D. NA
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the accurately reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev A. NANA NA NA B. (25,000)NA(25,000) NA 25,000 | 5,000 NAİNA Exp.Net Stmt of NA NANA (25,000) NA NA Cash Inc Flows NA 25,000 IA IA D. None of these 28) - A) Option A B) Option B C) Option C D) Option D 29) Which of the following could...
Which of the following would not describe the effects of an asset source transaction on the elements of a company's financial statements? Stat of Net Inc. Rev. Exp. Equity %3D Liab. Assets Cash Flows %3D +FA NA NA NA NA A. FA NA NA NA NA B. +OA NA C. %3D -IA NA NA NA NA D. NA NA Multiple Choice
A)
B)
C)
D)
The owner of Barnes Company established a petty cash fund amounting to $400. What is the effect on the financial statements of the entry to record this transaction? Stk. Equity neV. NA A. B. Assets NA (400) NA (400) Liab. NA NA NA (400) Rev. NA NA Exp. NA 400 NA NA Stmt of Cash Net Inc. Flows NA (400) OA (400) (400) OA NA NA ΝΑΙ (400) OA (400) NA NA CN NA D. NA
A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary expenses. Which of the following accurately reflects how this event affects the company's financial statements? Stmt of Equity Rev.-Exp. Net Inclea:hFlows Liab. 500 B.1 (500) NA (500) NA C. (500)NA(500) NA Assets NA (500) I NA 500(500) NA 1500- (500) (500) OA NA NA (500) OA (500) NA500(500) (500) IA D. (500)NA A) Option A B) Option B C) Option C D) Option
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following T-accounts: Cash 2,400 Unearned Revenue 2,400 Which of the following reflects how this event affects the company's financial statements? Assets = Liab. +Equity Rev.- Exp.= Net Inc. Cash Flows NA NA NA + + + Assets = Liab. +Equity Rev.- Exp.= Net Inc.Cash Flows NA NA NA NA + OA + O Assets = Liab.+ Equity Rev.- Exp.= Net Inc. Cash Flows NA NA...
Which of the following shows how the event "collected cash for services to be rendered in the future" affects a company's financial statements? Balance Sheet Liab. Assets + Equity NA Income Statement Exp. Net Inc. NA NA NA NA A. + Rev. NA NA NA + Statement of Cash Flows OA +OA +OA NA + NA + B. C. D. + + + NA NA + NA NA NA
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense
Which of the following shows the effects of purchasing inventory on account? Balance Sheet Income Statement Statement of sets-Liab·1 +T Equity Rev.1- Exp. 리 Net Inc-Cash Flows NA NAh NA NA NANA NANA NA + OA NA t OA NA NA NA NA NA D. NA
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