Homework Answers
| Under the current rate method,All assets and liabilities are translated using current exchange rates. |
| Stockholder's equity components are translated using Historical rates. |
| Option D All Assets and liabilities is correct |
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Under the current rate method, which accounts are translated using current exchange rates? Multiple Choice All...
The accounting equation is defined as: Multiple Choice Assets = Liabilities - Stockholders' Equity. Net Income...
The accounting equation is defined as: Multiple Choice Assets = Liabilities - Stockholders' Equity. Net Income = Revenues - Expenses. Assets = Liabilities + Stockholders' Equity. Liabilities + Revenues - Assets.
Which of the accounts are decreased on the debit side and increased on the credit side?...
Which of the accounts are decreased on the debit side and increased on the credit side? Multiple Choice 22 Dividends, liabilities, and assets. O Assets, dividends, and expenses. Expenses, dividends, and stockholders' equity. Liabilities, stockholders' equity, and revenues.
Which of the following is a correct statement? Multiple Choice Writing off an uncollectible account under...
Which of the following is a correct statement? Multiple Choice Writing off an uncollectible account under the allowance method decreases net income. Writing off an uncollectible account under the direct write-off method does not affect net income. Estimating uncollectible accounts expense improves the matching of revenues and expenses. All of these are correct statements.
answer each question with an explnation of each answer please 12. Multiple Choice Question 121 Finney...
answer each question with an explnation of each answer
please
12. Multiple Choice Question 121 Finney Company began the year by issuing $80000 of common stock for cash. The company recorded revenues of $740000, expenses of $640000, and paid dividends of $40000. What was Finney's net income for the year? b. $60000 $140000 $100000 $180000 c. d. Answer: 13. Multiple Choice Question 125 A balance sheet shows b. revenues, expenses, and dividends. assets, liabilities, and stockholders' equity. revenues, liabilities, and...
Multiple Choice Question 171 The following information pertains to Swifty Corporation. Assume that all balance sheet...
Multiple Choice Question 171 The following information pertains to Swifty Corporation. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 61200 Accounts receivable (net) 43000 Inventory 47000 Property, plant and equipment 213000 Total Assets $364200 Liabilities and Stockholders’ Equity Current liabilities $ 30000 Long-term liabilities 71000 Stockholders’ equity—common 263200 Total Liabilities and Stockholders’ Equity $364200 Income Statement Sales revenue $82000 Cost of goods...
Multiple Choice Question 174 The following information pertains to Pina Colada Corp. Assume that all balance...
Multiple Choice Question 174 The following information pertains to Pina Colada Corp. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 48000 Accounts receivable (net) 50000 Inventory 37000 Property, plant and equipment 215000 Total Assets $350000 Liabilities and Stockholders’ Equity Current liabilities $ 70000 Long-term liabilities 80000 Stockholders’ equity—common 200000 Total Liabilities and Stockholders’ Equity $350000 Income Statement Sales revenue $83000 Cost of...
Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the...
Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. July 3. Received $27,375 on an account. Balance Sheet Assets...
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O...
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O O Cash O O Accounts Payable Accounts Receivable An account with the word "Prepaid" in its title A prepayment of rent for the next three months (not including this month): Multiple Choice decreases stockholders' equity. O increases expenses a has no effect on total assets. reduces total assets.
Uncollectible Accounts, Using Direct Write-Off Method Illustrate the effects on the accounts and financial statements of...
Uncollectible Accounts, Using Direct Write-Off Method
Illustrate the effects on the accounts and financial statements
of the following transactions in the accounts of Valley Care &
Supplies Co., a local hospital supply company that uses the direct
write-off method of accounting for uncollectible receivables:
If no account or activity is affected, select "No effect" from
the dropdown list and leave the corresponding number entry box
blank. Enter account decreases and cash outflows as negative
amounts.
March 18. Received $5,000 on...
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...
The accounting equation is defined as: Multiple Choice Assets = Liabilities - Stockholders' Equity. Net Income = Revenues - Expenses. Assets = Liabilities + Stockholders' Equity. Liabilities + Revenues - Assets.
Which of the accounts are decreased on the debit side and increased on the credit side? Multiple Choice 22 Dividends, liabilities, and assets. O Assets, dividends, and expenses. Expenses, dividends, and stockholders' equity. Liabilities, stockholders' equity, and revenues.
answer each question with an explnation of each answer
please
12. Multiple Choice Question 121 Finney Company began the year by issuing $80000 of common stock for cash. The company recorded revenues of $740000, expenses of $640000, and paid dividends of $40000. What was Finney's net income for the year? b. $60000 $140000 $100000 $180000 c. d. Answer: 13. Multiple Choice Question 125 A balance sheet shows b. revenues, expenses, and dividends. assets, liabilities, and stockholders' equity. revenues, liabilities, and...
Uncollectible Receivables, Using Allowance Method Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. July 3. Received $27,375 on an account. Balance Sheet Assets...
Which account is most unlikely to be credited when an expense is recorded? Multiple Choice O O Cash O O Accounts Payable Accounts Receivable An account with the word "Prepaid" in its title A prepayment of rent for the next three months (not including this month): Multiple Choice decreases stockholders' equity. O increases expenses a has no effect on total assets. reduces total assets.
Uncollectible Accounts, Using Direct Write-Off Method
Illustrate the effects on the accounts and financial statements
of the following transactions in the accounts of Valley Care &
Supplies Co., a local hospital supply company that uses the direct
write-off method of accounting for uncollectible receivables:
If no account or activity is affected, select "No effect" from
the dropdown list and leave the corresponding number entry box
blank. Enter account decreases and cash outflows as negative
amounts.
March 18. Received $5,000 on...
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