PLEASE HELP ME WITH NUMBER 13 AND 14
Homework Answers
Answers:
13. (3) Equity will increase and asset will increase
Explanation:
For example Interest recieved amounting to $100.
It results in increase in cash, which is an asset,so it result in increase in asset by $100 and also Interest recieved amounting to $100 results in increase in capital,so the equity capital increased by $ 100.
14. (2) {a},{d}
(a) All the resources controlled by the entity
(d) equal to equity plus liabilities
Explanation:
The accounting equation for a sole proprietorship is:
Assets= Liabilities + owners equity
The accounting equation for a corporation is:
Asset = Liabilities + Stockholders equity
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PLEASE HELP ME WITH NUMBER 13 AND 14
13. What is the effect of interest received...
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received...
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month. What is the combined effect on Cash of these June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease 14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier...
Please just help spent the semester in the hospital and apparently have to do an assignment.....
Please just help spent the semester in the hospital and
apparently have to do an assignment..
11. Government spending and taxation changes that cause fiscal policy to be expansionary when the economy contracts and contractionary when the economy expands are known as: A) discretionary fiscal policy. B) automatic stabilizers. autonomous spending policies. destabilizing fiscal policies. 12. 4) The government budget balance equals: taxes plus government purchases plus government transfers. taxes minus government purchases minus government transfers. taxes minus government purchases...
Please help me with number 1,11 ,14 and 15 Use the information provided below to answer...
Please help me with number 1,11 ,14 and 15
Use the information provided below to answer question 1: Ethekwini Traders provided you with the following information for the year ended 30 April 2020: Inventory (1 May 2019). 400 000 Purchases 600 000 Purchases returns ............... 40 000 Sales returns .... 100 000 | Carriage on purchases.................. 5 500 A physical inventory count on 30 April 2020 indicated that inventory on hand was R500 000. 1. The cost of sales amount...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
True or False. can i have help on 12 and 14. and can you check the...
True or False. can i have help on 12 and 14. and can you check
the other answers. Thank you!
HW 12 4700 ce Mailings Review View True 5. If a rise in interest rates decreases the market value of assets from $600 million to $580 million and the market value of liabilities from $560 million to $550 million, the market value of the equity will increase from $40 million to $50 million. True 6. The higher the volatility in...
please help me with all, I will thumb up! 12. What type of account is interest...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
PLEASE HELP For each of the following transactions, select the account and its effect on the...
PLEASE HELP
For each of the following transactions, select the account and its effect on the basic accounting equation (Assets - Liabilities + Shareholders' Equity): (if no entry is required select No Entry for the account and No Effect for the efftect. For Shareholder's equity select Retained Earnings for all activity.) Assets Liabilities Shareholder's equity Transaction a. Purchase of equipment for cash b. Receipt of a loan from a bank (Use bank loan payable) Increase Decrease No Effect c. Purchase...
QUESTION 13 The cost of capital is defined as the a. simple average of the interest...
QUESTION 13 The cost of capital is defined as the a. simple average of the interest rates of all debt outstanding. b. simple average of the cost of debt and equity. c weighted average of the interest rates of all debt outstanding. d. weighted average of the cost of debt and equity QUESTION 16 Financial statement elements relating to income are defined in FASB Concepts Statement 6 as follows: a. Gains are increases in equity from ongoing major or central...
QUESTION 13 During June, the Charlie Corporation issued 10,000 shares of $. 10 par common stock...
QUESTION 13 During June, the Charlie Corporation issued 10,000 shares of $. 10 par common stock and received $240,000 Show the effects of this transaction on the company's assets, liabilities, and stockholders' equity a. Assets increase by $240,000 and liabilities increase by $240,000 b. Assets increase by S240,000, liabilities increase by $239,000, and stockholders' equity increases by $1,000 c. Assets increase by $240,000 and stockholders' equity increases by $240,000 d. Liabilities decrease by $240,000 and stockholders' equity increases by $240,000...
A purchase of a vehicle on credit would have what effect on the accounting equation? O...
A purchase of a vehicle on credit would have what effect on the accounting equation? O A. Total Owner's Equity is overstated. O B. Total Liabilities are overstated O C. Total Assets and total Liabilities increase O D. Both A and B are correct. Click to select your answer. 1T ype here to search Items owned by the business such as land, supplies, and equipment are: O A. Assets. O B. Expenses O C. Liabilities. O D. Owner's Equity Click...
13. Diamond Company had the following transactions during June Performed services for $5,000 on account; received cash on account, $7,000; paid $600 for repair expense; paid $2,000 to a supplier that it owed from the previous month. What is the combined effect on Cash of these June transactions? A) $4,400 increase B) $4,400 decrease C) $7,000 increase D) $2,600 decrease 14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier...
Please just help spent the semester in the hospital and
apparently have to do an assignment..
11. Government spending and taxation changes that cause fiscal policy to be expansionary when the economy contracts and contractionary when the economy expands are known as: A) discretionary fiscal policy. B) automatic stabilizers. autonomous spending policies. destabilizing fiscal policies. 12. 4) The government budget balance equals: taxes plus government purchases plus government transfers. taxes minus government purchases minus government transfers. taxes minus government purchases...
Please help me with number 1,11 ,14 and 15
Use the information provided below to answer question 1: Ethekwini Traders provided you with the following information for the year ended 30 April 2020: Inventory (1 May 2019). 400 000 Purchases 600 000 Purchases returns ............... 40 000 Sales returns .... 100 000 | Carriage on purchases.................. 5 500 A physical inventory count on 30 April 2020 indicated that inventory on hand was R500 000. 1. The cost of sales amount...
14) Mitchell Company receives a bill from one of its suppliers for advertising services received and will pay the supplier next month. How does the receipt of the bill from the supplier affect the accounting equation of Mitchell? A) assets and equity decrease B) liabilities increase and equity decreases C) assets and liabilities increase D) liabilities and equity increase -3- 15. Country Homes Company just recorded a transaction in its books. If this transaction increased the total liabilities by $12.000,...
True or False. can i have help on 12 and 14. and can you check
the other answers. Thank you!
HW 12 4700 ce Mailings Review View True 5. If a rise in interest rates decreases the market value of assets from $600 million to $580 million and the market value of liabilities from $560 million to $550 million, the market value of the equity will increase from $40 million to $50 million. True 6. The higher the volatility in...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
PLEASE HELP
For each of the following transactions, select the account and its effect on the basic accounting equation (Assets - Liabilities + Shareholders' Equity): (if no entry is required select No Entry for the account and No Effect for the efftect. For Shareholder's equity select Retained Earnings for all activity.) Assets Liabilities Shareholder's equity Transaction a. Purchase of equipment for cash b. Receipt of a loan from a bank (Use bank loan payable) Increase Decrease No Effect c. Purchase...
QUESTION 13 The cost of capital is defined as the a. simple average of the interest rates of all debt outstanding. b. simple average of the cost of debt and equity. c weighted average of the interest rates of all debt outstanding. d. weighted average of the cost of debt and equity QUESTION 16 Financial statement elements relating to income are defined in FASB Concepts Statement 6 as follows: a. Gains are increases in equity from ongoing major or central...
QUESTION 13 During June, the Charlie Corporation issued 10,000 shares of $. 10 par common stock and received $240,000 Show the effects of this transaction on the company's assets, liabilities, and stockholders' equity a. Assets increase by $240,000 and liabilities increase by $240,000 b. Assets increase by S240,000, liabilities increase by $239,000, and stockholders' equity increases by $1,000 c. Assets increase by $240,000 and stockholders' equity increases by $240,000 d. Liabilities decrease by $240,000 and stockholders' equity increases by $240,000...
A purchase of a vehicle on credit would have what effect on the accounting equation? O A. Total Owner's Equity is overstated. O B. Total Liabilities are overstated O C. Total Assets and total Liabilities increase O D. Both A and B are correct. Click to select your answer. 1T ype here to search Items owned by the business such as land, supplies, and equipment are: O A. Assets. O B. Expenses O C. Liabilities. O D. Owner's Equity Click...
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