Homework Answers
Answer:
Option: C) Issued common stock
Explanation:
Issuing common stock will effect the asset side (current assets) where as it will also effect Equity. At the same time it also effects statement of Cash flows under Financing Activity
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30) C hico 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:...
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
Addison Company experienced an accounting event that affected its financial statements as indicated below: Assets =...
Addison Company experienced an accounting event that affected its financial statements as indicated below: Assets = Liab. + Equity Rev. ? Exp. = Net Inc. Cash Flow + NA + + NA + NA Which of the following accounting events could have caused these effects on Addison's statements?
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...
Delta Company experienced an accounting event that affected its financial statements as indicated below: Asset Liab....
Delta Company experienced an accounting event that affected its financial statements as indicated below: Asset Liab. 1. Equity Rev. 1- Exp |- Net Inc. Stmt of Cash Flow NA NA OA Which of the following accounting events could have caused these effects on the elements of Delta's statements? A) Paid a cash dividend B) Incurred a cash expense C) Borrowed money from a bank D) Earned cash revenue 7)_ _What is the purpose of the accrual basis of accounting? A)...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as indicated below: Assets Liab. + Equity Rev. NA NA Exp. + Net Inc. Cash Flow NA Which of the following accounting events could have caused these effects on Flynn's statements? 1) Recognized depletion expense on a copper mine. O2) Recognized depreciation expense under the double declining balance method. 3) Amortized patent cost under the straight-line method. 4) All of these.
Leece Company experienced an accounting event that affected its financial statements as indicated below: Income Statement...
Leece Company experienced an accounting event that affected its financial statements as indicated below: Income Statement statement of Cash Flows Balance Sheet Stockholders' Liabilities Equity n/a n/a + Assets = +/- Revenue n/a Expense n/a Net Income n/a +OA Which of the following accounting events could have caused these effects on the company's financial statements? Multiple Choice Provided consulting services on account Provided consulting services for cash Collected cash in partial settlement of its account receivable The information provided does...
Knopp Company experienced an event that had the following effects on its financial statements. Balance sheet...
Knopp Company experienced an event that had the following effects on its financial statements. Balance sheet Income Statement Statement of Cash Flows Assets = Liabilities + Equity Rev. − Exp. = Net Inc. + NA + + NA + + OA Which of the following events would have caused these effects? Earned cash revenue Borrowed money Purchased land with cash Issued stock for cash
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...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....
Recording events in a horizontal statements model The following events pertain to Super Cleaning Company: 1....
Recording events in a horizontal statements model The following events pertain to Super Cleaning Company: 1. Acquired $10,000 cash from the issue of common stock. 2. Provided $15,000 of services on account. 3. Provided services for $5,000 cash. 4. Received $2,800 cash in advance for services to be performed in the future. 5. Collected $12,200 cash from the account receivable created in Event 2. 6. Paid $1,900 for cash expenses. 7. Performed $1,400 of the services agreed to in Event...
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
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...
Delta Company experienced an accounting event that affected its financial statements as indicated below: Asset Liab. 1. Equity Rev. 1- Exp |- Net Inc. Stmt of Cash Flow NA NA OA Which of the following accounting events could have caused these effects on the elements of Delta's statements? A) Paid a cash dividend B) Incurred a cash expense C) Borrowed money from a bank D) Earned cash revenue 7)_ _What is the purpose of the accrual basis of accounting? A)...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as indicated below: Assets Liab. + Equity Rev. NA NA Exp. + Net Inc. Cash Flow NA Which of the following accounting events could have caused these effects on Flynn's statements? 1) Recognized depletion expense on a copper mine. O2) Recognized depreciation expense under the double declining balance method. 3) Amortized patent cost under the straight-line method. 4) All of these.
Leece Company experienced an accounting event that affected its financial statements as indicated below: Income Statement statement of Cash Flows Balance Sheet Stockholders' Liabilities Equity n/a n/a + Assets = +/- Revenue n/a Expense n/a Net Income n/a +OA Which of the following accounting events could have caused these effects on the company's financial statements? Multiple Choice Provided consulting services on account Provided consulting services for cash Collected cash in partial settlement of its account receivable The information provided does...
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...
Supplies, unearned revenue, and the financial statements model Hart, Attorney at Law, experienced the following transactions in 2018, the first year of operations: 1. Accepted $36,000 on April 1, 2018, as a retainer for services to be performed evenly over the next 12 months. 2. Performed legal services for cash of $54,000. 3. Purchased $2,800 of office supplies on account. 4. Paid $2,400 of the amount due on accounts payable. 5. Paid a cash dividend to the stockholders of $5,000....
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