Homework Answers
Answer: asset, balance sheet, credit
This is the contra asset account, which reduces the book value of asset.
It appears in the balance sheet as a deduction from gross value of asset.
It has a normal balance of credit, since it is a contra assets and it requires a deduction from the debit asset balance.
Add Answer to:
tion For the account "Accumulated Depreciation", identify each of the following in the order presented: equation...
a im should pay off 14.Using the following table, enter the relevant categories of the given...
a im should pay off 14.Using the following table, enter the relevant categories of the given accounts, based on the example given. No. Account Title Classification Financial Statement in Normal Balance which it appears Ex. Accounts receivable Current asset Balance sheet Debit Accumulated Depreciation-Bldg. Fixed asset (contra) Balance sheet Credit Accounts payable Current liability Balance sheet Credit Dividend income received Other income Income statement Credit Dividends paid Retained earning Retained earnings statement Debit Interest charge on note payable Expense Income...
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
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that...
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.) Accumulated depreciation is an expense account. The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account. Accumulated depreciation is a contra account. Accumulated depreciation is added to its plant asset on the income statement. Accumulated depreciation is subtracted from its plant asset on the balance sheet. Accumulated depreciation accumulates the total depreciation taken on an asset since its purchase.Explain what unearned...
QUESTION 2 2.5 points Save Answer Which financial statement is presented at a point in time?...
QUESTION 2 2.5 points Save Answer Which financial statement is presented at a point in time? Statement of cash flows Statement of retained earnings O Income statement Statement of Comprehensive income None of the above QUESTION 3 4.5 points Save Answer Below is a list of accounts from Jenkins Inc. trial balance for the year ended December 31, 2018. Cash 10,000 Accounts receivable 12,000 Sales revenue 25,000 Retained earnings, 1/1/18 4,000 Expenses 16,000 Dividends 300 Liabilities 11,000 Use what we...
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated...
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments...
A B C D Account names: Accumulated Depreciation Accumulated Other Comprehensive Income Cash Common Stock Cost...
A
B
C
D
Account names:
Accumulated Depreciation
Accumulated Other Comprehensive Income
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense
Interest Expense
Inventory
Notes Payable
Other Comprehensive Income (G/L)
Other Comprehensive Income (PSC)
Pension Asset/Liability
Pension Expense
Plant and Equipment
Postretirement Asset/Liability
Postretirement Expense
Retained Earnings
Salary Expense
Sales
Waterway Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were...
Indicate whether each of the following accounts would be reported on the balance sheet or income...
Indicate whether each of the following accounts would be reported on the balance sheet or income statement of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets, noncurrent assets, current liabilities, noncurrent liabilities, or stockholders' equity. If the account is reported on the income statement, indicate whether it would be classified as revenue or expense. Finally, for each account, indicate whether the company's accounting records would normally...
For each of the following accounts, indicate the (a) effect of a debit or credit on...
For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c) appropriate statement classification (income statement, statement of changes in equity, and/or statement of financial position). Note that there may be more than one statement classification in some cases. (a) (b) (c) Statement Classification Debit Effect Credit Effect Normal Balance 1. Bank loan payable 2. Property tax expense 3. Fees earned 4. Cash 5. Unearned revenue 6. Buildings...
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
statements. E12.2 (L01,2) (Classification Issues--Intangibles) Presented below is selected account informa- tion related to Matt Perry...
statements. E12.2 (L01,2) (Classification Issues--Intangibles) Presented below is selected account informa- tion related to Matt Perry Inc. as of December 21, 2019. All these accounts have debit balances. Cable television franchises yes Music copyrights yes Research and development costs Goodwill yes Cash Accounts receivable Property, plant, and equipment Internet domain name yes Land Film contract rights yes Customer lists Prepaid expenses Covenants not to compete Brand names you Notes receivable Investments in associated companies Organization costs Instructions Identify which items...
a im should pay off 14.Using the following table, enter the relevant categories of the given accounts, based on the example given. No. Account Title Classification Financial Statement in Normal Balance which it appears Ex. Accounts receivable Current asset Balance sheet Debit Accumulated Depreciation-Bldg. Fixed asset (contra) Balance sheet Credit Accounts payable Current liability Balance sheet Credit Dividend income received Other income Income statement Credit Dividends paid Retained earning Retained earnings statement Debit Interest charge on note payable Expense Income...
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
Which of the following statements about the Accumulated depreciation account is (are) correct? (Check all that apply.) Accumulated depreciation is an expense account. The Accumulated depreciation account allows the original cost of the asset to remain in the plant asset account. Accumulated depreciation is a contra account. Accumulated depreciation is added to its plant asset on the income statement. Accumulated depreciation is subtracted from its plant asset on the balance sheet. Accumulated depreciation accumulates the total depreciation taken on an asset since its purchase.Explain what unearned...
QUESTION 2 2.5 points Save Answer Which financial statement is presented at a point in time? Statement of cash flows Statement of retained earnings O Income statement Statement of Comprehensive income None of the above QUESTION 3 4.5 points Save Answer Below is a list of accounts from Jenkins Inc. trial balance for the year ended December 31, 2018. Cash 10,000 Accounts receivable 12,000 Sales revenue 25,000 Retained earnings, 1/1/18 4,000 Expenses 16,000 Dividends 300 Liabilities 11,000 Use what we...
Following are the general ledger account balances, listed in alphabetical order Accounts payable Accounts receivable Accumulated depreciation-equipment 3,700 Rent expense Cash Common shares Dividends declared Equipment s 3,000 Held for trading investments 5,600 400 900 11,720 3,700 6,020 160 4,000 Income tax expense 2,400 Retained earnings 9,100 Salaries expense 300 Service revenue 16,400 Unearned revenue Identify the normal balance of each account. Normal Balance Accounts payable Accounts receivable Accumulated depreciation-equipment Cash Common shares Dividends declared Equipment Held for trading investments...
A
B
C
D
Account names:
Accumulated Depreciation
Accumulated Other Comprehensive Income
Cash
Common Stock
Cost of Goods Sold
Depreciation Expense
Interest Expense
Inventory
Notes Payable
Other Comprehensive Income (G/L)
Other Comprehensive Income (PSC)
Pension Asset/Liability
Pension Expense
Plant and Equipment
Postretirement Asset/Liability
Postretirement Expense
Retained Earnings
Salary Expense
Sales
Waterway Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2017 in which no benefits were...
Indicate whether each of the following accounts would be reported on the balance sheet or income statement of Home Repair Company. Further, if the account is reported on the balance sheet, indicate whether it would be classified with current assets, noncurrent assets, current liabilities, noncurrent liabilities, or stockholders' equity. If the account is reported on the income statement, indicate whether it would be classified as revenue or expense. Finally, for each account, indicate whether the company's accounting records would normally...
For each of the following accounts, indicate the (a) effect of a debit or credit on the account, (b) normal balance, and (c) appropriate statement classification (income statement, statement of changes in equity, and/or statement of financial position). Note that there may be more than one statement classification in some cases. (a) (b) (c) Statement Classification Debit Effect Credit Effect Normal Balance 1. Bank loan payable 2. Property tax expense 3. Fees earned 4. Cash 5. Unearned revenue 6. Buildings...
statements. E12.2 (L01,2) (Classification Issues--Intangibles) Presented below is selected account informa- tion related to Matt Perry Inc. as of December 21, 2019. All these accounts have debit balances. Cable television franchises yes Music copyrights yes Research and development costs Goodwill yes Cash Accounts receivable Property, plant, and equipment Internet domain name yes Land Film contract rights yes Customer lists Prepaid expenses Covenants not to compete Brand names you Notes receivable Investments in associated companies Organization costs Instructions Identify which items...
Most questions answered within 3 hours.
-
Computer Programming II CS141(Java)
Mention the appropriate relationship between following
classes:
HOD–StaffMember
Car–Ferrari
Student-Address
BankAccount–FixedAccount
House-Building...
asked 2 hours ago -
Assume one of your finals has 50 questions on it, and
lucky for you, it's all...
asked 3 hours ago -
Rice Products in Bangladesh
Business behavior is derived in large part from the basic cultural
environment...
asked 5 hours ago -
The following base sequence is found for a mRNA fragment from
wild-type E. coli: 5'- UAUCAGUAGAUAAUGUAACC-3'...
asked 5 hours ago -
For this exercise, round all regression parameters to three
decimal places.
One of the two tables...
asked 5 hours ago -
What is the 5% level of significance for mean = 3.60, standard
deviation = 0.94, and...
asked 6 hours ago -
Prior to beginning work on this discussion, please read the
article by Hayley Peterson, 15 Companies...
asked 6 hours ago -
Which pair of aqueous solutions, when mixed, will form a
precipitate?
A) NaNO3 and AgC2H3O2
B)...
asked 6 hours ago -
1-Write an algorithm to get two numbers from the user (as
inputs) and calculate the sum...
asked 10 hours ago -
Define white-collar crime. What is the difference between
offender and offense-based definitions of white-collar crime? What...
asked 10 hours ago -
Consider a reaction which is 1st order with respect to A and 1st
order with respect...
asked 11 hours ago -
c++
The length of the hypotenuse of a right-angled triangle is the
square root of the...
asked 11 hours ago