Homework Answers
Answer: A list of all accounts.
Explanation:
| A 'chart of accounts' is a list of all accounts used by a firm in its general ledger. | |||
| It is this chart which is used by the software to create and aggregate accounting | |||
| information. Account numbers would also be present. | |||
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value 15.00 points A chart of accounts is: O a list of all accounts O a...
Question 14 (of 16) 14. vale 15.00 points A statement of cash flows: O is prepared...
Question 14 (of 16) 14. vale 15.00 points A statement of cash flows: O is prepared at the option of management O may be combined with the balance sheet O is a basic financial statement required for publicly held companies O may be combined with the statement of retained earnings at the option of management
Question 1 A chart of accounts is used in organizations to process transactions to the ledger....
Question 1 A chart of accounts is used in organizations to process transactions to the ledger. ensure consistency in recording transactions quicker, since a chart of accounts is essentially shorthand of accounts. verify correct amounts before being transferred to the trial balance. alphabetize accounts so that when accountants prepare financial statements the accounts can be quickly transferred. encrypt the general journal so that no other organization can read any other organization's journal. 1 points Question 2 The entry to close...
Purchase-Related Transactions Illustrate the effects on the accounts and financial statements of ...
Purchase-Related Transactions Illustrate the effects on the accounts and financial statements of the following related transactions of Bowen Inc. 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 a. Purchased $400,000 of merchandise from Swanson Co. on account, terms 1/10, n/30. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No Effect + Inventory...
Chart of Accounts Monet Paints Co. is a newly organized business with a list of accounts...
Chart of Accounts Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows: Assign account numbers and specify whether each account would appear on the balance sheet or income statement order, as illustrated below. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, for example); the second digit is to indicate the subclassification (11 for current assets, for example); and the third...
Prepare a chart of accounts. Start by selecting the balance sheet accounts, and then complete the...
Prepare a chart of accounts. Start by selecting the balance sheet accounts, and then complete the chart of accounts by selecting the income statement accounts the accounts. Il a box is not used in the chant of accounts, leave the box empty Note that in some cases in may be necessary to select a general account in which Balance Sheet Accounts More Info Assets Liabilities Owner's Equity Microsoft Surface Tablet Salary Expense Accounts Payable Accounts Receivable Repair Expense Legal Fees...
you can pick any account that would be found an in average companys chart of accounts....
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
11. (8 points) Changes in all of E's balance sheet accounts during the current year, EXCEPT...
11. (8 points) Changes in all of E's balance sheet accounts during the current year, EXCEPT the change in E's retained earnings account follow. Compute E's net income (or net loss) for the year assuming the only two entries E made to her retained earnings account during the year were for a cash dividend declared and paid of $50,000 and her net income (or net loss) for the year. (This is NOT a statement of cash flows problem - do...
A chart of accounts is a list of all ledger accounts and an identification number for...
A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. C. a. Sales b. Delivery Expense Supplies Expense d. Utilities Expenses e. Commissions Earned f. Dividend Revenue 9. Furniture h. Rent Revenue i Operating Expense I < Prev 32 of 63 Next > O 0789 ? AWX ? 8 9 MacBook Air
2 points Question 1.24 The valuation allowance for trading investments account is found on the o...
2 points Question 1.24 The valuation allowance for trading investments account is found on the o income statement as other revenve (expense) balance sheet as an adjustment to the asset account o statement of retained eamings O balance sheet as an adustment to stockholders' equity 2 points Question 1.25 Trading securities are reported at fair value on the balance sheet and as unrealized gains or losses on the income statement o not reported on the balance sheet reported as unrealized...
please answer with explanation 9.(3.5 points) Changes in all of E's balance sheet accounts during the...
please answer with explanation
9.(3.5 points) Changes in all of E's balance sheet accounts during the current year, EXCEPT the change in E’s retained earnings account, follow. Compute E's net income (or net loss) for the year assuming the only two entries E made to her retained earnings account during the year were for a cash dividend declared and paid of $30,000 and for her net income (or net loss) for the year. This is NOT a statement of cash...
Question 14 (of 16) 14. vale 15.00 points A statement of cash flows: O is prepared at the option of management O may be combined with the balance sheet O is a basic financial statement required for publicly held companies O may be combined with the statement of retained earnings at the option of management
Purchase-Related Transactions Illustrate the effects on the accounts and financial statements of the following related transactions of Bowen Inc. 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 a. Purchased $400,000 of merchandise from Swanson Co. on account, terms 1/10, n/30. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No Effect + Inventory...
Chart of Accounts Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows: Assign account numbers and specify whether each account would appear on the balance sheet or income statement order, as illustrated below. Each account number is three digits: the first digit is to indicate the major classification (1 for assets, for example); the second digit is to indicate the subclassification (11 for current assets, for example); and the third...
Prepare a chart of accounts. Start by selecting the balance sheet accounts, and then complete the chart of accounts by selecting the income statement accounts the accounts. Il a box is not used in the chant of accounts, leave the box empty Note that in some cases in may be necessary to select a general account in which Balance Sheet Accounts More Info Assets Liabilities Owner's Equity Microsoft Surface Tablet Salary Expense Accounts Payable Accounts Receivable Repair Expense Legal Fees...
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
11. (8 points) Changes in all of E's balance sheet accounts during the current year, EXCEPT the change in E's retained earnings account follow. Compute E's net income (or net loss) for the year assuming the only two entries E made to her retained earnings account during the year were for a cash dividend declared and paid of $50,000 and her net income (or net loss) for the year. (This is NOT a statement of cash flows problem - do...
A chart of accounts is a list of all ledger accounts and an identification number for each. Identify the following accounts as either an asset (A), liability (L), equity (EQ), revenue (R), or expense (E) account. C. a. Sales b. Delivery Expense Supplies Expense d. Utilities Expenses e. Commissions Earned f. Dividend Revenue 9. Furniture h. Rent Revenue i Operating Expense I < Prev 32 of 63 Next > O 0789 ? AWX ? 8 9 MacBook Air
2 points Question 1.24 The valuation allowance for trading investments account is found on the o income statement as other revenve (expense) balance sheet as an adjustment to the asset account o statement of retained eamings O balance sheet as an adustment to stockholders' equity 2 points Question 1.25 Trading securities are reported at fair value on the balance sheet and as unrealized gains or losses on the income statement o not reported on the balance sheet reported as unrealized...
please answer with explanation
9.(3.5 points) Changes in all of E's balance sheet accounts during the current year, EXCEPT the change in E’s retained earnings account, follow. Compute E's net income (or net loss) for the year assuming the only two entries E made to her retained earnings account during the year were for a cash dividend declared and paid of $30,000 and for her net income (or net loss) for the year. This is NOT a statement of cash...
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