Homework Answers
ANS :-
Correct answer is b . Assets
A credit is an accounting entry that either increases a liability or stockholder's equity account, or decreases an asset or expense account. It is positioned to the right in an accounting entry. so assets is decreases recorded by credits
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esource from Cengage Learning- Microsoft Edge ssignmentMan.doinvoker-assignments& takeAssignment es lor Locator-ass gr ment-take&r pro signmen take ress- se Calculator Problem 6-03 Tri-County Utilities, Inc., supplies natural gas to customers in a three-county area. The company purchases natural gas from two companies Southern Gas and Northwest Gas. Demand forecasts for the coming winter season are as follows: Hamilton County, 400 units; Butler County, 200 units; and Clermont County, 300 units. Contracts to provide the following quantities have...
Question Help A credit decreases the balance of which types of accounts? 1 O A. assets...
Question Help A credit decreases the balance of which types of accounts? 1 O A. assets and shareholders' equity OB. expenses and assets O c. assets and liabilities OD. liabilities and expenses
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
man/take Assignment/takeAssignment Main doriwokertakeAssignment session Locator progresse false Calculator The following lots of commodity Z were...
man/take Assignment/takeAssignment Main doriwokertakeAssignment session Locator progresse false Calculator The following lots of commodity Z were for sale during the year Beginning inventory units 551 First purchase 18 units at $50 Second purchase 51 units at $50 Third purchase 1859 The firm uses the periodic system, and there are 24 units of the commodity on hand at the end of the year what is the ending inventory balance at the end of the year according to the UFO method $5,364...
progress-raise eBook Calculator Types of Businesses Indicate whether each of the following companies is primarily a...
progress-raise eBook Calculator Types of Businesses Indicate whether each of the following companies is primarily a service, merchandising, or manufacturing business. If you are unfamiliar with the company, you may use the Internet to locate the company's home page or use the finance Web site of Yahoo.com 1. AFLAC (AFL) 2. Best Buy (BBY) 3. Boeing (BA) 4. Caterpillar (CAT) 5. Citigroup (C) 6. CVS Health Corp. (CVS) 7. DowDuPont Inc. (DWDP) 8. Exxon Mobil (OM) 9. Facebook (FB) 10....
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
Which of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity...
Which of the following requires a credit? Multiple Choice Decreases in liabilities Decreases in stockholders' equity Increases to assets Increases to liabilities 2. true or false Under the five-step revenue recognition model, a contract can be written, verbal, or implied. 3.When cash is received in advance of a performance obligation being satisfied, a(n) ______ called _________ is recorded.
Calculator The following selected accounts and their current balances appear in the ledger of Femandez Co....
Calculator The following selected accounts and their current balances appear in the ledger of Femandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 2,850,000 Accounts Receivable 1,197,000 Dividends 50,000 Inventory 1,790,000 Sales 9,350,000 Estimated Returns Inventory 23,500 Cost of Goods Sold 5,840,000 Office Supplies 14,000 Sales Salaries Expense 820,000 Prepaid Insurance 8,500 Advertising Expense 350,000 Office Equipment 870,000 Depreciation Expense-Store Equipment 120,000 Accumulated Depreciation Office Equipment 580,000 Miscellaneous Selling Expense 58,000 Store Equipment 2,600,000 Office Salaries...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017: $17,395 $6,540 1,370 Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings Automobiles Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash 22,615 23,100 43,260 115,500 42,510 247,000 85,360 Income taxes payable Interest payable Inventory Land Long-term investments Notes payable, due June 30, 2018 office supplies Pald-in...
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esource from Cengage Learning- Microsoft Edge ssignmentMan.doinvoker-assignments& takeAssignment es lor Locator-ass gr ment-take&r pro signmen take ress- se Calculator Problem 6-03 Tri-County Utilities, Inc., supplies natural gas to customers in a three-county area. The company purchases natural gas from two companies Southern Gas and Northwest Gas. Demand forecasts for the coming winter season are as follows: Hamilton County, 400 units; Butler County, 200 units; and Clermont County, 300 units. Contracts to provide the following quantities have...
Question Help A credit decreases the balance of which types of accounts? 1 O A. assets and shareholders' equity OB. expenses and assets O c. assets and liabilities OD. liabilities and expenses
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
15-6 True or False Study Appendix 15B. Use T or F to indicate whether each of the following statements is true or false. For each false statement, explain why it is false. 1. Purchase of inventory on account should be credited to Inventory and debited to Accounts Payable. 2. Increases in asset accounts must always be entered on the right. 3. Increases in stockholders' equity should always be entered as credits. 4. Decreases in liability accounts should be recorded on...
man/take Assignment/takeAssignment Main doriwokertakeAssignment session Locator progresse false Calculator The following lots of commodity Z were for sale during the year Beginning inventory units 551 First purchase 18 units at $50 Second purchase 51 units at $50 Third purchase 1859 The firm uses the periodic system, and there are 24 units of the commodity on hand at the end of the year what is the ending inventory balance at the end of the year according to the UFO method $5,364...
progress-raise eBook Calculator Types of Businesses Indicate whether each of the following companies is primarily a service, merchandising, or manufacturing business. If you are unfamiliar with the company, you may use the Internet to locate the company's home page or use the finance Web site of Yahoo.com 1. AFLAC (AFL) 2. Best Buy (BBY) 3. Boeing (BA) 4. Caterpillar (CAT) 5. Citigroup (C) 6. CVS Health Corp. (CVS) 7. DowDuPont Inc. (DWDP) 8. Exxon Mobil (OM) 9. Facebook (FB) 10....
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
Calculator The following selected accounts and their current balances appear in the ledger of Femandez Co. at the end of its fiscal year. Cash $250,000 Retained Earnings 2,850,000 Accounts Receivable 1,197,000 Dividends 50,000 Inventory 1,790,000 Sales 9,350,000 Estimated Returns Inventory 23,500 Cost of Goods Sold 5,840,000 Office Supplies 14,000 Sales Salaries Expense 820,000 Prepaid Insurance 8,500 Advertising Expense 350,000 Office Equipment 870,000 Depreciation Expense-Store Equipment 120,000 Accumulated Depreciation Office Equipment 580,000 Miscellaneous Selling Expense 58,000 Store Equipment 2,600,000 Office Salaries...
eBook Calculator Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2017: $17,395 $6,540 1,370 Accounts payable Accounts receivable Accumulated depreciation - automobiles Accumulated depreciation - buildings Automobiles Bonds payable, due December 31, 2021 Buildings Capital stock, $10 par value Cash 22,615 23,100 43,260 115,500 42,510 247,000 85,360 Income taxes payable Interest payable Inventory Land Long-term investments Notes payable, due June 30, 2018 office supplies Pald-in...
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