Homework Answers
1. Prepaid Expenses would appear on which financial statement.
= B. Balance sheet
2. What is X-cel companies net income or loss
= D. $1,050 net income
3. Which type of account wouldn't be reported on balance sheet
= C. Expense
4. A compound entry is
= B. A transaction involving more than one debit and/or credit.
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Prepaid expense would appear on which financial statement? O A. Income Statement O B. Balance Sheet...
What would be the effect on the accounts if the business provided services to a customer...
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
Which of the statements of the rules of debit and credit is true? O A. Increase...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
A corporation: O A. is owned by stockholders. O B. has limited risk to stockholders. O...
A corporation: O A. is owned by stockholders. O B. has limited risk to stockholders. O c. is legally separate from its owners. O D. All of the above. Which of the following would result if the owner withdrew cash from the business? O A. Cash would increase and Withdrawals would increase O B. Cash would increase and Capital would decrease OC. Cash would decrease and Withdrawals would increase. OD. An investment by the owner is not a business transaction....
I am doing something wrong in b (Reviewing financial statements) Prepare a balance sheet and income...
I am doing something wrong in b
(Reviewing financial statements) Prepare a balance sheet and income statement for TNT, Inc., from the scrambled list of items found here a. Prepare an income statement for TNT. b. Prepare a balance sheet for TNT c. What can you say about the firm's financial condition based on these financial statements? i Data Table Income Taxes Net Income 75, 105 114,830 b. Prepare a balance sheet for TNT Complete the assets part of the...
Luther Corporation Consolidated Income Statement Year ended December 31 (in Smillions) 2006 610.1 (500.2) 109.9 2005...
Luther Corporation Consolidated Income Statement Year ended December 31 (in Smillions) 2006 610.1 (500.2) 109.9 2005 555.9 (350.7) 205.2 Total sales Cost of sales Gross profit Selling, general, and administrative expenses Research and development Depreciation and amortization Operating income (40.5) (246) (3.6) 41.2 (35.7) (20.6) (3.1) 145.8 O A. $297.80 million OB. $119.10 million OC. $178.70 million OD. $148.90 million Click to select your answer. 3 Type here to search RI 15 OT 20 124.0) (3.6) 41.2 (20.0) (3.1) 145.8...
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...
The balance sheet reports the retained earnings balance at the end of a fiscal year. What...
The balance sheet reports the retained earnings balance at the end of a fiscal year. What is the source of this ending balance of retained earnings? O A. Adjusted Trial Balance O B. Statement of Retained Earnings O C. Unadjusted Trial Balance O D. Trial Balance Worksheet Click to select your answer. e Type here to search
17.) Which general purpose financial statement MUST be prepared first. O A. Income Statement O B....
17.) Which general purpose financial statement MUST be prepared first. O A. Income Statement O B. Statement of Stockholder's Equity O C. Balance Sheet O D. Statement of Cash Flows 22.) A discontinued operation occurs when: A company eliminates the results of operations of a component of a business whose operations and cash flow can be clearly distinguished operationally and for financial reporting purposes; AND O A. This is all that needs to happen to report a discontinued operation. O...
On which financial statement(s) can you find "income before income taxes"? Balance sheet Income Statement and...
On which financial statement(s) can you find "income before income taxes"? Balance sheet Income Statement and Statement of Stockholders' Equity Balance Sheet and Cash Flows Statement Income Statement and Balance Sheet O Income Statement D Question 3 15 On which financial statement(s) can you find "net income"? Income Statement and Balance Sheet O Income Statement, Balance Sheet, Statement of Stockholders' Equity and Cash Flows Statement Income Statement, Balance Sheet and Statement of Comprehensive Income Income Statement, Statement of Comprehensive Income,...
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
Which of the statements of the rules of debit and credit is true? O A. Increase Accounts Payable with a credit and the normal balance is a credit OB. Decrease Accounts Receivable with a credit and the normal balance is a credit. OC. Decrease Cash with a debit and the normal balance is a debit. OD. Increase Revenue with a debit and the normal balance is a debit. Click to select your answer. Tyne here to search Which type of...
If you debit Prepaid Insurance, you most likely will: O A. credit Cash. O B. credit Insurance Expense. O C. credit Capital. O D. credit Fees Earned. Sue's Book Review billed customers $550. The journal entry to record this transaction is: O A. Editing Fees, debit $550; Riley, Capital, credit $550 O B. Cash, debit $550; Riley, Accounts Receivable, credit $550 O C. Accounts Payable, debit $550; Editing Fees, credit $550 OD. Accounts Receivable, debit $550; Editing Fees, credit $550...
A corporation: O A. is owned by stockholders. O B. has limited risk to stockholders. O c. is legally separate from its owners. O D. All of the above. Which of the following would result if the owner withdrew cash from the business? O A. Cash would increase and Withdrawals would increase O B. Cash would increase and Capital would decrease OC. Cash would decrease and Withdrawals would increase. OD. An investment by the owner is not a business transaction....
I am doing something wrong in b
(Reviewing financial statements) Prepare a balance sheet and income statement for TNT, Inc., from the scrambled list of items found here a. Prepare an income statement for TNT. b. Prepare a balance sheet for TNT c. What can you say about the firm's financial condition based on these financial statements? i Data Table Income Taxes Net Income 75, 105 114,830 b. Prepare a balance sheet for TNT Complete the assets part of the...
Luther Corporation Consolidated Income Statement Year ended December 31 (in Smillions) 2006 610.1 (500.2) 109.9 2005 555.9 (350.7) 205.2 Total sales Cost of sales Gross profit Selling, general, and administrative expenses Research and development Depreciation and amortization Operating income (40.5) (246) (3.6) 41.2 (35.7) (20.6) (3.1) 145.8 O A. $297.80 million OB. $119.10 million OC. $178.70 million OD. $148.90 million Click to select your answer. 3 Type here to search RI 15 OT 20 124.0) (3.6) 41.2 (20.0) (3.1) 145.8...
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...
The balance sheet reports the retained earnings balance at the end of a fiscal year. What is the source of this ending balance of retained earnings? O A. Adjusted Trial Balance O B. Statement of Retained Earnings O C. Unadjusted Trial Balance O D. Trial Balance Worksheet Click to select your answer. e Type here to search
17.) Which general purpose financial statement MUST be prepared first. O A. Income Statement O B. Statement of Stockholder's Equity O C. Balance Sheet O D. Statement of Cash Flows 22.) A discontinued operation occurs when: A company eliminates the results of operations of a component of a business whose operations and cash flow can be clearly distinguished operationally and for financial reporting purposes; AND O A. This is all that needs to happen to report a discontinued operation. O...
On which financial statement(s) can you find "income before income taxes"? Balance sheet Income Statement and Statement of Stockholders' Equity Balance Sheet and Cash Flows Statement Income Statement and Balance Sheet O Income Statement D Question 3 15 On which financial statement(s) can you find "net income"? Income Statement and Balance Sheet O Income Statement, Balance Sheet, Statement of Stockholders' Equity and Cash Flows Statement Income Statement, Balance Sheet and Statement of Comprehensive Income Income Statement, Statement of Comprehensive Income,...
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