Homework Answers
Ans--1-The correct option is b)- is an end rather a means to an end.
2-The correct option is b)- Total liabilities increased by $7,000.
3- The correct option is a)-Net Income is equal to revenue minus the sum of expenses and dividends.
4- The correct option is c)-Unearned Revenue.
5-The correct option is a)-Specific identification.
6-The correct option is b)-Cash, Salaries Payable and Service Revenue.
7-The correct option is d)-requires that an outside auditor must evaluate a public company's internal control.
8-The correct option is d)-debits to Bad Debts Expenses.
9-The correct option is b)-Loss of $1,000
Loss on disposal=Cost of the asset-accumulated depreciation
=$45,000-$44,000
=$1,000
Loss on disposal= $1,000
10-The correct option is c)-Sales tax payable of $14,400.
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fotal labilities increased by $7,000. c. From the point of view of a short-term creditor, this...
8. The entry to record a write-off of an uncollectible account when using the direct write...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable C. credit to Cash d. debits to Bad Debts Expense 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose you company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss b. Loss of $1,000...
8. The entry to record a write-off of an uncollectible account when using the direct write...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a. debit to Allowance for Bad Debts c. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss c. Gain of $1,000 10. Your company sells $180,000 (selling price) of goods and collects...
journalize the transaction for TED co. assuming the company uses direct white off method to deal...
journalize the transaction for TED co. assuming the company
uses direct white off method to deal
L. Multliple Choice Questions. ONLY ONE answer is correct. (2' X 10 -20) 1. Which of the following does not describe accounting? a. Language of business. b. Is an end rather a means to an end. c. Useful for decision making. d. Used by business, government, nonprofit organizations and individuals 2. Waterworld Shop purchased a truck for $12,000, making a down payment of $5,000...
L. Multliple Choice Questions. ONLY ONE answer is correct. (2' X 10 -20) 1. Which of...
L. Multliple Choice Questions. ONLY ONE answer is correct. (2' X 10 -20) 1. Which of the following does not describe accounting? a. Language of business. b. Is an end rather a means to an end. c. Useful for decision making. d. Used by business, government, nonprofit organizations and individuals 2. Waterworld Shop purchased a truck for $12,000, making a down payment of $5,000 cash and signing a $7,000 note payable due in 60 days. As a result of this...
8. The entry to record a write-off of an uncollectible account when using the direct write...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss e. Gain of $1,000 10. Your company sells S 180,000...
8. The entry to record a write-off of an uncollectible account when using the direct write...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss c. Gain of $1,000 10. Your company liability does the...
1. Multiple Choice Questions. ONLY ONE answer is correct. (2' X 10 = 20) 1. Which...
1. Multiple Choice Questions. ONLY ONE answer is correct. (2' X 10 = 20) 1. Which of the following does not describe accounting? a. Language of business. b. Is an end rather a means to an end. c. Useful for decision making. d. Used by business, government, nonprofit organizations and individuals. 2. Waterworld Shop purchased a truck for $12,000, making a down payment of $5,000 cash and signing a $7,000 note payable due in 60 days. As a result of...
Syner-U Company Adjusted Trial Balance Year ending December 31, 2016 Balances 9,200 5,700 5,000 5,700 22,000...
Syner-U Company Adjusted Trial Balance Year ending December 31, 2016 Balances 9,200 5,700 5,000 5,700 22,000 Accounts payable Accounts receivable Accumulated depreciation - equipment Shipping expenses Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Loans payable, due 12/15/18 Note payable, due 6/30/17 Prepaid insurance (12-month policy) 3,805 540 970 125 13,400 9,760 600 Rent expense 380 4200 21,000 800 Salaries and wages expense Revenues Supplies Utilities expense Equipment Unearned revenue 1,000 25,000 650 What is the company's net...
Below are the completed financial statement columns of the worksheet for Suncor Company. Suncor Company Work...
Below are the completed financial statement columns of the
worksheet for Suncor Company.
Suncor Company
Work Sheet
For the Year Ended December 31, 2017
During 2017, Suncor’s shareholders invested $26,880 in exchange
for common shares. Accumulated other comprehensive income had a
balance of $0 on January 1, 2017.
Prepare a statement of comprehensive income.
SUNCOR CORP.
Choice of accounts to use:
Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Amortization - Patent
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated...
Exercise 4-01 The trial balance columns of the worksheet for Ivanhoe Company at June 30, 2020,...
Exercise 4-01 The trial balance columns of the worksheet for Ivanhoe Company at June 30, 2020, are as follows. Dr. Ivanhoe Company Worksheet For the Month Ended June 30, 2020 Trial Balance Account Titles Cr. Cash 2,200 Accounts Receivable 2,700 Supplies 2,000 Accounts Payable 1,000 Unearned Service Revenue 420 Owner's Capital 2,780 Service Revenue 3,600 Salaries and Wages Expense 660 Miscellaneous Expense 240 Total 7,800 7,800 Other data: 1. A physical count reveals $400 of supplies on hand. 2. $120...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable C. credit to Cash d. debits to Bad Debts Expense 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose you company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss b. Loss of $1,000...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a. debit to Allowance for Bad Debts c. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction? a. No gain no loss c. Gain of $1,000 10. Your company sells $180,000 (selling price) of goods and collects...
journalize the transaction for TED co. assuming the company
uses direct white off method to deal
L. Multliple Choice Questions. ONLY ONE answer is correct. (2' X 10 -20) 1. Which of the following does not describe accounting? a. Language of business. b. Is an end rather a means to an end. c. Useful for decision making. d. Used by business, government, nonprofit organizations and individuals 2. Waterworld Shop purchased a truck for $12,000, making a down payment of $5,000...
L. Multliple Choice Questions. ONLY ONE answer is correct. (2' X 10 -20) 1. Which of the following does not describe accounting? a. Language of business. b. Is an end rather a means to an end. c. Useful for decision making. d. Used by business, government, nonprofit organizations and individuals 2. Waterworld Shop purchased a truck for $12,000, making a down payment of $5,000 cash and signing a $7,000 note payable due in 60 days. As a result of this...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss e. Gain of $1,000 10. Your company sells S 180,000...
8. The entry to record a write-off of an uncollectible account when using the direct write off method involves a debit to Allowance for Bad Debts b. debit to Accounts Receivable e. credit to Cash 9. A copy machine costs $45,000 when new and has accumulated depreciation of $44,000. Suppose your company sold the machine for $1,000. What is the result of the disposal transaction a. No gain no loss c. Gain of $1,000 10. Your company liability does the...
1. Multiple Choice Questions. ONLY ONE answer is correct. (2' X 10 = 20) 1. Which of the following does not describe accounting? a. Language of business. b. Is an end rather a means to an end. c. Useful for decision making. d. Used by business, government, nonprofit organizations and individuals. 2. Waterworld Shop purchased a truck for $12,000, making a down payment of $5,000 cash and signing a $7,000 note payable due in 60 days. As a result of...
Syner-U Company Adjusted Trial Balance Year ending December 31, 2016 Balances 9,200 5,700 5,000 5,700 22,000 Accounts payable Accounts receivable Accumulated depreciation - equipment Shipping expenses Cash Owner's capital (1/1/16) Owner's drawings Depreciation expense Insurance expense Loans payable, due 12/15/18 Note payable, due 6/30/17 Prepaid insurance (12-month policy) 3,805 540 970 125 13,400 9,760 600 Rent expense 380 4200 21,000 800 Salaries and wages expense Revenues Supplies Utilities expense Equipment Unearned revenue 1,000 25,000 650 What is the company's net...
Below are the completed financial statement columns of the
worksheet for Suncor Company.
Suncor Company
Work Sheet
For the Year Ended December 31, 2017
During 2017, Suncor’s shareholders invested $26,880 in exchange
for common shares. Accumulated other comprehensive income had a
balance of $0 on January 1, 2017.
Prepare a statement of comprehensive income.
SUNCOR CORP.
Choice of accounts to use:
Accounts Payable
Accounts Receivable
Accrued Liabilities
Accumulated Amortization - Patent
Accumulated Depreciation - Buildings
Accumulated Depreciation - Equipment
Accumulated...
Exercise 4-01 The trial balance columns of the worksheet for Ivanhoe Company at June 30, 2020, are as follows. Dr. Ivanhoe Company Worksheet For the Month Ended June 30, 2020 Trial Balance Account Titles Cr. Cash 2,200 Accounts Receivable 2,700 Supplies 2,000 Accounts Payable 1,000 Unearned Service Revenue 420 Owner's Capital 2,780 Service Revenue 3,600 Salaries and Wages Expense 660 Miscellaneous Expense 240 Total 7,800 7,800 Other data: 1. A physical count reveals $400 of supplies on hand. 2. $120...
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