Homework Answers
In other words used of office supplies is called supplies expense.. so supplies expense decrease net income
So answer is a) Used of $2000 office supplies
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Which of the following transactions would cause net income for the period to decrease? Multiple Choice...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce...
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
The analytical framework used to evaluate transactions is reproduced below: Cash + Non-Cash Assets = Liabilities...
The analytical framework used to evaluate transactions is reproduced below: Cash + Non-Cash Assets = Liabilities + Contributed Capital + Accumulated Other Comprehensive Income + Retained Earnings Using this analytical framework, indicate the effect of each of the following transactions for Staples Corporation: 1. Staples recorded cash sales of $25,000. The merchandise had cost $19,000 to manufacture. 2. Staples purchased $8,500 of raw material inventory on account. 3. The company paid $2,500 for property insurance for the next 12 months....
For each of the following transactions, indicate how (i) net earnings and (ii) cash flows are...
For each of the following transactions, indicate how (i) net earnings and (ii) cash flows are affected. For each, state whether there will be an increase, a decrease, or no effect, and the amount (if any): a. Issued shares to investors for $60,000. b. Purchased inventory from suppliers for $2,500, on account. c. Purchased office supplies for $500. d. Sold a unit of inventory for $500, on account. The unit had cost $300 and was already in inventory prior to...
* Net income = $10,000 * Depreciation expense =$4,000 * Decrease in accounts payable = $1,500...
* Net income = $10,000 * Depreciation expense =$4,000 * Decrease in accounts payable = $1,500 * Increase in bonds payable = = $9,000 * Sales of long-term investment = $8,000 * Purchase of plant and equipment = $2,000 * Sales of common stock for cash = $7,700 * Increase in inventory = $8,000 * Paid off bonds payable = $2,200 * Decrease in accounts receivable = $5,000 Required: a) The net cash provided by operating activities would be: b)...
Multiple Choice Question 94 Vaughn Manufacturing recorded the following cash transactions for the year: Paid $142500...
Multiple Choice Question 94 Vaughn Manufacturing recorded the following cash transactions for the year: Paid $142500 for salaries. Paid $58400 to purchase office equipment. Paid $15300 for utilities. Paid $5000 in dividends. Collected $290000 from customers. What was Vaughn's net cash provided by operating activities? O $127200 $73800 $147500 $132200
BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the...
BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. Cash Net Income $o a. Purchased $100 of supplies for cash. $100 b. Recorded an adjusting entry to record use of $20 of the above supplies. c. Made sales of $1,300, all on account. d. Received $800 from customers...
Which of the following transactions would cause one asset to increase and another asset to decrease?...
Which of the following transactions would cause one asset to increase and another asset to decrease? Group of answer choices The business incurred an expense on credit. The owner invested cash in the business. The business paid a creditor. The business bought supplies inventory for cash.
Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record...
Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template. Shareholders contribute $10,000 cash to the business in exchange for common stock. Employees earn $500 in wages that have not been paid at period-end. Inventory of $3,000 is purchased on credit. The inventory purchased in transaction 3 is sold for $4,500 on credit. The company collected the $4,500 owed to it per transaction 4....
The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested...
The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services business. 2. The business paid the first month's rent with $700 cash. 3. The business purchased equipment by paying $2,000 down and executing a note payable for $4,500. 4. The business purchased supplies for $850 cash 5. The business billed its clients a total of $4,000 for design services rendered. 6. The business collected $3,000 on account...
Question 1 4 pts Which of the following transactions will not cause a change in the...
Question 1 4 pts Which of the following transactions will not cause a change in the amount of total assets of a business? O purchased a piece of equipment by paying 1/2 down and agreeing to pay the remainder in 30 days O purchased supplies on account sold inventory costing $20,000 to a customer for $50,000 cash collected cash from customers for services performed for the customers in the previous month paid dividends to stockholders
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
Multiple Choice Question 94 Vaughn Manufacturing recorded the following cash transactions for the year: Paid $142500 for salaries. Paid $58400 to purchase office equipment. Paid $15300 for utilities. Paid $5000 in dividends. Collected $290000 from customers. What was Vaughn's net cash provided by operating activities? O $127200 $73800 $147500 $132200
BE3.2 (LO 1), C Transactions that affect net income do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has been completed as an example. Cash Net Income $o a. Purchased $100 of supplies for cash. $100 b. Recorded an adjusting entry to record use of $20 of the above supplies. c. Made sales of $1,300, all on account. d. Received $800 from customers...
The following transactions have been journalized and posted to the proper accounts. 1. Mark Call invested $7,000 cash in his new design services business. 2. The business paid the first month's rent with $700 cash. 3. The business purchased equipment by paying $2,000 down and executing a note payable for $4,500. 4. The business purchased supplies for $850 cash 5. The business billed its clients a total of $4,000 for design services rendered. 6. The business collected $3,000 on account...
Question 1 4 pts Which of the following transactions will not cause a change in the amount of total assets of a business? O purchased a piece of equipment by paying 1/2 down and agreeing to pay the remainder in 30 days O purchased supplies on account sold inventory costing $20,000 to a customer for $50,000 cash collected cash from customers for services performed for the customers in the previous month paid dividends to stockholders
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