Homework Answers
plesae find below the solution.. let me know if you need any clarification..
correct answer is option : Asset, liability and shareholder's equity.
Only asset, liability and shareholder's euqity are allowed to be carried forward. Revenue and expenses account will be closed at the end of the year.
Add Answer to:
At the end of the accounting period, the balances of which types of accounts are carried...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses...
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed Entries at the end of an accounting...
a b. C d. Expenses paid in cash before they are used or consumed. The difference...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
match the lettered definition with the vocab word a. Expenses paid in cash before they are...
match the lettered definition with the vocab word
a. Expenses paid in cash before they are used or consumed.
choose the accounting concept
b. The difference between the cost of a depreciable asset and
its related accumulated depreciation.
choose the accounting concept
c. A list of accounts and their balances after all adjustments
have been made.
choose the accounting concept
d. Entries made at the end of an accounting period to ensure
that the revenue
recognition and expense recognition principles...
The Accounting Cycle – End of the period: followings are the accounts and balances that appear...
The Accounting Cycle – End of the period: followings are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance: Account: Amount: Account: Amount: Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A/R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense $2,775 Accounts Payable (A/P) $5,901...
1. Which of the following types of accounts is closed at the end of an accounting...
1. Which of the following types of accounts is closed at the end of an accounting cycle? A) Dividends B) Assets C) Liabilities D) Common Stock 2. Which of the following statements best describes the balance in a revenue account at the beginning of an accounting period? A) Equal to the amount of retained earnings for the previous period B) Last period's ending balance C) Higher than the previous period’s beginning balance D) Zero
2. The Accounting Cycle – End of the period (7pts): Following are the accounts and balances...
2. The Accounting Cycle – End of the period (7pts): Following are the accounts and balances that appear in the unadjusted trial balance for Just Like Fred Astaire (aka ‘Fred’) dance studio as of 9/30/2019. Assume all accounts have their normal debit or credit balance: Account: Amount: Account: Amount: Cash $18,944 Retained Earnings $41,392 Accounts Receivable (A/R) $15,088 Service Revenue $89,430 Prepaid Rent $10,100 Advertising Expense $12,550 Equipment $37,920 Wages Expense $48,000 Accumulated Depreciation-Equipment $16,195 Utilities Expense $2,775 Accounts Payable...
At the end of the current accounting period, account balances were as follows: Cash, 520.000; Accounts...
At the end of the current accounting period, account balances were as follows: Cash, 520.000; Accounts Receivable, $40,000, Common Stock, 121.000 Retained aming $13.000 Lites or the period were O A $53,000 B. $45,000 OC. $32,000. OD. 566.000
All of the following statements are correct, EXCEPT: a. Temporary accounts are closed at the end...
All of the following statements are correct, EXCEPT: a. Temporary accounts are closed at the end of the accounting period to retained earnings. b. Asset, liability, and stockholders' equity accounts are referred to as permanent accounts. c. Adjusting entries are necessary when cash flow and the economic transaction occur in the same accounting period d. Revenue, expense, and dividend accounts are described as temporary accounts. e. Closing entries prepare accounting records for the next accounting period. At the end of...
Wolfpack Construction has the following account balances at the end of the year. Accounts Balances Equipment...
Wolfpack Construction has the following account balances at the end of the year. Accounts Balances Equipment $ 19,000 Accounts payable 1,600 Salaries expense 26,000 Common stock 12,000 Land 11,000 Notes payable 13,000 Service revenue 32,000 Cash 4,600 Retained earnings ? Use only the appropriate accounts to prepare a balance sheet. WOLFPACK CONSTRUCTION Balance Sheet Assets Liabilities Total liabilities Stockholders’ Equity Total stockholders’ equity Total assets Total liabilities and stockholders’ equity
Which of the following accounts is not closed out at the end of the accounting period?
Which of the following accounts is not closed out at the end of the accounting period?a. Wages Expenseb. Accounts Receivablec. Bank Charges Expensed. Drawings
a b. Current Attempt in Progress Match each term or phrase with its description below. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed Entries at the end of an accounting...
a b. C d. Expenses paid in cash before they are used or consumed. The difference between the cost of a depreciable asset and its related accumulated depreciation. A list of accounts and their balances after all adjustments have been made. Entries made at the end of an accounting period to ensure that the revenue recognition and expense recognition principles are followed. Entries at the end of an accounting period to transfer the balances of temporary accounts to a permanent...
match the lettered definition with the vocab word
a. Expenses paid in cash before they are used or consumed.
choose the accounting concept
b. The difference between the cost of a depreciable asset and
its related accumulated depreciation.
choose the accounting concept
c. A list of accounts and their balances after all adjustments
have been made.
choose the accounting concept
d. Entries made at the end of an accounting period to ensure
that the revenue
recognition and expense recognition principles...
At the end of the current accounting period, account balances were as follows: Cash, 520.000; Accounts Receivable, $40,000, Common Stock, 121.000 Retained aming $13.000 Lites or the period were O A $53,000 B. $45,000 OC. $32,000. OD. 566.000
Most questions answered within 3 hours.
-
if a firm producing 100 units at $5.00 each experience
an 80% experience curve, what will...
asked 24 minutes ago -
A solid, uniform disk of radius 0.250 m and mass 53.7 kg rolls
down a ramp...
asked 2 hours ago -
Given the following table of high speed internet access vs.
annual home income:
Home Income
%...
asked 3 hours ago -
A baseball batter hits a 0.145kg baseball straight up into the
air. The baseball leaves the...
asked 3 hours ago -
An FM modulator is tested using
single-tone baseband signal with frequency of 50kHz and a sprectrum...
asked 4 hours ago -
Write the ionic equations for the first stage of salts
hydrolysis.
Anion, Cation?
Na2S
NiSO4
K2SO4...
asked 5 hours ago -
suppose there is a normally distributed population with a mean of
250 and a standard deviation...
asked 6 hours ago -
Question Three
Suppose you as project manager are using the Waterfall
development methodology on a large...
asked 7 hours ago -
Which statement is not true about welfare in Canada?
A.Benefits typically vary based on one's ability...
asked 7 hours ago -
Please help me with FLOWCHART and UML diagram for class,
thank you!
#include <iostream>
#include <fstream>...
asked 8 hours ago -
3. Describe the “logic circuit” of the Lac operon. Which
proteins are bound or not to...
asked 8 hours ago -
Ayesha’s adjusted gross income is $60,000 in 2019. She donated a
piece of artwork with a...
asked 8 hours ago