Homework Answers
Answer: Option [B]
Explanation:
As cash goes out, assets decrease, liabilities are not affected, revenues are not affected, expenses increase which reduces net income and equity. Since salary is an operating expense there is a cash outflow under Operating activities.
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A) S1,700 B) $900 C) $2,500 D) S400 26) Jackson Company paid $500 cash for salary...
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which...
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the accurately reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev A. NANA NA NA B. (25,000)NA(25,000) NA 25,000 | 5,000 NAİNA Exp.Net Stmt of NA NANA (25,000) NA NA Cash Inc Flows NA 25,000 IA IA D. None of these 28) - A) Option A B) Option B C) Option C D) Option D 29) Which of the following could...
23) Which of the following would be reported in the cash flow from financing activities section...
23) Which of the following would be reported in the cash flow from financing activities section of a of cash flows? 23) A) Paid cash for dividends B) Sold land for cash C) Paying cash for dividends and receiving cash from common stock D) Received cash for common stock 24) Mayberry Company paid $30,000 cash to purchase land. What happened as a result of this business event 24) A) Total equity was not affected. B) Total assets were not affected....
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the...
A company using the perpetual inventory method paid cash for a transportation-in cost. Which of the following choices reflects the effects of this event on the financial statements? Assets = Liab. + Equity Rev. − Exp. = Net Inc. Cash Flow A. − = NA + − NA − NA = NA − OA B. +/− = NA + NA NA − NA = NA NA C. +/− = NA + NA NA − + = − − OA D....
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects...
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects of an asset exchange transaction on a companys financial statements? Assets | = | Liab. + Equity | Rev. - Exp. = Net Inc. Cash Flows Stmt of -IA NA -OA C. NA NA NA D. None of these could represent the effects of an asset exchange transaction 29) A) Option A B) Option B C) Option C D) Option D
A) B) C) D) The owner of Barnes Company established a petty cash fund amounting to...
A)
B)
C)
D)
The owner of Barnes Company established a petty cash fund amounting to $400. What is the effect on the financial statements of the entry to record this transaction? Stk. Equity neV. NA A. B. Assets NA (400) NA (400) Liab. NA NA NA (400) Rev. NA NA Exp. NA 400 NA NA Stmt of Cash Net Inc. Flows NA (400) OA (400) (400) OA NA NA ΝΑΙ (400) OA (400) NA NA CN NA D. NA
2 3 man Company sold land for $25,000 cash. The original cost of the land was...
2 3 man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the ly reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev.ExpNet Stmt of Inc. Cash Flows A.1 NA B. (25,000)NA (25,000) NA C. 25,000 NANANA 25,000 IA 1-1 NA 1 (25,000) IA NA 25,000 FA 25,000+ NA NA NANA D. None of these. 28) A) Option A B) Option B C) Option C D) Option D
27) Garrison Company acquired $23,000 by issuing common stock. Which of the following accurately reflects how...
27) Garrison Company acquired $23,000 by issuing common stock. Which of the following accurately reflects how this event affects the company's financial statements? AssetsLiab.+Equity Rev.Exp.Net Ine. Cash A. 23,000NA 23,000 NA B. 23,000 NA23,000 23,000 C. 23,00023,000 NA 23,000 D. 23,00023,000 NA 23,000 Stmt of Flows NA 23,000 FA 23,000 23,000 NA 23,000 NA23,000 23,000 FA FA OA 27) A) Option A B) Option B C) Option C D) Option D
Which of the following shows how the event "collected cash for services to be rendered in...
Which of the following shows how the event "collected cash for services to be rendered in the future" affects a company's financial statements? Balance Sheet Liab. Assets + Equity NA Income Statement Exp. Net Inc. NA NA NA NA A. + Rev. NA NA NA + Statement of Cash Flows OA +OA +OA NA + NA + B. C. D. + + + NA NA + NA NA NA
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the...
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...
Question 10 (1 point) Remsen, Inc. purchased equipment that cost $48,000. The equipment had a useful...
Question 10 (1 point) Remsen, Inc. purchased equipment that cost $48,000. The equipment had a useful life of 5 years and a $5,000 salvage value. Remsen used the double-declining- balance method to depreciate its assets. Which of the following choices accurately reflects how the recognition of the first year's depreciation would affect the company's financial statements? Assets 1 Liab. + Equity Rev. Exp. . Net Inc. Cash Flow A) (10,800) NA + (10,800) NA - 10.800 (10,800) (10.800) OA B)...
man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the accurately reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev A. NANA NA NA B. (25,000)NA(25,000) NA 25,000 | 5,000 NAİNA Exp.Net Stmt of NA NANA (25,000) NA NA Cash Inc Flows NA 25,000 IA IA D. None of these 28) - A) Option A B) Option B C) Option C D) Option D 29) Which of the following could...
23) Which of the following would be reported in the cash flow from financing activities section of a of cash flows? 23) A) Paid cash for dividends B) Sold land for cash C) Paying cash for dividends and receiving cash from common stock D) Received cash for common stock 24) Mayberry Company paid $30,000 cash to purchase land. What happened as a result of this business event 24) A) Total equity was not affected. B) Total assets were not affected....
C) Opthon C D) Option D pioInD 29) Which of the following could represent the effects of an asset exchange transaction on a companys financial statements? Assets | = | Liab. + Equity | Rev. - Exp. = Net Inc. Cash Flows Stmt of -IA NA -OA C. NA NA NA D. None of these could represent the effects of an asset exchange transaction 29) A) Option A B) Option B C) Option C D) Option D
A)
B)
C)
D)
The owner of Barnes Company established a petty cash fund amounting to $400. What is the effect on the financial statements of the entry to record this transaction? Stk. Equity neV. NA A. B. Assets NA (400) NA (400) Liab. NA NA NA (400) Rev. NA NA Exp. NA 400 NA NA Stmt of Cash Net Inc. Flows NA (400) OA (400) (400) OA NA NA ΝΑΙ (400) OA (400) NA NA CN NA D. NA
2 3 man Company sold land for $25,000 cash. The original cost of the land was $25,000. Which of the ly reflects how this event affects the company's financial statements? AssetsLiab.Equity Rev.ExpNet Stmt of Inc. Cash Flows A.1 NA B. (25,000)NA (25,000) NA C. 25,000 NANANA 25,000 IA 1-1 NA 1 (25,000) IA NA 25,000 FA 25,000+ NA NA NANA D. None of these. 28) A) Option A B) Option B C) Option C D) Option D
27) Garrison Company acquired $23,000 by issuing common stock. Which of the following accurately reflects how this event affects the company's financial statements? AssetsLiab.+Equity Rev.Exp.Net Ine. Cash A. 23,000NA 23,000 NA B. 23,000 NA23,000 23,000 C. 23,00023,000 NA 23,000 D. 23,00023,000 NA 23,000 Stmt of Flows NA 23,000 FA 23,000 23,000 NA 23,000 NA23,000 23,000 FA FA OA 27) A) Option A B) Option B C) Option C D) Option D
Which of the following shows how the event "collected cash for services to be rendered in the future" affects a company's financial statements? Balance Sheet Liab. Assets + Equity NA Income Statement Exp. Net Inc. NA NA NA NA A. + Rev. NA NA NA + Statement of Cash Flows OA +OA +OA NA + NA + B. C. D. + + + NA NA + NA NA NA
13.Beeler Company paid $1,250 cash on freight for inventory purchased from Taylor Inc. What is the journal entry Beeler Co. should record for the freight costs if the goods were shipped FOB Shipping Point? A Debit Inventory, Credit Cash B. Debit Inventory, Credit Transportation Revenue Debit Transportation Out Expense, Credit Cash Debit Transportation Out Expense, Credit Cost of Goods Sold E. No entry is needed by Beeler Co. 14. Alfa company returns merchandise previously purchased on account. Alfa didn't pay...
Question 10 (1 point) Remsen, Inc. purchased equipment that cost $48,000. The equipment had a useful life of 5 years and a $5,000 salvage value. Remsen used the double-declining- balance method to depreciate its assets. Which of the following choices accurately reflects how the recognition of the first year's depreciation would affect the company's financial statements? Assets 1 Liab. + Equity Rev. Exp. . Net Inc. Cash Flow A) (10,800) NA + (10,800) NA - 10.800 (10,800) (10.800) OA B)...
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