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Inventories as it appears in balance sheet and cost of goods sold incoem statement account.
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Question 9 Incorrect Most accounting policy choices affect both the income statement and the balance sheet....
Question 10 Incorrect Which of the following would be increased by an accounting policy change involving...
Question 10 Incorrect Which of the following would be increased by an accounting policy change involving the capitalisation of some repairs expenses? Mark 0.00 out of 1.00 Flag question Select one: a. Revenue b. Net profit c. Liabilities O d. Expense x Incorrect. Read 16.2 Background to accounting policy choices! e. None of the options
Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are th...
Analyzing, Forecasting, and Interpreting Both Income Statement and Balance Sheet Following are the income statements and balance sheets of General Mills, Inc. Income Statement, Fiscal Years Ended ($ millions) May 29, 2011 May 30, 2010 Net Sales $ 14,880.2 $ 14,635.6 Cost of sales 8,926.7 8,835.4 Selling, general and administrative expenses 3,192.0 3,162.7 Divestitures (gain), net (17.4) -- Restructuring, impairment, and other exit costs 4.4 31.4 Operating income 2,774.5 2,606.1 Interest, net 346.3 401.6 Earnings before income tax expense and...
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts....
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
Adjusting entries affect at least one balance sheet account and at least one income statement account....
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. B a. Entry to record revenue earned but not yet billed (nor...
PLEASE ANSWER THE INCOME STATEMENT AND BALANCE SHEET AND IMPACT ON INCOME!!!!! Karla Tanner opened a...
PLEASE ANSWER THE INCOME STATEMENT AND BALANCE SHEET AND IMPACT
ON INCOME!!!!!
Karla Tanner opened a web consulting business called Linkworks
and recorded the following transactions in its first month of
operations.
Apr.
1
Tanner invests $80,000 cash along with office equipment valued
at $26,000 in the company in exchange for common stock.
Apr.
2
The company prepaid $9,000 cash for twelve months’ rent for
office space. The company's policy is record prepaid expenses in
balance sheet accounts.
Apr.
3...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for $72,000. The policy is effective immediately. Assume that Briggs prepares adjustments only once a year, on December 31 Required: 1. Compute the monthly cost of the insurance policy $3,00 per month Consider the number of months covered by the annual premium 2. Identify and analyze the transaction to record the purchase of the policy on Apr Activity Operating Accounts Prepaid Thurance Increase, Cash Decrease...
For each adjustment, indicate the income statement and balance sheet account affected, and the impact on...
For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Using the drop-down button, select "Unadjusted") O show less Adjusted> Account affecting the Impact on net income Adjusting entry related to a) Rent b) Insurance c) Office supples d) Depreciation e) Unbilled fees Income...
please help Inventories affect a.) only the balance sheet b.) only the income statement \ both...
please help
Inventories affect a.) only the balance sheet b.) only the income statement \ both the balance sheet and the income statement d.) nether the balance sheet nor the income statement Beginning inventory plus the cost of goods purchased equals a.) cost of goods sold. b.) cost of goods available for sale net purchases d.) total goods purchased Inventory tumover is calculated by dividing cost of goods sold by a.) beginning inventory b.) ending inventory average inventory d.) 365...
repaid Insurance—Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for...
repaid Insurance—Annual Adjustments
On April 1, 2017, Stratton, Inc., purchases a 24-month property
insurance policy for $79,200. The policy is effective immediately.
Assume that Stratton prepares adjustments only once a year, on
December 31.
Required:
1. Compute the monthly cost of the insurance
policy.
$per month
2. Identify and analyze the transaction to
record the purchase of the policy on April 1, 2017.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for $96,000. The policy is effective immediately. Assume that Stratton prepares adjustments only once a year, on December 31. Required: 1. Compute the monthly cost of the insurance policy. per month 2. Identify and analyze the transaction to record the purchase of the policy on April 1, 2017 Activity Accounts Statement(s) Financing Investing Operating How does this entry affect the accounting equatid If a financial...
Question 10 Incorrect Which of the following would be increased by an accounting policy change involving the capitalisation of some repairs expenses? Mark 0.00 out of 1.00 Flag question Select one: a. Revenue b. Net profit c. Liabilities O d. Expense x Incorrect. Read 16.2 Background to accounting policy choices! e. None of the options
ACCOUNTING 1. Adjusting entries: A. Affect only income statement accounts. B. Affect only balance sheet accounts. C. Affect both income statement and balance sheet accounts D. Affect only cash flow statements. 2. The principle that requires expenses to be reported in the same period as the revenues that were earned as a result of those expenses is the: A. Recognition principle. B. Cost principle. C. Cash basis of accounting D. Matching principle. 3. A company made no adjusting entry for...
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. B a. Entry to record revenue earned but not yet billed (nor...
PLEASE ANSWER THE INCOME STATEMENT AND BALANCE SHEET AND IMPACT
ON INCOME!!!!!
Karla Tanner opened a web consulting business called Linkworks
and recorded the following transactions in its first month of
operations.
Apr.
1
Tanner invests $80,000 cash along with office equipment valued
at $26,000 in the company in exchange for common stock.
Apr.
2
The company prepaid $9,000 cash for twelve months’ rent for
office space. The company's policy is record prepaid expenses in
balance sheet accounts.
Apr.
3...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Briggs Corp. purchases a 24-month property insurance policy for $72,000. The policy is effective immediately. Assume that Briggs prepares adjustments only once a year, on December 31 Required: 1. Compute the monthly cost of the insurance policy $3,00 per month Consider the number of months covered by the annual premium 2. Identify and analyze the transaction to record the purchase of the policy on Apr Activity Operating Accounts Prepaid Thurance Increase, Cash Decrease...
For each adjustment, indicate the income statement and balance sheet account affected, and the impact on net income. If an adjustment caused net income to decrease, enter the amount as a negative value. Net income before adjustments can be found on the income statement tab. (Hint: Using the drop-down button, select "Unadjusted") O show less Adjusted> Account affecting the Impact on net income Adjusting entry related to a) Rent b) Insurance c) Office supples d) Depreciation e) Unbilled fees Income...
please help
Inventories affect a.) only the balance sheet b.) only the income statement \ both the balance sheet and the income statement d.) nether the balance sheet nor the income statement Beginning inventory plus the cost of goods purchased equals a.) cost of goods sold. b.) cost of goods available for sale net purchases d.) total goods purchased Inventory tumover is calculated by dividing cost of goods sold by a.) beginning inventory b.) ending inventory average inventory d.) 365...
repaid Insurance—Annual Adjustments
On April 1, 2017, Stratton, Inc., purchases a 24-month property
insurance policy for $79,200. The policy is effective immediately.
Assume that Stratton prepares adjustments only once a year, on
December 31.
Required:
1. Compute the monthly cost of the insurance
policy.
$per month
2. Identify and analyze the transaction to
record the purchase of the policy on April 1, 2017.
Activity
Accounts
Statement(s)
How does this entry affect the accounting equation?
If a financial statement item is...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for $96,000. The policy is effective immediately. Assume that Stratton prepares adjustments only once a year, on December 31. Required: 1. Compute the monthly cost of the insurance policy. per month 2. Identify and analyze the transaction to record the purchase of the policy on April 1, 2017 Activity Accounts Statement(s) Financing Investing Operating How does this entry affect the accounting equatid If a financial...
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