Homework Answers
Ending accounts payable balance = Beginning accounts payable balance + Purchases on account - payment on account
= $170,800 + $122,000 - $195,200
= $97,600
$97,600 credit is the correct answer.
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QuCSLIUI 31 View Policies Current Attempt in Progress ALOctober 1.2022. Novak Corp. ad an Accounts Payable...
Question 29 View Policies Current Attempt in Progress Novak Corp. showed the following balances at the...
Question 29 View Policies Current Attempt in Progress Novak Corp. showed the following balances at the end of its first year: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $17080 850 4270 3420 5120 6590 850 35380 21350 What amount did Novak Corp.show as total credits? $50510 $51360 $52220 $49650
6500 61500 View Policies Current Attempt in Progress The following information is available for Novak Corp....
6500 61500 View Policies Current Attempt in Progress The following information is available for Novak Corp. for the year ended December 31 2022 Beginning cash balance $36.000 Accounts payable increase 8.550 Depreciation expense Accounts receivable decrease 7200 Inventory decrease 4,650 Net income 85,800 Cash received for sale of land at book value 156,000 Cash dividends paid 57.000 Income taxes payable decrease 5.850 Cash used to purchase land 121.500 Cash used to redeem bonds 99.000 Cash received from issuing stock 240,000...
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of...
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance Accounts Payable. a. b. < > < > < d. Advertising Expense. Service Revenue. Accounts Receivable. Retained Earnings. Dividends. < e. f. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer View Policies Current Attempt in Progress For each of the following...
View Policies Current Attempt in Progress These items are taken from the financial statements of Novak...
View Policies Current Attempt in Progress These items are taken from the financial statements of Novak Corp. et December 31, 2017 Buildings $133.308 Accounts receivable 15.876 Prepaid insurance 4032 Cash 14,918 Equipment 103.824 Land 77.112 Insurance expense 983 Depreciation expense 6,678 Interest expense 3.276 Common stock 75.600 Retained earnings (January 1, 2017) 50.400 Accumulated depreciation-buildings 57,456 Accounts payable 11.970 Notes payable 117.936 Accumulated depreciation-equipment 23.587 Interest payable 4,536 Service revenue 18.522 Prepare a classified balance sheet. Assume that $17.136 of...
Question 7 View Policies Current Attempt in Progress At October 1, 2017 Metlock, Inc. had an...
Question 7 View Policies Current Attempt in Progress At October 1, 2017 Metlock, Inc. had an Accounts Payable balance of $126000. During the month, the company made purchases on account of $90000 and made payments on account of $144000. At October 31, 2017, the Accounts Payable balance is $144000 credit $18000 credit $126000 debit $72000 credit
View Policies Current Attempt in Progress At January 1, 2022, Sheffield Corp. reported Retained Earnings of...
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View Policies Current Attempt in Progress In the first month of operations, the total of the...
View Policies Current Attempt in Progress In the first month of operations, the total of the debit entries to the Cash account amounted to $5180 and the total of the credit entries to the Cash account amounted to $2960. At the end of the month, the Cash account has a O $2960 credit balance. O $2220 credit balance. O $2220 debit balance. O $5180 debit balance. View Policies Current Attempt in Progress A company's total liabilities decreased by $141000 and...
View Policies Current Attempt in Progress In the first month of operations, the total of the...
View Policies Current Attempt in Progress In the first month of operations, the total of the debit entries to the cash account amounted to $1120 and the total of the credit entries to the cash account amounted to $750. The cash account has a(n) O $370 credit balance. 0 $750 credit balance. O $1120 debit balance. O $370 debit balance. Save for Later Attempts: 0 of 1 used Submit Answer
= View Policies Current Attempt in Progress In the first month of operations for Swifty Industries,...
= View Policies Current Attempt in Progress In the first month of operations for Swifty Industries, the total of the debit entries to the cash account amounted to $35300 ($16700 investment by the owner and revenues of $18600). The total of the credit entries to the cash account amounted to $21800 (purchase of equipment $8500 and payment of expenses $13300). At the end of the month, the cash account has aln) O $5100 credit balance. O $13500 debit balance. O...
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October...
Question 20 of 25 < - / 1 View Policies Current Attempt in Progress On October 3, Karl Schickele, a carpenter, received a cash payment for services previously billed to a client, Karl paid his telephon bill, and he also bought equipment on credit. For the three transactions, at least one of the entries will include a credit to Notes Payable O credit to Accounts Payable. O debit to Accounts Receivable. O credit to Retained Earnings. Save for Later Attempts:...
Question 29 View Policies Current Attempt in Progress Novak Corp. showed the following balances at the end of its first year: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $17080 850 4270 3420 5120 6590 850 35380 21350 What amount did Novak Corp.show as total credits? $50510 $51360 $52220 $49650
6500 61500 View Policies Current Attempt in Progress The following information is available for Novak Corp. for the year ended December 31 2022 Beginning cash balance $36.000 Accounts payable increase 8.550 Depreciation expense Accounts receivable decrease 7200 Inventory decrease 4,650 Net income 85,800 Cash received for sale of land at book value 156,000 Cash dividends paid 57.000 Income taxes payable decrease 5.850 Cash used to purchase land 121.500 Cash used to redeem bonds 99.000 Cash received from issuing stock 240,000...
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance Accounts Payable. a. b. < > < > < d. Advertising Expense. Service Revenue. Accounts Receivable. Retained Earnings. Dividends. < e. f. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer View Policies Current Attempt in Progress For each of the following...
View Policies Current Attempt in Progress These items are taken from the financial statements of Novak Corp. et December 31, 2017 Buildings $133.308 Accounts receivable 15.876 Prepaid insurance 4032 Cash 14,918 Equipment 103.824 Land 77.112 Insurance expense 983 Depreciation expense 6,678 Interest expense 3.276 Common stock 75.600 Retained earnings (January 1, 2017) 50.400 Accumulated depreciation-buildings 57,456 Accounts payable 11.970 Notes payable 117.936 Accumulated depreciation-equipment 23.587 Interest payable 4,536 Service revenue 18.522 Prepare a classified balance sheet. Assume that $17.136 of...
Question 7 View Policies Current Attempt in Progress At October 1, 2017 Metlock, Inc. had an Accounts Payable balance of $126000. During the month, the company made purchases on account of $90000 and made payments on account of $144000. At October 31, 2017, the Accounts Payable balance is $144000 credit $18000 credit $126000 debit $72000 credit
View Policies Current Attempt in Progress At January 1, 2022, Sheffield Corp. reported Retained Earnings of $371000. During 2022, Sheffield had a net loss of $79500 and paid dividends to the stockholders of $53000. At December 31, 2022, the balance in Retained Earnings is O $291500 debit O $318000 credit O $371000 debit. O $238500 credit. Save for Later Attempts: 0 of 1 used Submit Answer
View Policies Current Attempt in Progress In the first month of operations, the total of the debit entries to the Cash account amounted to $5180 and the total of the credit entries to the Cash account amounted to $2960. At the end of the month, the Cash account has a O $2960 credit balance. O $2220 credit balance. O $2220 debit balance. O $5180 debit balance. View Policies Current Attempt in Progress A company's total liabilities decreased by $141000 and...
View Policies Current Attempt in Progress In the first month of operations, the total of the debit entries to the cash account amounted to $1120 and the total of the credit entries to the cash account amounted to $750. The cash account has a(n) O $370 credit balance. 0 $750 credit balance. O $1120 debit balance. O $370 debit balance. Save for Later Attempts: 0 of 1 used Submit Answer
= View Policies Current Attempt in Progress In the first month of operations for Swifty Industries, the total of the debit entries to the cash account amounted to $35300 ($16700 investment by the owner and revenues of $18600). The total of the credit entries to the cash account amounted to $21800 (purchase of equipment $8500 and payment of expenses $13300). At the end of the month, the cash account has aln) O $5100 credit balance. O $13500 debit balance. O...
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