Signal Company experienced an accounting event that is shown in the following journal entry: Utilities Expense...
Signal Company experienced an accounting event that is shown in the following journal entry: Utilities Expense 1,200 Utilities Payable 1,200 Which of the following reflects how this entry affects the company’s financial statements?
Homework Answers
Utilities expense will reduce the net profit of the company and amount of retained earning so it will affect the Income statement and balance sheet while utilities payable will increase the liability of the company so it will affect the balance sheet of the company
Add Answer to:
Signal Company experienced an accounting event that is shown in
the following journal entry: Utilities Expense...
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following...
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following T-accounts: Cash 2,400 Unearned Revenue 2,400 Which of the following reflects how this event affects the company's financial statements? Assets = Liab. +Equity Rev.- Exp.= Net Inc. Cash Flows NA NA NA + + + Assets = Liab. +Equity Rev.- Exp.= Net Inc.Cash Flows NA NA NA NA + OA + O Assets = Liab.+ Equity Rev.- Exp.= Net Inc. Cash Flows NA NA...
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below:...
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense
Leece Company experienced an accounting event that affected its financial statements as indicated below: Income Statement...
Leece Company experienced an accounting event that affected its financial statements as indicated below: Income Statement statement of Cash Flows Balance Sheet Stockholders' Liabilities Equity n/a n/a + Assets = +/- Revenue n/a Expense n/a Net Income n/a +OA Which of the following accounting events could have caused these effects on the company's financial statements? Multiple Choice Provided consulting services on account Provided consulting services for cash Collected cash in partial settlement of its account receivable The information provided does...
Addison Company experienced an accounting event that affected its financial statements as indicated below: Assets =...
Addison Company experienced an accounting event that affected its financial statements as indicated below: Assets = Liab. + Equity Rev. ? Exp. = Net Inc. Cash Flow + NA + + NA + NA Which of the following accounting events could have caused these effects on Addison's statements?
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as indicated below: Assets Liab. + Equity Rev. NA NA Exp. + Net Inc. Cash Flow NA Which of the following accounting events could have caused these effects on Flynn's statements? 1) Recognized depletion expense on a copper mine. O2) Recognized depreciation expense under the double declining balance method. 3) Amortized patent cost under the straight-line method. 4) All of these.
30) C hico Company experienced an accounting event that affected its financial statements as indicated below:...
30) C hico Company experienced an accounting event that affected its financial statements as indicated below: AssetsLiab. Equity Rev. Exp.Net Inc.Cash Flow Stmt of NA NA NA NA +FA Which of the following accounting events could have caused these effects on the elements of Chico's financial statements? 30) A) Paid a cash dividend C) Issued common stock B) Earned cash revenue D) Borrowed money from a bank
Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events...
Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $2,400 of cash revenue for performing services, 2. Borrowed $3,900 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on August 1, Year 1, had a one-year term and a 8 percent annual interest rate. Required a. What is the amount of interest expense...
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events...
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and art 8 percent annual interest rate. Required a. What is the amount of interest payable at December 31,...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018:...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2...
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events...
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $1,700 of cash revenue. 2. Borrowed $2,600 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 7 percent annual interest rate. Required a. What is the amount of interest payable at December 31,...
Question 7 1 pts ABC Company experienced an accounting event that is shown in the following T-accounts: Cash 2,400 Unearned Revenue 2,400 Which of the following reflects how this event affects the company's financial statements? Assets = Liab. +Equity Rev.- Exp.= Net Inc. Cash Flows NA NA NA + + + Assets = Liab. +Equity Rev.- Exp.= Net Inc.Cash Flows NA NA NA NA + OA + O Assets = Liab.+ Equity Rev.- Exp.= Net Inc. Cash Flows NA NA...
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense
Leece Company experienced an accounting event that affected its financial statements as indicated below: Income Statement statement of Cash Flows Balance Sheet Stockholders' Liabilities Equity n/a n/a + Assets = +/- Revenue n/a Expense n/a Net Income n/a +OA Which of the following accounting events could have caused these effects on the company's financial statements? Multiple Choice Provided consulting services on account Provided consulting services for cash Collected cash in partial settlement of its account receivable The information provided does...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as indicated below: Assets Liab. + Equity Rev. NA NA Exp. + Net Inc. Cash Flow NA Which of the following accounting events could have caused these effects on Flynn's statements? 1) Recognized depletion expense on a copper mine. O2) Recognized depreciation expense under the double declining balance method. 3) Amortized patent cost under the straight-line method. 4) All of these.
30) C hico Company experienced an accounting event that affected its financial statements as indicated below: AssetsLiab. Equity Rev. Exp.Net Inc.Cash Flow Stmt of NA NA NA NA +FA Which of the following accounting events could have caused these effects on the elements of Chico's financial statements? 30) A) Paid a cash dividend C) Issued common stock B) Earned cash revenue D) Borrowed money from a bank
Ben Bradley started Bradley Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $2,400 of cash revenue for performing services, 2. Borrowed $3,900 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on August 1, Year 1, had a one-year term and a 8 percent annual interest rate. Required a. What is the amount of interest expense...
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $16,200 of cash revenue. 2. Borrowed $12,000 cash from the bank 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and art 8 percent annual interest rate. Required a. What is the amount of interest payable at December 31,...
Exercise 1-19A Preparing financial statements LO 1-7, 1-8, Dakota Company experienced the following events during 2018: 1. Acquired $25,000 cash from the issue of common stock. 2. Paid $20,000 cash to purchase land. 3. Borrowed $20,000 cash. 4. Provided services for $60,000 cash. 5. Paid $2,000 cash for utilities expense. 6. Paid $40,000 cash for other operating expenses. 7. Paid a $5,000 cash dividend to the stockholders. 8. Determined that the market value of the land purchased in Event 2...
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation: 1. Earned $1,700 of cash revenue. 2. Borrowed $2,600 cash from the bank. 3. Adjusted the accounting records to recognize accrued interest expense on the bank note. The note, issued on September 1, Year 1, had a one-year term and an 7 percent annual interest rate. Required a. What is the amount of interest payable at December 31,...
Most questions answered within 3 hours.
-
Oxidative phosphorylation is achieved through chemiosmotic
coupling, which turns chemical energy into osmotic potential energy
that...
asked 46 minutes ago -
Hollywood Shoes would like to maintain their cash account at a
minimum level of $64,000, but...
asked 45 minutes ago -
Proteins CtrA-P, DnaA, and GcrA behave similarly to what
molecule in the Eukaryotic Cell Cycle?
asked 49 minutes ago -
TRUE OR FALSE
In case of a competitive tender procedure, in the request for
quotation, the...
asked 57 minutes ago -
I am a little behind please provide some explanation, will
provide thumbs up.
This question considers...
asked 1 hour ago -
Let say the utility function as U(X,Y) = lnX + Y. Show that the
marginal rate...
asked 1 hour ago -
A current of I=8.0A is flowing in a typical extension cord of
length L=3.00m. The cord...
asked 1 hour ago -
1. When balancing the equation H2SO4 (aq) + NaOH (aq) →
Na2SO4(aq) + H2O(aq), would you...
asked 1 hour ago -
Provide a definition of “classification hierarchy” and
illustrate your definition with an example of how and...
asked 1 hour ago -
1. Describe the four main green solvents. Provide one example of
the use of each solvent....
asked 1 hour ago -
International ethics focus on:
1) exploitation of labor
2)corruption
3) environmental impact
4) none of the...
asked 1 hour ago -
Costing Models You work for XYZ trucking and your boss has asked
you to figure out...
asked 1 hour ago