Homework Answers
3.
One of the disadvantage of proprietorship is unlimited liability of the owner for all the liabilities.
True
4.
Withdrawal of cash is known as drawings. Drawings reduces cash and balance in owner equity.
Decreases total assets and decreases owners equity.
1st option.
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Question 3 (1 point) One of the disadvantages of a proprietorship is that there is unlimited...
acct hw QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship....
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
Question 5 (1 point) Purchasing a building for $150,000 by paying cash of $30,000 and obtaining...
Question 5 (1 point) Purchasing a building for $150,000 by paying cash of $30,000 and obtaining a mortgage for $120,000 would: decrease assets and liabilities by $120,000 O increase liabilities by $150,000 increase assets and liabilities by $120,000 increase liabilities by $30,000 Question 6 (1 point) If owner's equity is $135,000 and total liabilities are $90,000, then total assets would be: $45,000 O $135,000 $225,000 $90,000
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land...
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities +...
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities + owner's equity. B) liabilities - owner's equity. C) liabilities - revenues. D) revenues - expenses. 2) Sonya invested cash in her new business. What effect will this have? A) Increase an asset and increase a liability. B) Decrease an asset and increase a liability. C) Increase an asset and increase owner's equity. D) Increase an asset and decrease owner's equity. 3) Kal's Vegan Restaurant,...
If a company receives $11,600 from the owner to establish a proprietorship, the effect on the...
If a company receives $11,600 from the owner to establish a proprietorship, the effect on the accounting equation would be: A. Assets decrease $11,600 and equity decreases $11,600 B. Assets increase $11,600 and liabilities decrease $11,600 C. Assets increase $11,600 and liabilities increase $11,600 D. Liabilities increase $11,600 and equity decreases $11,600
Q1-5 Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
1. In a sole proprietorship, the owner has unlimited liability. True False 2 In long-term care...
1. In a sole proprietorship, the owner has unlimited liability. True False 2 In long-term care facilities, ________ of the patient rooms and toilets must be accessible by the disabled. 25% 50% 75% 100% 3. In the delivery of patient care, ordinary negligence occurs when harm is caused because professional standards of care were not followed. True False 4. Based on their severity and scope, how many categories of deficiencies are there? 6 9 12 15
O/ Signify "True" or "False" for each of the following items as they pertain to forms...
O/ Signify "True" or "False" for each of the following items as they pertain to forms of business organization. 1. A sole proprietorship is a separate legal entity from its owners. 2. A sole proprietorship is a separate accounting entity from its owners. 3. A partnership is a separate legal entity from its owners. 4. A partnership is a separate accounting entity from its owners. 5. A corporation is a separate legal entity from its owners. 6. A corporation is...
Question 2 of 5 > View Policies Current Attempt in Progress Sweet Acacia Doirin is the...
Question 2 of 5 > View Policies Current Attempt in Progress Sweet Acacia Doirin is the proprietor of Doirin Accounting Services 1. 2. 3. 4. 5. Invoiced a client $628 for preparation of a budget. Supplies purchased on account for $256. Paid $512 for employee salaries. Received $372 from customer referred to in #1. Paid for the supplies from #2 above. The owner withdrew $3,200 cash for personal use. Received the utility bill for last month $256. The owner invested...
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
Question 5 (1 point) Purchasing a building for $150,000 by paying cash of $30,000 and obtaining a mortgage for $120,000 would: decrease assets and liabilities by $120,000 O increase liabilities by $150,000 increase assets and liabilities by $120,000 increase liabilities by $30,000 Question 6 (1 point) If owner's equity is $135,000 and total liabilities are $90,000, then total assets would be: $45,000 O $135,000 $225,000 $90,000
Indicate the effect of the following transaction on the elements of the accounting equation. Purchased land by signing a nine-month, non-interest-bearing note payable. assets increase; liabilities increase assets decrease; liabilities decrease assets increase; owner's equity increase assets increase; owner's equity decrease Question 2 3 pts Received $12,000 cash for services provided to a customer. debit accounts receivable; credit fees earned debit cash; credit fees earned debit fees earned; credit cash debit cash; credit supplies expense Account used to record amounts...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities + owner's equity. B) liabilities - owner's equity. C) liabilities - revenues. D) revenues - expenses. 2) Sonya invested cash in her new business. What effect will this have? A) Increase an asset and increase a liability. B) Decrease an asset and increase a liability. C) Increase an asset and increase owner's equity. D) Increase an asset and decrease owner's equity. 3) Kal's Vegan Restaurant,...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
O/ Signify "True" or "False" for each of the following items as they pertain to forms of business organization. 1. A sole proprietorship is a separate legal entity from its owners. 2. A sole proprietorship is a separate accounting entity from its owners. 3. A partnership is a separate legal entity from its owners. 4. A partnership is a separate accounting entity from its owners. 5. A corporation is a separate legal entity from its owners. 6. A corporation is...
Question 2 of 5 > View Policies Current Attempt in Progress Sweet Acacia Doirin is the proprietor of Doirin Accounting Services 1. 2. 3. 4. 5. Invoiced a client $628 for preparation of a budget. Supplies purchased on account for $256. Paid $512 for employee salaries. Received $372 from customer referred to in #1. Paid for the supplies from #2 above. The owner withdrew $3,200 cash for personal use. Received the utility bill for last month $256. The owner invested...
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