Homework Answers
Question 1
Correct answer-----(b) Consist of three sections (1) Operating, (2) Investing and (3) financing activities.
Cash flow statement shows the usage and inflow of cash three basic activities of a particular business which are Operating, financing and investing.
Question 2
Correct answer-----(a) Can be thought of as a “Language of business”
Accounting records economic data as well as communicate data to the user. Accounting is used by individuals outside of the business to take their decisions.
Question 3
Correct answer-----(c) $3000 Decrease
Accounting equation states that Assets= Liabilities+Equity
If Asset decrease by $1000 it means asset are credited and Increase of liability is another credit of $2000 which means equity have to be debited by $3000 (2000+1000) which will be done if equity decreases
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23. The Statement of Cash Flows: a. Reports the amount of an organization's assets, liabilities, and...
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities +...
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities + Assets. C. Residual equity + Assets. d. Assets - Liabilities. 38) If Total Liabilities increased by $15,000 and Owner's Equity increased by $5,0 Total Assets must change by what amount and direction during that same p a. $20,000 decrease b. $20,000 increase C. $25,000 increase d. $30,000 increase
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,...
1. If total assets increased by $175,000 during a specific period and liabilities decreased by $10,000...
1. If total assets increased by $175,000 during a specific period and liabilities decreased by $10,000 during the same period, the period's change in total owner's equity was a $185,000 increase. True or False 2. Drawings are an example of an expense. True or False
If the liabilities of a business decreased 25,000 during a period of time and the assets...
If the liabilities of a business decreased 25,000 during a period of time and the assets of the business decreased 15,000 during the same period, the owner's equity in the business must have: a. Decreased 40,000 b. Decreased 10,000 C. Increased 40,000 d. Increased 10,000
If total assets decreased by $48,048 during a period of time and stockholders' equity increased by...
If total assets decreased by $48,048 during a period of time and stockholders' equity increased by $27,412 during the same period, then the amount and direction (Increase or decrease) of the period's change in total liabilities is a $23,326 increase Ob. $75,460 Increase Oc. $48,048 decrease Od. $75,460 decrease Previous Next >
i need help on understanding this problem a little better. Dr. Etana Jenson is a podiatrist....
i
need help on understanding this problem a little better.
Dr. Etana Jenson is a podiatrist. As of December 31, Jenson owned the following assets related to the professional practice: Cash $6,600 X-ray Equipment $9,000 Office Equipment 3,500 Laboratory Equipment 3,000 As of that date, Jenson owed business suppliers as follows: Top Flight Office Equipment Co. $3,000 Dunhill Medical Supplies Company 1,000 Island Gas Company 2,200 Required: a. Compute the amount of assets, liabilities, and owners' equity as of December...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
The statement of cash flows reports: A. Assets, liabilities, and equity. B. Revenues, gains, expenses, and...
The statement of cash flows reports: A. Assets, liabilities, and equity. B. Revenues, gains, expenses, and losses. C. Cash inflows and cash outflows for an accounting period. D. Equity, net income, and dividends. E. Changes in equity.
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
3) The payment of an amount owed to a supplier would: A) have no effect on...
3) The payment of an amount owed to a supplier would: A) have no effect on total assets or liabilities. B) increase owner's equity and liabilities. C) decrease net income and increase assets. D) decrease assets and liabilities. 4) The accounting equation can be stated as: A) Assets Liabilities - Owner's Equity B) Assets - Liabilities Owner's Equity. C) Liabilities Assets+ Owner's Equity. D) Owner's Equity Assets+ Liabilities.
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities + Assets. C. Residual equity + Assets. d. Assets - Liabilities. 38) If Total Liabilities increased by $15,000 and Owner's Equity increased by $5,0 Total Assets must change by what amount and direction during that same p a. $20,000 decrease b. $20,000 increase C. $25,000 increase d. $30,000 increase
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 the liabilities of a business decreased 25,000 during a period of time and the assets of the business decreased 15,000 during the same period, the owner's equity in the business must have: a. Decreased 40,000 b. Decreased 10,000 C. Increased 40,000 d. Increased 10,000
If total assets decreased by $48,048 during a period of time and stockholders' equity increased by $27,412 during the same period, then the amount and direction (Increase or decrease) of the period's change in total liabilities is a $23,326 increase Ob. $75,460 Increase Oc. $48,048 decrease Od. $75,460 decrease Previous Next >
i
need help on understanding this problem a little better.
Dr. Etana Jenson is a podiatrist. As of December 31, Jenson owned the following assets related to the professional practice: Cash $6,600 X-ray Equipment $9,000 Office Equipment 3,500 Laboratory Equipment 3,000 As of that date, Jenson owed business suppliers as follows: Top Flight Office Equipment Co. $3,000 Dunhill Medical Supplies Company 1,000 Island Gas Company 2,200 Required: a. Compute the amount of assets, liabilities, and owners' equity as of December...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
The statement of cash flows reports: A. Assets, liabilities, and equity. B. Revenues, gains, expenses, and losses. C. Cash inflows and cash outflows for an accounting period. D. Equity, net income, and dividends. E. Changes in equity.
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
3) The payment of an amount owed to a supplier would: A) have no effect on total assets or liabilities. B) increase owner's equity and liabilities. C) decrease net income and increase assets. D) decrease assets and liabilities. 4) The accounting equation can be stated as: A) Assets Liabilities - Owner's Equity B) Assets - Liabilities Owner's Equity. C) Liabilities Assets+ Owner's Equity. D) Owner's Equity Assets+ Liabilities.
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