Homework Answers
Correct answer---Decrease both asset and Equity by $7,500
.
Explanation
Asset is decreasing because cash is paid for the expense and Equity decrease because an expense has been incurred. Expenses decrease income and so when income decrease it directly affects equity balance.
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Marvin's Hair Studio incurred and paid expenses in May that totaled $7.500. How does this transaction...
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The...
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The assets, liabilities, and equity remain the same. B. The assets increase and liabilities decrease. OC. The assets decrease and equity increases. OD. The assets decrease and equity decreases.
What’s the answer ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month...
What’s the answer
ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month for received affect the accounting equation? a. assets decrease, owner's equity decreases Ob. liabilities increase; owner's equity increases c. liabilities increase, owner's equity decreases Od. assets increase; liabilities increase
Freeman, Inc. paid a supplier for purchases made on credit last month. How does this transaction...
Freeman, Inc. paid a supplier for purchases made on credit last month. How does this transaction affect total assets? Decrease. How does this transaction affect total liabilities? Increase. Question 13 2 pts The Villar Company paid its building rent for all of 20X1 on 1/1/X1. Villar makes an adjusting entry at the end of January related to this rent. How does this adjusting entry affect net income? Decrease.
Saddleback Company paid off $34,000 of its accounts payable in cash. What would be the effects...
Saddleback Company paid off $34,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice Liabilities, $34,000 decrease; equity, $34,000 increase o Assets, $34,000 decrease, liabilities, $34,000 increase o Assets, $34,000 decrease, equity $34.000 decrease o Assets, $34,000 decrease, liabilities, $34,000 decrease
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...
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on...
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity. (Put the amount of the change in the blank. Use a negative () sign to show a decrease and put a zero if the item was not affected.) A) The owner starts the company by contributing $4,300 cash to the company in exchange for common stock. How does this affect the accounting equation? Assets Liabilities Equity B) The Company purchases...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity (Put the amount of the change in the blank. Use a negative() sign to show a decrease and put a zero if the item was not affected.) A) The Company performs services and receives payment of $4,100 cash. How does this accounting equation? affect the Assets Liabilities Equity B) The Company performs $5,800 of services for a customer and sends...
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...
A company reported total equity of $145.000 at the beginning of the year. The company reported...
A company reported total equity of $145.000 at the beginning of the year. The company reported $210.000 in revenues and 5165.000 in expenses for the year. Liabilities at the end of the year totaled 592.000. What are the total assets of the company at the end of the year? A 545.000 0.592.000 C.590.000 0.5210.000 E5282.000 Billington Corp borrows $80,000 cash from Second National Bank. How does this transaction affect the accounting equation for Billin A Assets would decrease 580,000 and...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
Adventures Unlimited Company distributes cash dividends. How does this transaction affect the accounting equation? OA. The assets, liabilities, and equity remain the same. B. The assets increase and liabilities decrease. OC. The assets decrease and equity increases. OD. The assets decrease and equity decreases.
What’s the answer
ent/takeAssignmentMain.do nVöRer-assigiimerits&iakeass Calculator How does receiving a bill to be paid next month for received affect the accounting equation? a. assets decrease, owner's equity decreases Ob. liabilities increase; owner's equity increases c. liabilities increase, owner's equity decreases Od. assets increase; liabilities increase
Freeman, Inc. paid a supplier for purchases made on credit last month. How does this transaction affect total assets? Decrease. How does this transaction affect total liabilities? Increase. Question 13 2 pts The Villar Company paid its building rent for all of 20X1 on 1/1/X1. Villar makes an adjusting entry at the end of January related to this rent. How does this adjusting entry affect net income? Decrease.
Saddleback Company paid off $34,000 of its accounts payable in cash. What would be the effects of this transaction on the accounting equation? Multiple Choice Liabilities, $34,000 decrease; equity, $34,000 increase o Assets, $34,000 decrease, liabilities, $34,000 increase o Assets, $34,000 decrease, equity $34.000 decrease o Assets, $34,000 decrease, liabilities, $34,000 decrease
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...
Buddy Corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity. (Put the amount of the change in the blank. Use a negative () sign to show a decrease and put a zero if the item was not affected.) A) The owner starts the company by contributing $4,300 cash to the company in exchange for common stock. How does this affect the accounting equation? Assets Liabilities Equity B) The Company purchases...
Dewey corporation had the following transactions during the month. Indicate the effect of each transaction on Assets, Liabilities, and Equity (Put the amount of the change in the blank. Use a negative() sign to show a decrease and put a zero if the item was not affected.) A) The Company performs services and receives payment of $4,100 cash. How does this accounting equation? affect the Assets Liabilities Equity B) The Company performs $5,800 of services for a customer and sends...
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...
A company reported total equity of $145.000 at the beginning of the year. The company reported $210.000 in revenues and 5165.000 in expenses for the year. Liabilities at the end of the year totaled 592.000. What are the total assets of the company at the end of the year? A 545.000 0.592.000 C.590.000 0.5210.000 E5282.000 Billington Corp borrows $80,000 cash from Second National Bank. How does this transaction affect the accounting equation for Billin A Assets would decrease 580,000 and...
• Cash sales totaled $350,000. • Credit sales totaled $495,000. . Cash collections from customers for services yet to be provided totaled $95,000. • A $20,000 loss from the sale of property and equipment occurred. • Interest income was $9,300. • Interest expense was $19,500. • Supplies expense was $420,000. • Rent expense for the store was $34.000. • Wages expense was $55,000. • Other operating expenses totaled $85,000. • Unearned revenue was $4.900. What is the amount of Lant's...
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