11) Assets- No effect, liability- No effect
12) Liabilities created by advance cash payments from customers for products or services
13) 4100 Debit
14) All of these
15) Debit office supplies expenses- 254 $ and credit office supplies- 254 $
16) All of these
17) 200 $ difference in unadjusted trial balance in debit and credit sides
18) 14,200
19) Current assets, Long term investment, PPE, intangible assets
20) All of the above
21) 2744 $
22) Debit cash- 60140, cash discount- 60,140 and credit customer- 62000
23) 5000 $
25) Are necessary to adjust for shrinkage
26) the beginning inventory contains highest cost
27) 34000 $
28) 0.333
11) Celery Company has assets of $150,000, liabilities of $90,000, and equity of $60,000. It buys...
1) Although a proprietorship is not a separate legal entity, a partnership is True False 2) Purchasing supplies on credit increases assets while decreasing liabilities. True False 3)On October 15, Gallery Comp. received $12,500 as a down payment on a consuting contract. The amount was credited to Unearned Consulting Revenue By October 31, 10% of the contract was completed. Gallery Corp. needs to prepare an adjusting entry for $1.250. True False 4) Asset, liability and revenue accounts are not closed...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
10) Parks Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What is the debt ratio (rounded to a whole percent)? a. 40% b. 67% C. 150% d. 167% e. 250% 11) A Company forgot to record accrued and unpaid employee wages of $350,000 at year end. This oversight would a. Understate net income by $350,000 b. Overstate net income by $350,000 C. Have no effect on net income d. Overstate assets by $350,000 e. Understate...
38 Other liabilities .......$ Other assets .......... Expenses ............ Stockholders' equity .... 3 Revenues ......... .... $ 23 Cash 26 Accounts payable. New Navy Company Trial Balance December 31, 2018 Balance (in millions) Debit Credit Account Title Other assets 26 Expenses Stockholders' equity Revenues Cash Accounts payable Total
Mookie, Inc. had the following assets, liabilities, and stockholders' equity balances at 12/31/X1: Accounts Payable, 72; Accounts Receivable, 145; Buildings, 545; Cash, 77 Common Stock, 110; Land, 220; -Notes Payable, 468; Retained Earnings, ??? Unearned Revenue, 98; Supplies, 59. What is the Retained Earnings balance? Report your answer to the nearest dollar. с G Search or type URL Giancarlo Stanton opened a consulting firm, Stanton Consulting. During its first month of business, the following transactions were completed: 1) Giancarlo invested...
38 Other liabilities ....... $ Other assets ...... Expenses .... Stockholders' equity.... 3 Revenues... 23 Cash 26 Accounts payable..... Print Done Tepare the trial balance of New Navy Company at December 31, 2018. List the account New Navy Company Trial Balance December 31, 2018 Balance (in millions) Debit Credit Account Title 11 11111 1 / Total
[3 points each = ber 31, 2010, before any year-end adjustments, J.Tucker's Insurance Expense acco ce of $1,800 and its Prepaid Insurance account had a balance of $5,000. It was determine $2,000 of the Prepaid Insurance had expired. The adjusted balance for Insurance Expense for th would be: A) $1,800 B $2,000 $3,800 D) $5,000 2. When expenses for a reporting period exceed revenue for the period: A) Equity is reduced B) The company must borrow money to remain in...
14. Purchased goodwill. Company A has the following net assets: Liabilities & Equity Carrying Value Assets Cash Accounts receivable Inventory PPE (net) Carrying Value $25,000 Current liabilities 35,000 Common stock 42,000 Retained earnings $55,000 100,000 100,000 153,000 Totals $255,000 $255,000 The fair values of Company A are Assets Cash Accounts receivable Inventory PPE (net) Patents Liabilities Fair Value $25,000 35,000 122,000 205,000 18,000 (55,000 Fair value of net assets $350,000 Company B purchases Company A for $400,000. Write the journal...
Choose the TRUE statement. A company with Liabilities of $80,000 and Stockholders' equity of $50,000 will have Assets of $30,000. A company with Net Income will also have a cash increase from operating activities. A company with total stockholders' equity of $120,000 and contributed capital of $75,000 must have total retained earnings of $45,000. How many of the following statements regarding posting and classification are true? If a purchase of supplies on account for $100 is recorded with a debit...
The following ledger account was in the accounting records of the County Branch of City Company on December 31, 2006 Home Office Debit Date 2006 Jan Balance Mar. 10 Cash remitted to home office Explanation Credit Balance 40,000 cr 30,000 sr 27,350 cr 14,400 41,750 cr 2,60044,350 cr 35,100 cr 7,77042,870 cr 10,000 31 Merchandise returned to home office 2,650 June 6 Merchandise received from home office Oct. 10 Supplies received from home office Dec. 20|Acquisition of fixtures 9,250 31Net...