Homework Answers
| 1 | A | Current Liabilities |
| 2 | B | Long term liabilities |
| 3 | E | On statement of owner's equity |
| 4 | D | income statement |
| 5 | A | Current Liabilities |
| 6 | C | Property, plant and equipment |
| 7 | C | Property, plant and equipment |
| 8 | D | Intangible Assets |
| 9 | B | Long term investments |
| 10 | A | Current assets |
| 11 | Cash, Accounts receivables, Inventory, Prepaid expenses, supplies |
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Accounting 11 NAME MIDTERM For B CLASS SEAT# PART I-ANSWER THESE QUESTION ON SCANTRON (use pencil)...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
Please help, quick accounting questions. If a netloss occurs, it appears in the income Statement credit...
Please help, quick accounting questions.
If a netloss occurs, it appears in the income Statement credit column and Statement of Retained Earnings debt column Select one True False Which of the following accounts is least likely to be adjusted on the work sheet? Select one or more a. Unearned Delivery Fees b. Land c Supplies on Hand d. Prepaid Rent When the substance of a transaction differs from its legal form, the accountant should record the economic substance Select one...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance Sheet December 31, 2014 $ 65,000 30,000 50,000 70,000 75,000 90,000 Accounts Payable Salaries Payable Bonds Payable Total Liabilities $ 60,000 10,000 90.000 $160,000 Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building $100,000 Less Accumulated Depreciation (20,000) Patent Total Assets Owner's Equity R. Benton, Capital 370,000 80,000 70.000 $530,000 Total Liabilities and Owner's Equity $530,000 The total dollar amount of...
I received an answer on my Cadh Flow problem. the answer that I received was Equipment...
I received an answer on my Cadh Flow problem. the
answer that I received was Equipment was (5300). i was reading the
answer and I was confused. It said that the opening balance for
Equipment was $8,000. That was the closing balance for 2016. In
2017 their was a purchase of $6,000 making the opening balance for
2017 as $14,000. There was a loss of equipment for $2,000.
Accumulated Dep. for $1.200, Other Receivable -Insurance $700 from
the insurance which...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term invest...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term investments c. Plant assets d. Intangible assets e. Current liabilities 1. Long-term liabilities 8. Equity X Not in the balance sheet Indicate the typical classification of each item listed below by placing the letter of the correct balance sheet category a through g in the blank space next to the item. owne Buildings used in business operations Office Supplies Land held for future plant expansion...
list of accounts Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted...
list of accounts
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Blossom Company Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $8,000 9,000 16,200 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense Salaries and Wages...
Ending Balance (b) DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS Accounts (a) (C) (d) (e)...
Ending Balance (b) DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS Accounts (a) (C) (d) (e) (f) (g) (h) Cash $ 64,400 $(11,700) $ (5,900) $ 9,680 $(1,210) $(2,200) $ 3,840 Accounts Receivable 2,820 Inventory 24,400 (5,710) Prepaid Expenses 1,650 Store Fixtures 11,700 Accounts Payable 18,500 $1,480 Unearned Revenue 2,400 Common Stock ($1 par value) 9,660 Additional Paid-in Capital 54,740 Sales Revenue 12,500 1,440 Cost of Sales 5,710 Wages Expense 1,210 Rent Expense 550 Utilities Expense 1,480 Required: 2. Compute...
14. Accumulated depreciation amounts are shown as deductions from the cost of building and equipment accounts...
14. Accumulated depreciation amounts are shown as deductions from the cost of building and equipment accounts accounts receivable account. b, accounts payable account. prepaid insurance account. d. 15. A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n) balance sheet. b, c. statement of owner's equity. statement of cash flows 16. Cash and all other assets that may be reasonably expected to be converted to cash or consumed within...
Answer me which one should I select; A,b, c, d QUESTION 1 Saba Inc. shows the...
Answer me which one should I select; A,b, c, d QUESTION 1 Saba Inc. shows the following general ledger accounts: Cash 4,500 Accounts Receivable 11,500 Merchandise Inventory 21,900 Long‐term Investments 5,900 Prepaid Expenses 8,900 Intangible Assets 22,000 Long‐term Notes Payable 30,400 Land 45,000 Equipment 14,500 Accounts Payable 7,800 Common Stock 5,000 Supplies Expense 7,000 Service Revenue 54,000 Unused Supplies 2,300 Unearned Revenue 16,750 What is the balance of its current liabilities section of the balance sheet? a. $46,800 b. $24,550...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31,...
Income Statement and Balance Sheet The following information for Rogers Enterprises is available at December 31, 2019, and includes all of Rogers' financial statement amounts except retained earnings: Accounts receivable $72,920 Cash 13,240 Common stock (10,000 shares) 65,000 Income taxes expense 13,000 Income taxes payable 4,150 Interest expense 16,500 Notes payable (due in 10 years) 25,000 Prepaid rent (building) 31,500 Property, plant, and equipment 90,000 Rent expense 135,000 Retained earnings ? Salaries expense 235,200 Salaries payable 15,710 Service revenue 464,000...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
Please help, quick accounting questions.
If a netloss occurs, it appears in the income Statement credit column and Statement of Retained Earnings debt column Select one True False Which of the following accounts is least likely to be adjusted on the work sheet? Select one or more a. Unearned Delivery Fees b. Land c Supplies on Hand d. Prepaid Rent When the substance of a transaction differs from its legal form, the accountant should record the economic substance Select one...
PROBLEM 2-Classified Balance Sheet The following information is for Benton Office Supplies Benton Office Supplies Balance Sheet December 31, 2014 $ 65,000 30,000 50,000 70,000 75,000 90,000 Accounts Payable Salaries Payable Bonds Payable Total Liabilities $ 60,000 10,000 90.000 $160,000 Cash Prepaid Insurance Accounts Receivable Inventory Land held for investment Land Building $100,000 Less Accumulated Depreciation (20,000) Patent Total Assets Owner's Equity R. Benton, Capital 370,000 80,000 70.000 $530,000 Total Liabilities and Owner's Equity $530,000 The total dollar amount of...
I received an answer on my Cadh Flow problem. the
answer that I received was Equipment was (5300). i was reading the
answer and I was confused. It said that the opening balance for
Equipment was $8,000. That was the closing balance for 2016. In
2017 their was a purchase of $6,000 making the opening balance for
2017 as $14,000. There was a loss of equipment for $2,000.
Accumulated Dep. for $1.200, Other Receivable -Insurance $700 from
the insurance which...
3. Classified balance sheets commonly include the following categories. (15%) a. Current assets b. long-term investments c. Plant assets d. Intangible assets e. Current liabilities 1. Long-term liabilities 8. Equity X Not in the balance sheet Indicate the typical classification of each item listed below by placing the letter of the correct balance sheet category a through g in the blank space next to the item. owne Buildings used in business operations Office Supplies Land held for future plant expansion...
list of accounts
Blossom Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is as follows. Blossom Company Adjusted Trial Balance July 31, 2020 Account Titles No. Debit Credit $8,000 9,000 16,200 101 Cash 112 Accounts Receivable 157 Equipment 158 Accumulated Depreciation-Equip. 201 Accounts Payable 208 Unearned Rent Revenue 301 Owner's Capital 306 Owner's Drawings 400 Service Revenue 429 Rent Revenue 711 Depreciation Expense Salaries and Wages...
Ending Balance (b) DOLLAR EFFECT OF EACH OF THE EIGHT TRANSACTIONS Accounts (a) (C) (d) (e) (f) (g) (h) Cash $ 64,400 $(11,700) $ (5,900) $ 9,680 $(1,210) $(2,200) $ 3,840 Accounts Receivable 2,820 Inventory 24,400 (5,710) Prepaid Expenses 1,650 Store Fixtures 11,700 Accounts Payable 18,500 $1,480 Unearned Revenue 2,400 Common Stock ($1 par value) 9,660 Additional Paid-in Capital 54,740 Sales Revenue 12,500 1,440 Cost of Sales 5,710 Wages Expense 1,210 Rent Expense 550 Utilities Expense 1,480 Required: 2. Compute...
14. Accumulated depreciation amounts are shown as deductions from the cost of building and equipment accounts accounts receivable account. b, accounts payable account. prepaid insurance account. d. 15. A formal statement of the assets, liabilities, and owner's equity of a business at a specified date is known as a(n) balance sheet. b, c. statement of owner's equity. statement of cash flows 16. Cash and all other assets that may be reasonably expected to be converted to cash or consumed within...
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