Homework Answers
Question 1
|
1. Amount Expensed |
$ 10,725.00 |
|
2. Amount in the prepaid Advertising account |
$ 975.00 |
Calculations
|
1. Amount Expensed |
$ 11700/12*11 |
|
2. Amount in the prepaid Advertising account |
$ 11700-10725 |
Question 2
Solution
|
An asset account increase |
An asset account decrease |
First two Columns in both row are required to be check marked.
An asset account increase since equipment increase.
An asset also decrease because cash is used and cash is also an asset account.
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I dont know why the last part is incorrect 1 Homework Saved Check my work mode...
I dont know why the last part is incorrect
1 Homework Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not india Select a transaction that effects the accounting equation as follows: X Answer is complete but not entirely correct. b с Effects The company pays cash toward an account payable The company purchases equipment on credit The owner invests cash in the business The owner...
1. 2. 3. 4. <3 24 26 27 28 29 30 F31 32 For each item,...
1.
2.
3.
4.
<3 24 26 27 28 29 30 F31 32 For each item, indicate the portion of the annual report in which it would be found. Financial statements Management discussion and analysis Auditor's report Notes to the financial statements Statement of Cash Flows o Discussion of Business Outlook o х $ ? Listed below are accounts that appear in financial statements Required: Identify the financial statement(s) in which each of the following three accounts would be found....
you can pick any account that would be found an in average companys chart of accounts....
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
2 Suppose you are given $600 and decide to put it into a savings account. At the end of each year...
2 Suppose you are given $600 and decide to put it into a savings account. At the end of each year the amount either increases by $400 (with probability 0.75) or decreases by $200 (with probability 0.25). Suppose that if it ever reaches 0, then S200 is immediately paid into the account (so the next year starts with $200, not $0) (a) What is the expected time until there is $1,000 or more in the account? (b) What is the...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in...
The Accounting Equation The details of the activities of a company, or transactions, are recorded in a company's accounting system.These transactions are summarized in a set of reports known as the financial statements. The foundation for the accounting system and the financial statements is the accounting equation. Assets = Liabilities + Owner’s Equity The left side of the accounting equation shows the assets of the company: What the company owns. = The right side of the accounting equation summarizes who...
1:27 I © N VOLTE 1: 11. Determine how each of the following events and its...
1:27 I © N VOLTE 1: 11. Determine how each of the following events and its related year-end adjusting entry affects the accounting equation. Assume the company's year-end is December 31. The first event and its related adjusting entry are shown as an example. Complete entries (B), (C), and (D). 2 extra credit points each. 6 possible extra credit points. A. Paid $12,000 cash in advance on April 1 for a one-year Insurance policy. Original Entry: Cash (asset account) decreases...
Hello can someone please help me solve this accounting problem I am so lost. Question 7...
Hello can someone please help me solve this
accounting problem I am so lost.
Question 7 of 18 < > -72 III View Policies Current Attempt in Progress At January 1, 2020, Sheffield Industries reported owner's capital of $150200. During 2020, Sheffield had a net loss of $30900 and owner's drawings of $15700. At December 31, 2020, the amount of owner's capital is O $165900. O $103600. O $134500. O $119300. Save for Later Attempts: 0 of 1 used Submit...
HOMEWORK Chapter 6 Score: 9/22 11/22 answered x Question 11 < > Score on last try:...
HOMEWORK Chapter 6 Score: 9/22 11/22 answered x Question 11 < > Score on last try: 0 of 1 pts. See Details for more. > Next question You can retry this question below Suppose you want to have $600,000 for retirement in 35 years. Your account earns 5% annual interest compounded monthly. How much would you need to deposit in the account at the end of each month? Submit Question Type here to search o
please help me solve the following 6!! please only attempt if you can solve ALL 6!...
please help me solve the following 6!! please only attempt if you
can solve ALL 6! thank you so much for your time, will rate! ?
The expected return on an asset you currently own is 12% and the required return is 9%. You should probably Owait and see what happens to actual returns before making a decision short the asset now. buy more of the asset now ignore the expected return sell the asset now. Which of the following...
Following are the transactions and stments that occurred during the first year of operations at Kissick...
Following are the transactions and stments that occurred during the first year of operations at Kissick Co. a. Issued 194,000 shares of $5-par-value common stock for $970,000 in cash. b. Borrowed $510,000 from Oglesby National Bank and signed a 11% note due in three ye c. Incurred and paid $410,000 in salaries for the year. d. Purchased $700,000 of merchandise inventory on account during the year. e. Sold inventory costing $580,000 for a total of $910,000, all on credit. f....
I dont know why the last part is incorrect
1 Homework Saved Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not india Select a transaction that effects the accounting equation as follows: X Answer is complete but not entirely correct. b с Effects The company pays cash toward an account payable The company purchases equipment on credit The owner invests cash in the business The owner...
1.
2.
3.
4.
<3 24 26 27 28 29 30 F31 32 For each item, indicate the portion of the annual report in which it would be found. Financial statements Management discussion and analysis Auditor's report Notes to the financial statements Statement of Cash Flows o Discussion of Business Outlook o х $ ? Listed below are accounts that appear in financial statements Required: Identify the financial statement(s) in which each of the following three accounts would be found....
you
can pick any account that would be found an in average companys
chart of accounts.
Locked after Sunday, February 23, 2020 11:55 PM MST. ACCOUNT INFORMATION: Information can be found in Chs 1 - 4 Discussion Board This assignment is worth up to 20 points. Pick any account that would be found in an average company's chart of accounts. DO NOT USE CASH OR AN ACCOUNT SOMEONE ALREADY POSTED! Answer the following questions about this account: 1. What category...
2 Suppose you are given $600 and decide to put it into a savings account. At the end of each year the amount either increases by $400 (with probability 0.75) or decreases by $200 (with probability 0.25). Suppose that if it ever reaches 0, then S200 is immediately paid into the account (so the next year starts with $200, not $0) (a) What is the expected time until there is $1,000 or more in the account? (b) What is the...
1:27 I © N VOLTE 1: 11. Determine how each of the following events and its related year-end adjusting entry affects the accounting equation. Assume the company's year-end is December 31. The first event and its related adjusting entry are shown as an example. Complete entries (B), (C), and (D). 2 extra credit points each. 6 possible extra credit points. A. Paid $12,000 cash in advance on April 1 for a one-year Insurance policy. Original Entry: Cash (asset account) decreases...
Hello can someone please help me solve this
accounting problem I am so lost.
Question 7 of 18 < > -72 III View Policies Current Attempt in Progress At January 1, 2020, Sheffield Industries reported owner's capital of $150200. During 2020, Sheffield had a net loss of $30900 and owner's drawings of $15700. At December 31, 2020, the amount of owner's capital is O $165900. O $103600. O $134500. O $119300. Save for Later Attempts: 0 of 1 used Submit...
HOMEWORK Chapter 6 Score: 9/22 11/22 answered x Question 11 < > Score on last try: 0 of 1 pts. See Details for more. > Next question You can retry this question below Suppose you want to have $600,000 for retirement in 35 years. Your account earns 5% annual interest compounded monthly. How much would you need to deposit in the account at the end of each month? Submit Question Type here to search o
please help me solve the following 6!! please only attempt if you
can solve ALL 6! thank you so much for your time, will rate! ?
The expected return on an asset you currently own is 12% and the required return is 9%. You should probably Owait and see what happens to actual returns before making a decision short the asset now. buy more of the asset now ignore the expected return sell the asset now. Which of the following...
Following are the transactions and stments that occurred during the first year of operations at Kissick Co. a. Issued 194,000 shares of $5-par-value common stock for $970,000 in cash. b. Borrowed $510,000 from Oglesby National Bank and signed a 11% note due in three ye c. Incurred and paid $410,000 in salaries for the year. d. Purchased $700,000 of merchandise inventory on account during the year. e. Sold inventory costing $580,000 for a total of $910,000, all on credit. f....
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