Homework Answers
1. True
2. False
3 True
4 True
5 True
6 current liabilities (a)
7. Long term liability (d)
8.amount owed to suppliers for product and service purchased on credit (e)
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TRUE/FALSE. Write 'T' If the statement is true and 'F if the statement is false 1)...
TRUE FALSE Write T if the statement is true and F if the statement is false...
TRUE FALSE Write T if the statement is true and F if the statement is false 33) Long-term debt is a liability that is payable beyond one year from the date of the financial statements. 33) 34) The basic component of paid-in capital is common stock. 34) 35) Accounting is often called the language of business. 35) 36) If a company performs services an account, the revenue is not eamed until the cash is collected. 37) The amount of prepaid...
s? KUEFALSE. Write "T if the statement is true and 'F if the statement is false....
s? KUEFALSE. Write "T if the statement is true and 'F if the statement is false. 31) In a market, creditors are resource prov is false. te 'T if the statement is true and 'F iders. 31) 32) Financial accounting information is usually less detailed than managerial accounting information 33) Liabilit 33) ties are obligations of a business to relinquish assets, provide services, or accept other obligations 34) asset source transaction increases a business's assets and the claims to assets....
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies...
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are:...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice o ) Current assets. o ) Current liabilities. o Earned revenues. o Operating cycle liabilities o
correct answer Date: 1160 S 19 TRUE/FALSE. Write T if the statement is true and F if the statement is false, 1) T...
correct answer
Date: 1160 S 19 TRUE/FALSE. Write T if the statement is true and F if the statement is false, 1) The statement of cash flows reflects cash flows on a particular date 2) The statement of cash flows reports why cash increased or decreased during the period. 3) Investors and management use the statement of cash flows to evaluate a firm's profitability 4) For purposes of the statement of cash flows. "cash includes cash on hand, cash in...
The account Sales Tax Payable represents a company's liability to the government for sales taxes collected. True O F...
The account Sales Tax Payable represents a company's liability to the government for sales taxes collected. True O False Peter Inc. manufactures and sells computer monitors with a three-year warranty. Warranty costs are expected to average 8% of sales during the warranty period. The following table shows the sales and actual warranty payments during the first two years of operations: (Click to view the sales and actual warranty payments during the first two years of operations.) Based on these facts,...
Show all work please. DIPIUL 2 True/False 7 points each. Circle the correct answer. 4. A...
Show all work please.
DIPIUL 2 True/False 7 points each. Circle the correct answer. 4. A single liability cannot be divided between current and noncurrent liabilities. True False A liability may exist even if there is uncertainty about whom to pay, when to pay, how much to pay. True False 6. Multiple Choice 5 points each. Circle the correct answer. 57. A. B. A contingent liability is Always of a specific amount A potential obligation that depends on a future...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports can be based on one-month or three- month Property, plant, and equipment are referred to as plant assets. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects...
True or False: A liability should be classified on the balance sheet as a "current liability...
True or False: A liability should be classified on the balance sheet as a "current liability when the company expects to decrease or satisfy the liability within one year or the operating cycle, whichever is longer. Select one: True False
TRUE FALSE Write T if the statement is true and F if the statement is false 33) Long-term debt is a liability that is payable beyond one year from the date of the financial statements. 33) 34) The basic component of paid-in capital is common stock. 34) 35) Accounting is often called the language of business. 35) 36) If a company performs services an account, the revenue is not eamed until the cash is collected. 37) The amount of prepaid...
s? KUEFALSE. Write "T if the statement is true and 'F if the statement is false. 31) In a market, creditors are resource prov is false. te 'T if the statement is true and 'F iders. 31) 32) Financial accounting information is usually less detailed than managerial accounting information 33) Liabilit 33) ties are obligations of a business to relinquish assets, provide services, or accept other obligations 34) asset source transaction increases a business's assets and the claims to assets....
QUESTION 15 Match the terms with the definitions. The period of time required to purchase supplies and a. account form of balance sheet services and convert them back into cash. b. accounting cycle Prepared after posting the closing entries to prove the c classified balance sheet equality of the debit and credit balances in the general d. closing process ledger accounts e. current assets A balance sheet with separate categories for current assets; property, plant, and equipment, current f. current...
QUESTION 20 After the closing entries have been posted, which of the following accounts would still have a balance? a. Salaries Expense b. Miscellaneous Revemes Oc Supplies Expense d. Accumulated Depreciation Equipment QUESTION 21 After the closing entries are journalized and posted, which of the following accounts would NOT have a balance? a. Service Revenue b. Cash c. Accounts Payable d. Office Supplies QUESTION 22 After the accounts are closed and the journal entries have been posted, which of the...
Obligations to be paid within one year or the company's operating cycle, whichever is longer, are: Multiple Choice o ) Current assets. o ) Current liabilities. o Earned revenues. o Operating cycle liabilities o
correct answer
Date: 1160 S 19 TRUE/FALSE. Write T if the statement is true and F if the statement is false, 1) The statement of cash flows reflects cash flows on a particular date 2) The statement of cash flows reports why cash increased or decreased during the period. 3) Investors and management use the statement of cash flows to evaluate a firm's profitability 4) For purposes of the statement of cash flows. "cash includes cash on hand, cash in...
The account Sales Tax Payable represents a company's liability to the government for sales taxes collected. True O False Peter Inc. manufactures and sells computer monitors with a three-year warranty. Warranty costs are expected to average 8% of sales during the warranty period. The following table shows the sales and actual warranty payments during the first two years of operations: (Click to view the sales and actual warranty payments during the first two years of operations.) Based on these facts,...
Show all work please.
DIPIUL 2 True/False 7 points each. Circle the correct answer. 4. A single liability cannot be divided between current and noncurrent liabilities. True False A liability may exist even if there is uncertainty about whom to pay, when to pay, how much to pay. True False 6. Multiple Choice 5 points each. Circle the correct answer. 57. A. B. A contingent liability is Always of a specific amount A potential obligation that depends on a future...
Question Completion Status QUESTION 1 Which of the following statements is not true? Interim financial reports can be based on one-month or three- month Property, plant, and equipment are referred to as plant assets. The fiscal year is any 12 consecutive months (or 52 weeks) used by a business as its annual accounting period. An income statement reports revenues earned less expenses incurred. An unadjusted trial balance shows the account balances after they have been revised to reflect the effects...
True or False: A liability should be classified on the balance sheet as a "current liability when the company expects to decrease or satisfy the liability within one year or the operating cycle, whichever is longer. Select one: True False
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