Question

sumption 17. f allibilis decreased by 4000, then vedered by S4000 have decreased by ve decreased by $1.000, or stockholders' equity must have increased by 54,000 a nd stockholders' equity each increased by 59.000 asets must have increased by S4.000 S expare paid in the liabilities will decrease sockholders equity will increase d assets will decrease 19. The payment of a liability decreases assets and stockholders' equity Increases assets and decreases bites decreases assets and increases liabilities decreases assets and liabilities 20. A paid dividend a decreases assets and stockholders' quity increases assets and stockholders' equity. increases assets and decreases stockholders' equiry. d. decreases assets and increases stockholders' equity 21. At 10/1/22. Metz Industries had an Accounts Payable balance of $140.000. During the month, the company made purchases on account of S100,000 and made payments on account of $160,000. At 10/31/22, the Accounts Payable balance is S140.000 debit b. 520.000 credit c. $80,000 credit d. S160,000 credit 22. At February 1, 2022, the balance in Goebel Inc.'s supplies account was $3,500. During February, Goebel purchased supplies of $3,000 and used supplies of $4,000. At the end of February, the balance in the Supplies account should be a $3.500 debit. b. $4,500 credit. c. $10.500 debit. d. $2,500 debit. 23. At September 1, 2022, Kern Enterprises reported a cash balance of $140.000. During the month, Kem collected cash of $60.000 and made disbursements of S100,000. At September 30, 2022, the cash balance is a $10,000 credit. b. S100,000 credit c. $200.000 debit. d S100.000 debit. 24. If the Cash account has a credit balance, which of the following statements is true? a. This is the normal balance for cash. b. An error has occurred and must be corrected before financial statements can be prepared. c. The account needs to be analyzed to determine the reason for the credit balance. d. Debit postings exceed the credit postings for the accounting period. 25. Which of the following statements is not true? a. Expenses increase stockholders' equity. b. Expenses have normal debit balances. 3 Pag

Answer 1

Solution 17:

If total liabilities decreased by $4,000 then "Assets must have decreased by $4,000 or stockholder's equity must have increased by $4,000"

Hence option b is correct.

Solution 18:

If expense are paid in cash then "asset will decrease"

Hence option d is correct

Solution 19:

The payment of a liability "decreases assets and liability"

Hence option d is correct

Solution 20:

A paid dividend "Decreases assets and stockholder's equity"

Hence option a is correct.

Solution 21:

Account payable balance = Beginning balance + Purchases - Payments = $140,000 + $100,000 - $160,000 = $80,000 credit

Hence option c is correct.

Note: As multiple questions are posted, i have answered more than required questions as per HomeworkLib policy, kindly post separate question for answer of remaining questions.