The purpose of a long-term asset contra account is to: Select one: a. Reduce the asset,...
The purpose of a long-term asset contra account is to:
Select one:
a. Reduce the asset, but at the same time not affecting owner’s equity
b. Use it as a temporary account
c. Present a higher net income
d. Always reflect the original value (historical cost) of the asset on the balance sheet
Homework Answers
The purpose of a long-term asset contra account is to:
a. Reduce the asset, but at the same time not affecting the owner’s equity
A contra asset account offsets the balance in the respective asset account that it is paired with on the balance sheet. This decreases the value of the asset but has no effect on owner's equity.
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The purpose of a long-term asset contra account is to:
Select one:
a. Reduce the asset,...
A contra long-term asset account normally has a: Select one: a. It depends on the type...
A contra long-term asset account normally has a: Select one: a. It depends on the type of asset account to which the contra account is linked b. Zero balance c. Debit balance d. Credit balance
Treasury stock is classified as: A. An asset account B. A contra asset account C. A...
Treasury stock is classified as: A. An asset account B. A contra asset account C. A contra equity account D. A liability account Prior period adjustments are reported in the: A. Multiple-step income statement B. Balance sheet C. Statement of retained earnings D. Statement of cash flows Changes in accounting estimates are: A. Considered accounting errors B. Accounted for with a cumulative "catch-up" adjustment C. Extraordinary items D. Accounted for in current and future periods The Discount on Bonds Payable...
these are the definentions Question 8 15 pts Match each term with the appropriate definition Contra-amet...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
Which of the following is true about withdrawal (distribution)? The withdrawal (distribution) account is a contra-equity...
Which of the following is true about withdrawal (distribution)? The withdrawal (distribution) account is a contra-equity account and has a normal debit balance. o withdrawal (distribution) are classified as expenses and reduce net income. The withdrawal (distribution) account is an equity account, therefore listed on the Balance Sheet. The withdrawal (distribution) account is used when cash is withdrawn from the bank to pay expenses.
Question 8 15 pts Match each definition with the appropriate term. An account that is paired...
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
1. Which of the following is not an intangible asset? Select one: a. Copyright b. Long-term...
1. Which of the following is not an intangible asset? Select one: a. Copyright b. Long-term receivable c. Trademark d. Goodwill 2. Accounts receivable would appear on the balance sheet as a(n): Select one: a. liability. b. fixed asset. c. unearned revenue. d. asset.
1. Assurning a long-term construction project makes an overall profit, during the interim years, percentage of...
1. Assurning a long-term construction project makes an overall profit, during the interim years, percentage of completion method accounting has impact on construction company's: Income Statement ONLY X Balance Sheet ONLY BOTH Income Statement and Balance Sheet None of the above 2. When a company write-off a bad debt under GAAP, it has impact on this company's: Income Statement ONLY Balance Sheet ONLY BOTH Income Statement and Balance Sheet Cash Flow Statement ONLY х 3. For a construction company working...
The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and contra-Asset...
The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and contra-Asset Accounts Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Long-tere Investments Property, plant, and equipment Accumulated depreciation $ SD $1101 $70 D § 91 $ 60 $185 I SET Liabilities and Stockholders' Equity Accounts Accounts payable $35 I Accrued liabilities $ 4D Income taxes payable $ 81 Bonds payable Common stock Retained earnings $ 150 D-Decrease; 1 - Increase Long-term investments that cost...
The following changes took place last year in Pavolik Company’s balance sheet accounts: Asset and Contra-Asset...
The following changes took place last year in Pavolik Company’s balance sheet accounts: Asset and Contra-Asset Accounts Liabilities and Stockholders' Equity Accounts Cash $ 9 D Accounts payable $ 29 I Accounts receivable $ 13 I Accrued liabilities $ 13 D Inventory $ 36 D Income taxes payable $ 18 I Prepaid expenses $ 8 I Bonds payable $ 116 I Long-term investments $ 10 D Common stock $ 52 D Property, plant, and equipment $ 230 I Retained earnings...
The following changes took place last year in Pavolik Company’s balance sheet accounts: Asset and Contra-Asset...
The following changes took place last year in Pavolik Company’s balance sheet accounts: Asset and Contra-Asset Accounts Liabilities and Stockholders' Equity Accounts Cash $ 8 D Accounts payable $ 26 I Accounts receivable $ 12 I Accrued liabilities $ 12 D Inventory $ 34 D Income taxes payable $ 17 I Prepaid expenses $ 7 I Bonds payable $ 108 I Long-term investments $ 9 D Common stock $ 48 D Property, plant, and equipment $ 215 I Retained earnings...
these are the definentions
Question 8 15 pts Match each term with the appropriate definition Contra-amet Carrying value Deferral adjustment ✓ Choose An account that must have a zero balance after closing entries have been made. Lists the balances of all temporary and permanent accounts to provide a check on the equality of the debits and credits. An account that remains on the books year after year When revenue minus expenses is a negative number. Checks that debits equal credits...
Which of the following is true about withdrawal (distribution)? The withdrawal (distribution) account is a contra-equity account and has a normal debit balance. o withdrawal (distribution) are classified as expenses and reduce net income. The withdrawal (distribution) account is an equity account, therefore listed on the Balance Sheet. The withdrawal (distribution) account is used when cash is withdrawn from the bank to pay expenses.
Question 8 15 pts Match each definition with the appropriate term. An account that is paired with another account and acts to reduce.its book value. Choose) [Choose1 The amount at which an asset or liability is reported in the financial statements. Converts some of an asset's or a liability's book value into an expense or a revenue A journal entry that transfers net income or loss to the Retained Earnings account [ Choose ] Deferral adjustment Income before income taxes...
1. Assurning a long-term construction project makes an overall profit, during the interim years, percentage of completion method accounting has impact on construction company's: Income Statement ONLY X Balance Sheet ONLY BOTH Income Statement and Balance Sheet None of the above 2. When a company write-off a bad debt under GAAP, it has impact on this company's: Income Statement ONLY Balance Sheet ONLY BOTH Income Statement and Balance Sheet Cash Flow Statement ONLY х 3. For a construction company working...
The following changes took place last year in Pavolik Company's balance sheet accounts: Asset and contra-Asset Accounts Cash and cash equivalents Accounts receivable Inventory Prepaid expenses Long-tere Investments Property, plant, and equipment Accumulated depreciation $ SD $1101 $70 D § 91 $ 60 $185 I SET Liabilities and Stockholders' Equity Accounts Accounts payable $35 I Accrued liabilities $ 4D Income taxes payable $ 81 Bonds payable Common stock Retained earnings $ 150 D-Decrease; 1 - Increase Long-term investments that cost...
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