Homework Answers
Consulting Revenue – Income statement as all revenues and expenses are recorded on Income Statement
Utilities Expense - Income statement as all revenues and expenses are recorded on Income Statement
Accounts payable – Balance sheet as it represents a current liability which has to be paid
Owner investment – Statement of Retained earnings
Retained earnings belong to the shareholders
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Knowledge Check 05 Select each item listed below as being an income statement, statement of Retained...
Knowledge Check 04 Select each item listed below as being an income statement, statement of Retained...
Knowledge Check 04 Select each item listed below as being an income statement, statement of Retained Earnings, or balance sheet account Select Accounts Receivable Select Cash solod Beginning Capital Balance Dividends select Service Revenue submit answer & continue
For each item, select (1) whether it is reported on the income statement (/S) or balance...
For each item, select (1) whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. Item (1) Statement (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable Asset Expense Liability Revenue Stockholders' Equity 8. Retained Earnings
Listed below are a number of financial statement captions. Indicate the following for each item: (1)...
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
Problem 2-7A Preparing an income statement, statement of retained earnings, and balance sheet. LO РЗ Angela...
Problem 2-7A Preparing an income statement, statement of retained earnings, and balance sheet. LO РЗ Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March. polnts $ 1,900 $ 6,000 Office supplies Rental revenue Equipment Salaries expense Consulting revenue Cash Utilities expense eBook 3,400 14,000 8,800 900 Advertising expense Prepaid insurance Accounts payable 480 1,400 2,580 2,900 2,400...
each item, select () whether it is reported on the income statement (/S) or balance sheet...
each item, select () whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. (1) Statement /S Item (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense B/S /S s Accounts Payable B/S &Retained EamingsBys
Break down each item line for income statement, retained earnings statement, and classified balance sheet SRS...
Break down each item line for income statement, retained
earnings statement, and classified balance sheet
SRS Consulting Services Unadjusted Trial Balance 30-Sep-19 $ Account Cash $ 15,000 Accounts Receivable 11,200 Supplies 1,350 Prepaid Insurance 3,000 Long Term Investments 20,000 Equipment 39,100 Accumulated Depreciation-Equipment 8,100 Accounts Payable 9,500 Unearned Revenue 1,900 Notes Payable 30,000 Common Stock 25,000 Retained Earnings 4,700 Dividends 5,000 Revenue 24,000 Depreciation 3,300 Salaries Expense 4,650 Insurance expense 600 Totals 103,200 103,200 a. An inventory of supplies shows...
Select the item that best completes each of the descriptions below. general categories a. Balance sheet...
Select the item that best completes each of the descriptions below. general categories a. Balance sheet accounts are arranged into b. Owner, capital and owner, withdrawals are examples of c. Accounts payable, unearned revenue, and note payable are examples of d Accounts receivable, prepaid accounts, supplies, and land are examples of e. A(n) accounts accounts accounts is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item Select the item that best completes each...
Problem 2-7A Preparing an income statement, statement of retained earnings, and balance sheet. LO P3 Angela...
Problem 2-7A Preparing an income statement, statement of retained earnings, and balance sheet. LO P3 Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March. Equipment Salaries expense Consulting revenue Cash Utilities expense Note payable Accounts receivable Common stock Dividends $ 5,500 3,300 13,500 8,600 260 2,700 3,800 12,800 2,300 Office supplies Rental revenue Advertising expense Prepaid insurance...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Indicate in the space provided by each item whether it would appear on the income statement,...
Indicate in the space provided by each item whether it would appear on the income statement, balance sheet, or retained earnings statement: Service Revenue (Choose] Utilities Expense (Choose) (Choose] Accounts Payable (Choose) Supplies (Choose] Salaries and Wages Expense (Choose ] Accounts Receivable (Choose] Common Stock (Choose) Equipment (Choose) Advertising Expense (Choose] Dividends (Choose) Notes Payable (Choose]
Knowledge Check 04 Select each item listed below as being an income statement, statement of Retained Earnings, or balance sheet account Select Accounts Receivable Select Cash solod Beginning Capital Balance Dividends select Service Revenue submit answer & continue
For each item, select (1) whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. Item (1) Statement (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense 7. Accounts Payable Asset Expense Liability Revenue Stockholders' Equity 8. Retained Earnings
Listed below are a number of financial statement captions. Indicate the following for each item: (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense), and (2) the financial statement on which the item can usually be found (Income Statement or Balance Sheet) A. Asset |- Accounts Receivable (1) the category of each item (Asset, Liability, Stockholders' Equity, Revenue, or Expense) B. Balance Sheet Accounts Receivable (2) the financial statement on which the item can usually be...
Problem 2-7A Preparing an income statement, statement of retained earnings, and balance sheet. LO РЗ Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March. polnts $ 1,900 $ 6,000 Office supplies Rental revenue Equipment Salaries expense Consulting revenue Cash Utilities expense eBook 3,400 14,000 8,800 900 Advertising expense Prepaid insurance Accounts payable 480 1,400 2,580 2,900 2,400...
each item, select () whether it is reported on the income statement (/S) or balance sheet (B/S) (2) the type of account. (1) Statement /S Item (2) Account Type 1. Accounts Receivable 2. Sales Revenue 3. Equipment 4. Supplies Expense 5. Cash 6. Advertising Expense B/S /S s Accounts Payable B/S &Retained EamingsBys
Break down each item line for income statement, retained
earnings statement, and classified balance sheet
SRS Consulting Services Unadjusted Trial Balance 30-Sep-19 $ Account Cash $ 15,000 Accounts Receivable 11,200 Supplies 1,350 Prepaid Insurance 3,000 Long Term Investments 20,000 Equipment 39,100 Accumulated Depreciation-Equipment 8,100 Accounts Payable 9,500 Unearned Revenue 1,900 Notes Payable 30,000 Common Stock 25,000 Retained Earnings 4,700 Dividends 5,000 Revenue 24,000 Depreciation 3,300 Salaries Expense 4,650 Insurance expense 600 Totals 103,200 103,200 a. An inventory of supplies shows...
Select the item that best completes each of the descriptions below. general categories a. Balance sheet accounts are arranged into b. Owner, capital and owner, withdrawals are examples of c. Accounts payable, unearned revenue, and note payable are examples of d Accounts receivable, prepaid accounts, supplies, and land are examples of e. A(n) accounts accounts accounts is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item Select the item that best completes each...
Problem 2-7A Preparing an income statement, statement of retained earnings, and balance sheet. LO P3 Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31, Metrix shows the following selected accounts and amounts for the month of March. Equipment Salaries expense Consulting revenue Cash Utilities expense Note payable Accounts receivable Common stock Dividends $ 5,500 3,300 13,500 8,600 260 2,700 3,800 12,800 2,300 Office supplies Rental revenue Advertising expense Prepaid insurance...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Indicate in the space provided by each item whether it would appear on the income statement, balance sheet, or retained earnings statement: Service Revenue (Choose] Utilities Expense (Choose) (Choose] Accounts Payable (Choose) Supplies (Choose] Salaries and Wages Expense (Choose ] Accounts Receivable (Choose] Common Stock (Choose) Equipment (Choose) Advertising Expense (Choose] Dividends (Choose) Notes Payable (Choose]
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