“Amount of assets consumed through doing business operations” – Which ONE of the terms below matches...
“Amount of assets consumed through doing business operations” – Which ONE of the terms below matches the definition/description just given?
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Homework Answers
B.expenses.
Expenses are also called as the amount of assets consumed through doing business operations.
For example:
Consider paying utility bills.
Cash is paid to honor the utility bills, in other words an asset called cash is used up for the purpose of Utilities expense.
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“Amount of assets consumed through doing business operations” –
Which ONE of the terms below matches...
Required a. Match the terms (identified as a through g) with the definitions and phrases. For...
Required a. Match the terms (identified as a through g) with the definitions and phrases. For example the term "a. Assets" matches with definition, Economic resources that will be used by a business to produce revenue. b. Calculate the missing amounts in the following table: Complete this question by entering your answers in the tabs below. Required A Required B Calculate the missing amounts in the following table: Company Liabilities + $ 46,000 + Assets = = 89,500 = 91,000...
Instructions Labels and Amount Descriptions Income Statement E structions he assets and liabilities of Thompson Computer...
Instructions Labels and Amount Descriptions Income Statement E structions he assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was 120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock Accounts Amount Accounts payable Accounts receivable $450 420 Amount $2,000 10,340 21,420 79,900...
hrough research on the Internet or other valid sources, identify one Proprietorship, one Partnership and one...
hrough research on the Internet or other valid sources, identify one Proprietorship, one Partnership and one publicly held Corporation. Write a summary of each type of business organization. That must include the name of the business entity, a description of what it does, when it was established, and its main or headquarters location. Other data may include how many employees it has, how many physical locations, a listing of the entity's business assets, an estimate of its annual Net Revenues...
Exercise 1-4 Key definitions and missing information in the accounting equation Required a. Match the terms...
Exercise 1-4 Key definitions and missing information in the accounting equation Required a. Match the terms (identified as a through g) with the definitions and phrases (marked I through 7) For example the term "a. Assets" matches with definition 7. Economic resources that will be used by a business to produce revenue. a. Assets 1. Individuals or institutions that have contributed assets or services to a business in exchange for an ownership interest in the business. 2. Common Stock +...
The amounts of the assets and liabilities of Journey Travel Agency at December 31, 2018, the...
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the end of the year, and its revenue
and expenses for the year follow. The retained earnings were
$1,341,000 on January 1, 2018, the beginning of the year. During
the year, dividends of $75,000 were paid.
Accounts payable
$ 69,500
Accounts receivable
236,500
Cash
190,500
Common stock
450,000
Fees earned
383,500
Land
1,500,000
Miscellaneous expense
14,500
Rent expense
22,500
Supplies
7,000
Supplies expense
11,300
Utilities...
Cuppa Beverage Ltd. has just completed its first year of operations. Presented below are its income...
Cuppa Beverage Ltd. has just completed its first year of operations. Presented below are its income statement and statement of financial position. No dividends were paid during the year. CUPPA BEVERAGE LTD. Income Statement Year Ended July 31, 2012 $ A 31,000 Sales Operating expenses Depreciation expense Profit before income tax expense Income tax Profit 1,000 $ D CUPPA BEVERAGE LTD. Balance Sheet Assets $ Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation Total assets F 200 5,500 600...
Business Course Gross Profit Percentage The following financial data is from Brenner Instruments' financial statements (thousands...
Business Course Gross Profit Percentage The following financial data is from Brenner Instruments' financial statements (thousands of dollars, except earnings per share.) 2019 Sales revenue Cost of goods sold Net income Dividends Earnings per share $210,000 125,000 8,300 2,600 4.15 Support Business Course $18,300 Assets Cash Accounts receivable (net) Inventory Total current assets Plant assets (net) Other assets Total assets Liabilities and Stockholders' Equity Notes payable-banks Accounts payable Accrued liabilities 46,000 39,500 103,800 52,600 15,600 $172,000 $18,000 41,000 43,700 102,700...
Range Inc. Balance Sheet Assets &
Range Inc. Balance Sheet Assets Liabilities & Shareholders’ Equity Cash $15,000 Accounts Payable $90,000 Accounts Receivable 90,000 Accrued Expenses 7,500 Inventory 60,000 Notes Payable 30,000 Current Assets 165,000 Current Liabilities 127,500 Capital Assets 60,000 Common Stock 75,000 Retained Earnings 22,500 Total Assets $225,000 Total L & S.E. $225,000 Sales for 2016 were $300,000. Sales for 2017 have been projected to increase by 20%. Range Inc. is operating below capacity and...
Donna Jeffries started her business baking dog treats by investing cash of $1060 and during May,...
Donna Jeffries started her business baking dog treats by investing cash of $1060 and during May, its first month of operations, Donna's Barkery had revenues of $3130 all of which was collected in cash. She paid her assistant $940 in cash and purchased $150 of supplies on account. The business paid cash dividends of $460. Assets Liabilities Stockholders' Equity Retained Earnings Accounts Payable Common Stock Cash Supplies + Revenue Expenses - Dividends Beg. Bal. 1060 Donna will record the purchase...
Exam 1 Calculator Instructions Labels and Amount Descriptions Statement of Stockholders' Equity Instructions Labels and Amount...
Exam 1 Calculator Instructions Labels and Amount Descriptions Statement of Stockholders' Equity Instructions Labels and Amount Descriptions The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Labels Expenses Accounts Amount Amount...
Required a. Match the terms (identified as a through g) with the definitions and phrases. For example the term "a. Assets" matches with definition, Economic resources that will be used by a business to produce revenue. b. Calculate the missing amounts in the following table: Complete this question by entering your answers in the tabs below. Required A Required B Calculate the missing amounts in the following table: Company Liabilities + $ 46,000 + Assets = = 89,500 = 91,000...
Instructions Labels and Amount Descriptions Income Statement E structions he assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was 120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock Accounts Amount Accounts payable Accounts receivable $450 420 Amount $2,000 10,340 21,420 79,900...
hrough research on the Internet or other valid sources, identify one Proprietorship, one Partnership and one publicly held Corporation. Write a summary of each type of business organization. That must include the name of the business entity, a description of what it does, when it was established, and its main or headquarters location. Other data may include how many employees it has, how many physical locations, a listing of the entity's business assets, an estimate of its annual Net Revenues...
Exercise 1-4 Key definitions and missing information in the accounting equation Required a. Match the terms (identified as a through g) with the definitions and phrases (marked I through 7) For example the term "a. Assets" matches with definition 7. Economic resources that will be used by a business to produce revenue. a. Assets 1. Individuals or institutions that have contributed assets or services to a business in exchange for an ownership interest in the business. 2. Common Stock +...
The amounts of the assets and liabilities of Journey Travel
Agency at December 31, 2018, the end of the year, and its revenue
and expenses for the year follow. The retained earnings were
$1,341,000 on January 1, 2018, the beginning of the year. During
the year, dividends of $75,000 were paid.
Accounts payable
$ 69,500
Accounts receivable
236,500
Cash
190,500
Common stock
450,000
Fees earned
383,500
Land
1,500,000
Miscellaneous expense
14,500
Rent expense
22,500
Supplies
7,000
Supplies expense
11,300
Utilities...
Cuppa Beverage Ltd. has just completed its first year of operations. Presented below are its income statement and statement of financial position. No dividends were paid during the year. CUPPA BEVERAGE LTD. Income Statement Year Ended July 31, 2012 $ A 31,000 Sales Operating expenses Depreciation expense Profit before income tax expense Income tax Profit 1,000 $ D CUPPA BEVERAGE LTD. Balance Sheet Assets $ Cash Accounts receivable Inventory Prepaid rent Equipment Accumulated depreciation Total assets F 200 5,500 600...
Business Course Gross Profit Percentage The following financial data is from Brenner Instruments' financial statements (thousands of dollars, except earnings per share.) 2019 Sales revenue Cost of goods sold Net income Dividends Earnings per share $210,000 125,000 8,300 2,600 4.15 Support Business Course $18,300 Assets Cash Accounts receivable (net) Inventory Total current assets Plant assets (net) Other assets Total assets Liabilities and Stockholders' Equity Notes payable-banks Accounts payable Accrued liabilities 46,000 39,500 103,800 52,600 15,600 $172,000 $18,000 41,000 43,700 102,700...
Donna Jeffries started her business baking dog treats by investing cash of $1060 and during May, its first month of operations, Donna's Barkery had revenues of $3130 all of which was collected in cash. She paid her assistant $940 in cash and purchased $150 of supplies on account. The business paid cash dividends of $460. Assets Liabilities Stockholders' Equity Retained Earnings Accounts Payable Common Stock Cash Supplies + Revenue Expenses - Dividends Beg. Bal. 1060 Donna will record the purchase...
Exam 1 Calculator Instructions Labels and Amount Descriptions Statement of Stockholders' Equity Instructions Labels and Amount Descriptions The assets and liabilities of Thompson Computer Services at March 31, the end of the current year, and its revenue and expenses for the year are listed below. The common stock was $120,000 and the retained earnings were $60,000 at April 1, the beginning of the current year. During the year, shareholders purchased an additional $25,000 in stock. Labels Expenses Accounts Amount Amount...
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