Can you answer that for me and explain why?
Homework Answers
Correct answer-----------(D) Pre-paid expenses that will be used up in the future.
.
Prepaid expense are the assets of the company because it will provide financial benefit in the future. The assets are equal to Equity + Liability, not just liability.
Investment by stockholders are equity of the company.
Sales of goods or service to customer are revenues of the company.
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The assets of a company represent: Sales...
can you give me the answer and explain why? 18. Which of the following best explains...
can you give me the answer and explain why?
18. Which of the following best explains the meaning of total stockholders' equity? The amount of common stock less dividends over the life of the company. The total of the net revenues, expenses, and dividends over the life of the company. The difference between total revenues and total expenses, less dividends for the year. The owners' residual claim of a company's assets after its liabilities have been paid. | None of...
can you give me the answer and explain why?also can you explain why C is incorrect....
can you give me the answer and explain why?also can you explain
why C is incorrect. thx
26. | A corporation purchases land for $200,000 by paying a down payment of $20,000 and by signing a note payable for the remainder of the purchase price. Which of the following statements correctly shows the effect of this transaction on the accounting equation? Assets will increase by $200,000; liabilities will increase by $180,000 and stockholders' equity will increase by $20,000. Assets will...
can you give me the answer and explain why?also can you explain why A is incorrect....
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. $0. ($3,000). $50,000. None of the choices are correct.
Can you answer that for me and explain why? 26. A corporation purchases land for $200,000...
Can you answer that for me and explain why?
26. A corporation purchases land for $200,000 by paying a down payment of $20,000 and by signing a note payable for the remainder of the purchase price. Which of the following statements correctly shows the effect of this transaction on the accounting equation? Assets will increase by $200,000; liabilities will increase by $180,000 and stockholders' equity will increase by $20,000. Assets will increase by $180,000; liabilities will increase by $200,000 and...
15.The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average...
15.The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on credit. Use this information to answer the question that follow. Assets Cash and short-term investments $ 30,000 Accounts receivable (net) 20,000 Inventory 15,000 Property, plant, and equipment 185,000 Total assets $250,000 Liabilities and Stockholders' Equity Current liabilities $ 45,000 Long-term liabilities 70,000 Stockholders' equity—Common 135,000 Total liabilities and stockholders' equity $250,000 Income Statement Sales...
The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and e...
The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on cred Assets Cash and short-term investments $ 30,000 Accounts receivable (net) 20.000 15,000 Inventory Property, plant, and equipment Total assets 185.000 $250,000 Liabilities and Stockholders' Equity Current liabilities $ 45,000 Long-term liabilities 70.000 135.000 Stockholders' equity-Common Total liabilities and stockholders' equity $250.000 Income Statement Sales $85,000 Cost of goods sold 45.000 $40,000 Gross margin...
Can you answer that for me and explain why? 24. A Company recorded the following cash...
Can you answer that for me and explain why?
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. A. $0. ($3,000). $50,000. None of the choices are correct.
Problem 1-2A Assign account classifications (L01-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and...
Problem 1-2A Assign account classifications (L01-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Common stock Sale of common stock to investors. 2. Equipment Equipment used for...
Problem 1-2A Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and...
Problem 1-2A Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Common stock Sale of common stock to investors. 2. Equipment Equipment used for...
Can you answer that for me and explain why? 17. A. The principal of revenue recognition...
Can you answer that for me and explain why?
17. A. The principal of revenue recognition in accounting refers to: Revenue should be recognized in the period payments are received. The cash basis of accounting. | Revenue is recorded when the company is assured that payment will be received in the future for services rendered. | Revenue is recognized in the period services have been performed. None of the choices are correct. E.
can you give me the answer and explain why?
18. Which of the following best explains the meaning of total stockholders' equity? The amount of common stock less dividends over the life of the company. The total of the net revenues, expenses, and dividends over the life of the company. The difference between total revenues and total expenses, less dividends for the year. The owners' residual claim of a company's assets after its liabilities have been paid. | None of...
can you give me the answer and explain why?also can you explain
why C is incorrect. thx
26. | A corporation purchases land for $200,000 by paying a down payment of $20,000 and by signing a note payable for the remainder of the purchase price. Which of the following statements correctly shows the effect of this transaction on the accounting equation? Assets will increase by $200,000; liabilities will increase by $180,000 and stockholders' equity will increase by $20,000. Assets will...
can you give me the answer and explain why?also can you explain
why A is incorrect. thx
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. $0. ($3,000). $50,000. None of the choices are correct.
Can you answer that for me and explain why?
26. A corporation purchases land for $200,000 by paying a down payment of $20,000 and by signing a note payable for the remainder of the purchase price. Which of the following statements correctly shows the effect of this transaction on the accounting equation? Assets will increase by $200,000; liabilities will increase by $180,000 and stockholders' equity will increase by $20,000. Assets will increase by $180,000; liabilities will increase by $200,000 and...
The following information pertains to Diane Company. Assume that all balance sheet amounts represent both average and ending balance figures and that all sales were on cred Assets Cash and short-term investments $ 30,000 Accounts receivable (net) 20.000 15,000 Inventory Property, plant, and equipment Total assets 185.000 $250,000 Liabilities and Stockholders' Equity Current liabilities $ 45,000 Long-term liabilities 70.000 135.000 Stockholders' equity-Common Total liabilities and stockholders' equity $250.000 Income Statement Sales $85,000 Cost of goods sold 45.000 $40,000 Gross margin...
Can you answer that for me and explain why?
24. A Company recorded the following cash transactions for the year: Paid $90,000 for salaries. Paid $40,000 to purchase office equipment. Paid $10,000 for utilities. Paid $4,000 in dividends. Collected $140,000 from customers. Recorded $3,000 in depreciation expense. What was the net cash provided by operating activities? $37,000. A. $0. ($3,000). $50,000. None of the choices are correct.
Problem 1-2A Assign account classifications (L01-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Common stock Sale of common stock to investors. 2. Equipment Equipment used for...
Problem 1-2A Assign account classifications (LO1-2) Account classifications include assets, liabilities, stockholders' equity, dividends, revenues, and expenses. Required: For each transaction, select whether the related account would be classified in the balance sheet as an asset, a liability, or stockholders' equity; in the income statement as a revenue or an expense; or in the statement of stockholders' equity as a dividend. Account Classifications Accounts Related Transactions 1. Common stock Sale of common stock to investors. 2. Equipment Equipment used for...
Can you answer that for me and explain why?
17. A. The principal of revenue recognition in accounting refers to: Revenue should be recognized in the period payments are received. The cash basis of accounting. | Revenue is recorded when the company is assured that payment will be received in the future for services rendered. | Revenue is recognized in the period services have been performed. None of the choices are correct. E.
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