Homework Answers
Answer: "C. increased revenues"
this is because When services are performed for cash, it increases our cash on debit side (the Assets) and increases our revenues on credit side (the Stockholders' Equity).
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A company performed services for a customer for cash. This transaction increased assets and: O A....
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase;...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
Blue Company received a cash advance of $650 from a customer. As a result of this...
Blue Company received a cash advance of $650 from a customer. As a result of this event, a. liabilities decreased by $650. b. assets and stockholders' equity increased by $650. c.) assets increased by $650. d. stockholders' equity increased by $650. Silver Company provided consulting services and billed the client $2,500. As a result of this event, a. assets remained unchanged. b. assets increased by $2,500. C. assets and stockholders' equity both increased by $2,500. C. stockholders' equity increased by...
13) When a company receives a prepayment from a customer and provides services to the customer...
13) When a company receives a prepayment from a customer and provides services to the customer 4 months later, what is the effect on the company’s accounting equation when the company provides the services? Group of answer choices Assets decrease and stockholders’ equity decreases Assets decrease and liabilities decrease Assets increase and stockholders' equity increases Liabilities decrease and stockholders' equity increases 14) Donaldson Corp wanted to expand the size of its manufacturing plant in order to generate more profits. The...
At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities...
At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year? Stockholders' equity (b) During the year, total liabilities increased $100,000 and stockholders' equity decreased $66,000. What is the amount of total assets at the end of the year? Total assets (C)...
Blake Company completed a consulting job and billed the customer $5,000. The impact on Blake Company...
Blake Company completed a consulting job and billed the customer $5,000. The impact on Blake Company from this transaction A. increases liabilities and decreases stockholders' equity OB. decreases liabilities and increases stockholders' equity O C. increases assets and increases stockholders' equity. OD. increases assets and increases liabilities.
Crane Company, a computer services company, entered into these transactions during May 2017, its first month...
Crane Company, a computer services company, entered into these transactions during May 2017, its first month of operations. 1. Stockholders invested $32,000 in the business in exchange for common stock of the company. 2. Purchased computers for office use (recorded as Equipment) for $26,600 from Ladd on account. 3. Paid $5,500 cash for May rent on storage space. 4. Performed computer services worth $18,400 on account. 5. Performed computer services for Wharton Construction Company for $5,300 cash. 6. Paid Western...
Which of the accounts are decreased on the debit side and increased on the credit side?...
Which of the accounts are decreased on the debit side and increased on the credit side? Multiple Choice 22 Dividends, liabilities, and assets. O Assets, dividends, and expenses. Expenses, dividends, and stockholders' equity. Liabilities, stockholders' equity, and revenues.
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of...
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
When a company declares a cash dividend, which of the following is true? a. Assets are decreased. b. Stockholders' equit...
When a company declares a cash dividend, which of the following is true? a. Assets are decreased. b. Stockholders' equity is increased. c. Assets are increased. d. Liabilities are increased.
10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction...
10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction as reflected in the accounting equation are: A) Total assets, total liabilities, and total equity are unchanged B) Total assets increase and equity decreases C) Both total assets and total liabilities decrease D) Both total assets and equity are unchanged and liabilities increase. E) Total assets decrease and equity increases. 11) If the liabilities of a business increased $75,000 during a period of time...
4. Performed services for a customer and billed customer for services rendered $1,000 A. Assets Increase; Assets Decrease B. Liabilities Increase; Equity Decreases C. Assets Increase; Liabilities Increase D. Assets Decrease; Equity Decreases E. None of the above 5.Collected cash from customer billed in transaction (4) directly above A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 6. Received $2,000 cash from customers for...
Blue Company received a cash advance of $650 from a customer. As a result of this event, a. liabilities decreased by $650. b. assets and stockholders' equity increased by $650. c.) assets increased by $650. d. stockholders' equity increased by $650. Silver Company provided consulting services and billed the client $2,500. As a result of this event, a. assets remained unchanged. b. assets increased by $2,500. C. assets and stockholders' equity both increased by $2,500. C. stockholders' equity increased by...
At the beginning of the year, Canon Company had total assets of $870,000 and total liabilities of $500,000. Answer the following questions. (a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders' equity at the end of the year? Stockholders' equity (b) During the year, total liabilities increased $100,000 and stockholders' equity decreased $66,000. What is the amount of total assets at the end of the year? Total assets (C)...
Blake Company completed a consulting job and billed the customer $5,000. The impact on Blake Company from this transaction A. increases liabilities and decreases stockholders' equity OB. decreases liabilities and increases stockholders' equity O C. increases assets and increases stockholders' equity. OD. increases assets and increases liabilities.
Crane Company, a computer services company, entered into these transactions during May 2017, its first month of operations. 1. Stockholders invested $32,000 in the business in exchange for common stock of the company. 2. Purchased computers for office use (recorded as Equipment) for $26,600 from Ladd on account. 3. Paid $5,500 cash for May rent on storage space. 4. Performed computer services worth $18,400 on account. 5. Performed computer services for Wharton Construction Company for $5,300 cash. 6. Paid Western...
Which of the accounts are decreased on the debit side and increased on the credit side? Multiple Choice 22 Dividends, liabilities, and assets. O Assets, dividends, and expenses. Expenses, dividends, and stockholders' equity. Liabilities, stockholders' equity, and revenues.
8. Precision Camera Services started the year with total assets of $110,000 and total liabilities of $45,000. The company is a sole proprietorship. The revenues and the expenses for the year amounted to $120,000 and $90,000, respectively. During the year, there were no new capital contributions and the owner withdrew $50,000. What is the amount of owner's equity at the end of the year? A) $90,000 B) $120.000 C) $45.000 D) $50.000 9. Metropolitan Casting Services started the year with...
10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction as reflected in the accounting equation are: A) Total assets, total liabilities, and total equity are unchanged B) Total assets increase and equity decreases C) Both total assets and total liabilities decrease D) Both total assets and equity are unchanged and liabilities increase. E) Total assets decrease and equity increases. 11) If the liabilities of a business increased $75,000 during a period of time...
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