Homework Answers
Answer :
2. a (Unlimited personal liability)
4. b (Credits accounts payable)
3. c (Accumulated depreciation)
5. b (An entity's earnings on the capital invested by common shareholders)
6. c (Bonds payable, long-term notes payable, preferred stock, common stock, and,retained earnings.)
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2. A disadvantage to the sole proprietor form of business is a. Unlimited personal liability....
Problem 1 Classify each of the following accounts as an asset (A), liability (L), or equity...
Problem 1 Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) accoun Accounts Payable Short-Term Investments Land Mortgage Payable Capital Common Stock Issued Prepaid Rent Expense Repair Parts Inventory Accounts Receivable Investments Building Sales Tax Payable Withdrawals Retained Earnings Food Inventory Paid-In Capital
4. Classify the following accounts either as an "asset, "liability" or "equity" A. Asset L. Liability...
4. Classify the following accounts either as an "asset, "liability" or "equity" A. Asset L. Liability E. Equity Owner's capital Unearned revenue Buildings Medical Equipment Cash Medical Supplies Accounts Payable Owner's withdrawals Prepaid Accounts Accounts receivable Accrued Liabilities Inventory · Revenues Short-term notes payable Expenses
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Line torowing intormabon apones to the questions displayed below Lansing Company's current year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $112,200 Expenses Cost of goods sold 47. Depreciation expense 14.See Salaries expense 23. Rent expense 9. See Insurance expense Interest expense 4,20 utilities expense Net income $ 6, See...
Henry is an accountant operating as a sole proprietor. On 10 April he performs work for...
Henry is an accountant operating as a sole proprietor. On 10 April he performs work for a client to the value of $400 on credit. The effect of this transaction on the accounting equation is: Select one: a. Equity increases by $400; Accounts payable increases by $400. b. Cash at bank increases by $400; Accounts payable decreases by $400. c. Cash at bank increases by$400; Equity decreases by $400. d. Accounts receivable increases by $400; Equity increases by $400.
Jane is an osteopath operating as a sole proprietor. On 1 February she treats a patient...
Jane is an osteopath operating as a sole proprietor. On 1 February she treats a patient who pays her S120 in cash. The effect of this transaction on the accounting equation is: Select one: O a. Increase in cash at bank $120, decrease in liability accounts payable $120 b. Increase in cash at bank $120, increase in Liability accounts payable $120 c. Increase in cash at bank $120, increase in asset accounts receivable $120 d. Increase in cash at bank...
Indirect: Statement of cash flows Forten Company, a merchandiser, recently completed its calendar-year 2019 operations. For...
Indirect: Statement of cash flows Forten Company, a merchandiser, recently completed its calendar-year 2019 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets follow. 2019 2018 Assets Cash $ 49,800...
Forten Company, a merchandiser, recently completed its calendar-year 2018 operations. For the year, () all sales...
Forten Company, a merchandiser, recently completed its calendar-year 2018 operations. For the year, () all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepald Expenses. The company's income statement, balance sheets, and additional information follow. FORTEN COMPANY Comparative Balance Sheets Decenber...
Required information [The following information applies to the questions displayed below.] Forten Company, a merchandiser, recently...
Required information [The following information applies to the questions displayed below.] Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers. (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and...
1. What are the company’s total liabilities? 2. What is the company’s total equity? 3. What...
1. What are the company’s total liabilities?
2. What is the company’s total equity?
3. What are the company’s total assets?
Accounts Payable 5,000 Long-term Notes Receivable 10,000 Accounts Receivable 15,000 Accrued Expenses 3,000 Cash 10,000 Short-term Notes Payable 7,000 Retained Earnings 2,000 Accumulated depreciation 2,000 Prepaid Expenses 3,000 Capital Stock 8,000 Supplies 7,000
Question (4) Kite Corporation, a merchandiser, recently completed its calenda? year, (1) all sales are credit...
Question (4) Kite Corporation, a merchandiser, recently completed its calenda? year, (1) all sales are credit sales, (2) all credits to Accounts Receivable customers, (3) all purchases of inventory are on credit, (4) all de cash payments for inventory, and (5) Other Expenses are paid 1 to Prepaid Expenses. The company's balance sheets and income statement follow. d its calendar-year 2011 operations. For the ccounts Receivable reflect cash receipts from inventory are on credit, (4) all debits to Accounts Payable...
Problem 1 Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) accoun Accounts Payable Short-Term Investments Land Mortgage Payable Capital Common Stock Issued Prepaid Rent Expense Repair Parts Inventory Accounts Receivable Investments Building Sales Tax Payable Withdrawals Retained Earnings Food Inventory Paid-In Capital
4. Classify the following accounts either as an "asset, "liability" or "equity" A. Asset L. Liability E. Equity Owner's capital Unearned revenue Buildings Medical Equipment Cash Medical Supplies Accounts Payable Owner's withdrawals Prepaid Accounts Accounts receivable Accrued Liabilities Inventory · Revenues Short-term notes payable Expenses
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Line torowing intormabon apones to the questions displayed below Lansing Company's current year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $112,200 Expenses Cost of goods sold 47. Depreciation expense 14.See Salaries expense 23. Rent expense 9. See Insurance expense Interest expense 4,20 utilities expense Net income $ 6, See...
Henry is an accountant operating as a sole proprietor. On 10 April he performs work for a client to the value of $400 on credit. The effect of this transaction on the accounting equation is: Select one: a. Equity increases by $400; Accounts payable increases by $400. b. Cash at bank increases by $400; Accounts payable decreases by $400. c. Cash at bank increases by$400; Equity decreases by $400. d. Accounts receivable increases by $400; Equity increases by $400.
Jane is an osteopath operating as a sole proprietor. On 1 February she treats a patient who pays her S120 in cash. The effect of this transaction on the accounting equation is: Select one: O a. Increase in cash at bank $120, decrease in liability accounts payable $120 b. Increase in cash at bank $120, increase in Liability accounts payable $120 c. Increase in cash at bank $120, increase in asset accounts receivable $120 d. Increase in cash at bank...
Indirect: Statement of cash flows Forten Company, a merchandiser, recently completed its calendar-year 2019 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's balance sheets follow. 2019 2018 Assets Cash $ 49,800...
Forten Company, a merchandiser, recently completed its calendar-year 2018 operations. For the year, () all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepald Expenses. The company's income statement, balance sheets, and additional information follow. FORTEN COMPANY Comparative Balance Sheets Decenber...
Required information [The following information applies to the questions displayed below.] Forten Company, a merchandiser, recently completed its calendar-year 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers. (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, and (5) Other Expenses are paid in advance and are initially debited to Prepaid Expenses. The company's income statement and...
1. What are the company’s total liabilities?
2. What is the company’s total equity?
3. What are the company’s total assets?
Accounts Payable 5,000 Long-term Notes Receivable 10,000 Accounts Receivable 15,000 Accrued Expenses 3,000 Cash 10,000 Short-term Notes Payable 7,000 Retained Earnings 2,000 Accumulated depreciation 2,000 Prepaid Expenses 3,000 Capital Stock 8,000 Supplies 7,000
Question (4) Kite Corporation, a merchandiser, recently completed its calenda? year, (1) all sales are credit sales, (2) all credits to Accounts Receivable customers, (3) all purchases of inventory are on credit, (4) all de cash payments for inventory, and (5) Other Expenses are paid 1 to Prepaid Expenses. The company's balance sheets and income statement follow. d its calendar-year 2011 operations. For the ccounts Receivable reflect cash receipts from inventory are on credit, (4) all debits to Accounts Payable...
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