Homework Answers
Since there are multiple questions asked and no specific request for a particular question has been made, i answer the following questions:
Answer to Q. no. 3: Assets increase $4500 and liabilities increase $4500.
Reason: Since a co. purchases equipment costing $4500 on credit, hence the Assets increase by $4500 and since it is purchased on credit, liabilities to pay the same amount increase by $4500.
Answer to Q. no. 5: One asset increases $1300 and another asset decreases $1300 causing no effect.
Reason: Since $1300 is used in cash to purchase supplies that is the inventory so inventory being the asset is increased of $1300 and cash being an asset as it is paid is decreased by $1300. Thus, no effect on Total Assets value.
Answer to Q. no. 6 : $108,000.
Referring to the formula which is Assets = Liabilities+Equity
Therefore, Equity = Assets - Liabiliies = 300000-192000= 108000.
Q. No. 7 is also based on the same above formula.
Answer to Q. no. 8: $492,000.
Reason: Since, Assets = Liabilities + Equiy = 300000+192000=492000.
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QUESTION 2 if a company is considering the purchase of a parcel of land that was...
20) If a company is considering the purchase of a parcel of land that was acquired...
20) If a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000, is offered for sale at $150,000, is assessed for tax purposes at $95,000, is considered by the purchaser as easily being worth $140,000, and is purchased for $137,000, the land should be recorded in the purchaser's books at: A) $95,000 B) $137,000. C) $138,500. D) $140,000 E) $150,000 21) The rule that (1) requires revenue to be recognized when...
9) Increases in equity from a company's sales of products or services are: A) Liabilities. B)...
9) Increases in equity from a company's sales of products or services are: A) Liabilities. B) Revenues. C) Expenses. D) Assets. E) Stockholders' Equity. 10) If assets are $492,000 and liabilities are $192,000, then equity equals: A) $492,000. B) $108,000. C) $792,000. D) $192,000. E) $300,000.
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation...
If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation would be Assets decrease $1.500 and equity decreases $1,300. DA Assets increase $1,300 and liabilities decrease $1,300 B. Assets increase $1,300 and liabilities increase $1,300 One asset increases $1,300 and another asset decreases $1,300, causing no effect ving to another question will save this response.
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued interest revenue is recorded? O Assets increase and liabilities increase. • Assets increase and stockholders' equity increases. Assets decrease and liabilities decrease. O Stockholders' equity increases and decreases by the same amount. Question 5 2 pts What effect does “recognizing revenue at the end of the accounting period for rent previously received in advance" have on the accounting equation for an insurance company? •...
if a company uses $ 1,340 of it's cash to purchase supplies, the effect on the...
if a company uses $ 1,340 of it's cash to purchase supplies, the effect on the account equation would be? assets increase $1,340 and liabilities decrease $1340 one asset increases $1340 and another asset decreases $1340, causing no effect assets decrease $1340 and equity decreases $1340 assets decrease $1340 and equity increases $1340 assets increase $1340 and liabilities increase $1340
1. Which of the following is something of value owned by the company? (a)Cash (b) Common...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common Stock (c) Supplies Expense (d) Notes Payable 2. Windward Inc. makes a payment of $500 on its accounts payable. How does this effect the accounting equation? a. Assets decrease and Liabilities decrease b. Assets increase and Equity Decreases c. Assets decrease and Equity decreases d. Assets increase and Liabilities increase e. Assets decrease and Liabilities increase 3. Chitron Corporation earns $750 working for a...
hurs 1/31 (ONE ATTEMPTED ONLY) Question #6 Which of the following is something of value owned...
hurs 1/31 (ONE ATTEMPTED ONLY) Question #6 Which of the following is something of value owned by the company? Supplies Expense Revenue Accounts Payable Cash Submit Question 0 of 1 Attempts Used! Student Center | AccountingPass İsmail İbrahim urs 1/31 (ONE ATTEMPTED ONLY) Question #7 Cally Company makes a payment of $500 on its accounts payable. How does this effect the accounting equation? Assets increase and Equity Decreases Assets increase,and Liabilities increase Assets decrease and Liabilities increase Assets decrease and...
TB MC Qu. 01-113 If a company uses... 2. If a company uses $1.410 of its...
TB MC Qu. 01-113 If a company uses... 2. If a company uses $1.410 of its cash to purchase supplies, the effect on the accounting equation would be: 1 point Multiple Choice Assets increase $1410 and liabilities decrease $1410 References One asset increases $1410 and another set decreases $1.410, causing no effect Assets decrease $1.410 and equity decreases $1410 Assets decrease $1.410 and equity increases $1.410 Assets increase $1410 and liabilities increase $1410
D Question 18 2 pts When a company accounts for an investment under the purchase method...
D Question 18 2 pts When a company accounts for an investment under the purchase method of accounting the book value of the subsidiary's assets is added to the parent company's assets. the book value of the subsidiary's liabilities is added to the parent company's liabilities. the company owns more than 50% of the stock of the investee. O a year-end adjustment is made to increase or decrease the carrying value of the investment to fair market value Question 19...
20) If a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000, is offered for sale at $150,000, is assessed for tax purposes at $95,000, is considered by the purchaser as easily being worth $140,000, and is purchased for $137,000, the land should be recorded in the purchaser's books at: A) $95,000 B) $137,000. C) $138,500. D) $140,000 E) $150,000 21) The rule that (1) requires revenue to be recognized when...
9) Increases in equity from a company's sales of products or services are: A) Liabilities. B) Revenues. C) Expenses. D) Assets. E) Stockholders' Equity. 10) If assets are $492,000 and liabilities are $192,000, then equity equals: A) $492,000. B) $108,000. C) $792,000. D) $192,000. E) $300,000.
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
If a company uses $1,300 of its cash for Equipment, the effect on the accounting equation would be Assets decrease $1.500 and equity decreases $1,300. DA Assets increase $1,300 and liabilities decrease $1,300 B. Assets increase $1,300 and liabilities increase $1,300 One asset increases $1,300 and another asset decreases $1,300, causing no effect ving to another question will save this response.
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued interest revenue is recorded? O Assets increase and liabilities increase. • Assets increase and stockholders' equity increases. Assets decrease and liabilities decrease. O Stockholders' equity increases and decreases by the same amount. Question 5 2 pts What effect does “recognizing revenue at the end of the accounting period for rent previously received in advance" have on the accounting equation for an insurance company? •...
hurs 1/31 (ONE ATTEMPTED ONLY) Question #6 Which of the following is something of value owned by the company? Supplies Expense Revenue Accounts Payable Cash Submit Question 0 of 1 Attempts Used! Student Center | AccountingPass İsmail İbrahim urs 1/31 (ONE ATTEMPTED ONLY) Question #7 Cally Company makes a payment of $500 on its accounts payable. How does this effect the accounting equation? Assets increase and Equity Decreases Assets increase,and Liabilities increase Assets decrease and Liabilities increase Assets decrease and...
TB MC Qu. 01-113 If a company uses... 2. If a company uses $1.410 of its cash to purchase supplies, the effect on the accounting equation would be: 1 point Multiple Choice Assets increase $1410 and liabilities decrease $1410 References One asset increases $1410 and another set decreases $1.410, causing no effect Assets decrease $1.410 and equity decreases $1410 Assets decrease $1.410 and equity increases $1.410 Assets increase $1410 and liabilities increase $1410
D Question 18 2 pts When a company accounts for an investment under the purchase method of accounting the book value of the subsidiary's assets is added to the parent company's assets. the book value of the subsidiary's liabilities is added to the parent company's liabilities. the company owns more than 50% of the stock of the investee. O a year-end adjustment is made to increase or decrease the carrying value of the investment to fair market value Question 19...
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