Homework Answers
Option (c) is correct
In the given question, the effect of the transaction is only in the assets side in the balance sheet. Assets are increased and decreased. Also, the transaction increased the operating activities section of the statement of cash flows. When the cash is received in part of full settlement of accounts receivable, then it will decrease the balance of accounts receivable and simultaneously it will increase the cash in the assets side.
Also, because of increase in cash, the operating activities section will be increased in the statement of cash flows.
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Leece Company experienced an accounting event that affected its financial statements as indicated below: Income Statement...
Addison Company experienced an accounting event that affected its financial statements as indicated below: Assets =...
Addison Company experienced an accounting event that affected its financial statements as indicated below: Assets = Liab. + Equity Rev. ? Exp. = Net Inc. Cash Flow + NA + + NA + NA Which of the following accounting events could have caused these effects on Addison's statements?
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below:...
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense
30) C hico Company experienced an accounting event that affected its financial statements as indicated below:...
30) C hico Company experienced an accounting event that affected its financial statements as indicated below: AssetsLiab. Equity Rev. Exp.Net Inc.Cash Flow Stmt of NA NA NA NA +FA Which of the following accounting events could have caused these effects on the elements of Chico's financial statements? 30) A) Paid a cash dividend C) Issued common stock B) Earned cash revenue D) Borrowed money from a bank
Delta Company experienced an accounting event that affected its financial statements as indicated below: Asset Liab....
Delta Company experienced an accounting event that affected its financial statements as indicated below: Asset Liab. 1. Equity Rev. 1- Exp |- Net Inc. Stmt of Cash Flow NA NA OA Which of the following accounting events could have caused these effects on the elements of Delta's statements? A) Paid a cash dividend B) Incurred a cash expense C) Borrowed money from a bank D) Earned cash revenue 7)_ _What is the purpose of the accrual basis of accounting? A)...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as indicated below: Assets Liab. + Equity Rev. NA NA Exp. + Net Inc. Cash Flow NA Which of the following accounting events could have caused these effects on Flynn's statements? 1) Recognized depletion expense on a copper mine. O2) Recognized depreciation expense under the double declining balance method. 3) Amortized patent cost under the straight-line method. 4) All of these.
Knopp Company experienced an event that had the following effects on its financial statements. Balance sheet...
Knopp Company experienced an event that had the following effects on its financial statements. Balance sheet Income Statement Statement of Cash Flows Assets = Liabilities + Equity Rev. − Exp. = Net Inc. + NA + + NA + + OA Which of the following events would have caused these effects? Earned cash revenue Borrowed money Purchased land with cash Issued stock for cash
+ Event No. Income Statement SUPER CLEANING COMPANY Effect of Events on the Financial Statements Liabilities...
+ Event No. Income Statement SUPER CLEANING COMPANY Effect of Events on the Financial Statements Liabilities Stockholders' Equity Accounts Unearned Common Retained Payable Revenue Stock Earnings 15,400 + Assets Accounts Receivable Cash + Prepaid Rent + Revenue Expenses N 1. 15,400 + + + 2. + + + + + + + + + 3. 4. + + + + + + + 5. + + 6. + + + 7. + 8. + + 9. + + 10. +...
Exercise 2-6A Effect of accruals on the financial statements LO 2-3 Cordell Inc. experienced the following...
Exercise 2-6A Effect of accruals on the financial statements LO 2-3 Cordell Inc. experienced the following events in Year 1, its first year of operation: Ints eBook 1. Received $48,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $4,800 cash dividend to the stockholders. 4. Collected $54,000 of the accounts receivable. 5. Paid $48,000 cash for other operating expenses. 6. Performed services for $11,500 cash. 7. Recognized $1,800 of accrued utilities...
on financial statements The following events apply to Lewis and Harper, a public accounting firm, for...
on financial statements The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $70,000 of services for clients on account. 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account. Page 103 4. Paid $10,000 cash to an employee for salary. 5. Collected $47,000 cash from accounts receivable. 6. Paid $16,000 cash on accounts payable. 7. Paid an $8,000 cash dividend to the stockholders....
Expert Computers was started in Year 1. The company experienced the following accounting events during its...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $40,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. 3. Pald off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $28,000. Credit terms were 120, 1/30. The merchandise had cost Expert Computers $16,000....
39) Delta a Company experienced an accounting event that affected its financial statements as indicated below: Stmt of Asset Liab· +| Equity | Rev.-Exp- Net Inc. NA NA Which of the following accounting events could have caused these effects on the elements of Delta's statements? 39) A) Earned cash revenue C) Paid a cash dividend B) Borrowed money from a bank D) Incurred a cash expense
30) C hico Company experienced an accounting event that affected its financial statements as indicated below: AssetsLiab. Equity Rev. Exp.Net Inc.Cash Flow Stmt of NA NA NA NA +FA Which of the following accounting events could have caused these effects on the elements of Chico's financial statements? 30) A) Paid a cash dividend C) Issued common stock B) Earned cash revenue D) Borrowed money from a bank
Delta Company experienced an accounting event that affected its financial statements as indicated below: Asset Liab. 1. Equity Rev. 1- Exp |- Net Inc. Stmt of Cash Flow NA NA OA Which of the following accounting events could have caused these effects on the elements of Delta's statements? A) Paid a cash dividend B) Incurred a cash expense C) Borrowed money from a bank D) Earned cash revenue 7)_ _What is the purpose of the accrual basis of accounting? A)...
Question 14 (1 point) Flynn Company experienced an accounting event that affected its financial statements as indicated below: Assets Liab. + Equity Rev. NA NA Exp. + Net Inc. Cash Flow NA Which of the following accounting events could have caused these effects on Flynn's statements? 1) Recognized depletion expense on a copper mine. O2) Recognized depreciation expense under the double declining balance method. 3) Amortized patent cost under the straight-line method. 4) All of these.
+ Event No. Income Statement SUPER CLEANING COMPANY Effect of Events on the Financial Statements Liabilities Stockholders' Equity Accounts Unearned Common Retained Payable Revenue Stock Earnings 15,400 + Assets Accounts Receivable Cash + Prepaid Rent + Revenue Expenses N 1. 15,400 + + + 2. + + + + + + + + + 3. 4. + + + + + + + 5. + + 6. + + + 7. + 8. + + 9. + + 10. +...
Exercise 2-6A Effect of accruals on the financial statements LO 2-3 Cordell Inc. experienced the following events in Year 1, its first year of operation: Ints eBook 1. Received $48,000 cash from the issue of common stock. 2. Performed services on account for $76,000. 3. Paid a $4,800 cash dividend to the stockholders. 4. Collected $54,000 of the accounts receivable. 5. Paid $48,000 cash for other operating expenses. 6. Performed services for $11,500 cash. 7. Recognized $1,800 of accrued utilities...
on financial statements The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period: 1. Performed $70,000 of services for clients on account. 2. Performed $40,000 of services for cash. 3. Incurred $36,000 of other operating expenses on account. Page 103 4. Paid $10,000 cash to an employee for salary. 5. Collected $47,000 cash from accounts receivable. 6. Paid $16,000 cash on accounts payable. 7. Paid an $8,000 cash dividend to the stockholders....
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation: 1. Started business when it acquired $40,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. 3. Pald off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $28,000. Credit terms were 120, 1/30. The merchandise had cost Expert Computers $16,000....
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