Homework Answers
C. Decrease asset and decrease stockholder equity
Cash will reduce and expense will be booked reducing the profit
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Question 4 (2 points) The effects of paying advertising costs for the current period are to...
If a business purchases advertising expected to be used during the current period on account, then...
If a business purchases advertising expected to be used during the current period on account, then assets will increase. stockholders' equity will decrease. liabilities will decrease. revenues will increase.
Current Attempt in Progress Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the...
Current Attempt in Progress Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the effect of each transaction on assets, liabilities, and stockholders' equity. 1. 2. 3. Issued common stock to investors in exchange for cash received from investors. Paid monthly rent Received cash from customers when service was performed. Billed customers for services performed. Paid dividend to stockholders. 4. 5. 6. Incurred advertising expense on account. 7. 8. Received cash from customers billed in (4). Purchased additional...
what effects on a retail stores accounting equation occur when merchandise return by customers who is...
what effects on a retail stores accounting equation occur when
merchandise return by customers who is recorded
What effects on a retail store's accounting equation occur when merchandise returned by customers is recorded? A. Assets and stockholders equity decrease. OB. Assets and stockholders' equity increase. O C. Assets decrease and liabilities increase. O D. Stockholders' equity decreases and liabilities increase.
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? •...
Question 5 (2 points) Debits: a) decrease both assets and expenses b) increase both assets and...
Question 5 (2 points) Debits: a) decrease both assets and expenses b) increase both assets and liabilities Oc) increase assets and decrease stockholders' equity O d) decrease both diviplends and liabilites.
12. 10,00 points E2-14 Calculating and Evaluating the Current Ratio [LO 2-1, LO 2-5] Cumberland Sports...
12. 10,00 points E2-14 Calculating and Evaluating the Current Ratio [LO 2-1, LO 2-5] Cumberland Sports Company reported the following in recent balance sheets (amounts in thousands). September 30, 2013 December 31, 2012 Assets Current Assets Cash Short-Term Investments S 278,200 29.400 386,000 412,100 89,300 294,800 45,100 342,300 364,500 90,700 Prepaid Rent Total Current Assets 1,195,000 73,800 288.700 1.137,400 76,200 260,900 Equipment Total Assets $1,557,500 S1,474,500 Liabilities and Stockholders' Equity Current Liabilitie Accounts Payable Notes Payable (short-term) Income Taxes Payable...
Following the example shown in (a) below, indicate the effects of the listed transactions on assets,...
Following the example shown in (a) below, indicate the effects of
the listed transactions on assets, liabilities, and stockholders'
equity of John Dallmus, certified public accountant, a corporation:
Transaction Accounting effects a. Purchased, for cash, a desktop computer for use in the office ✓ b. Rendered accounting services and billed the client. Decrease assets, decrease liabilities Decrease assets, decrease stockholders' equity C. Paid utilities for the month. Increase assets, increase liabilities d. Rendered tax services to a client for cash....
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing...
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing services for cash are to: a. increase assets and decrease stockholders' equity. b. increase assets and increase stockholders' equity. c. increase assets and increase liabilities. d. increase liabilities and increase stockholders' equity. 2. (LO 1) Genesis Company buys a $900 machine on credit. This transaction will affect the: a. income statement only b. balance sheet only. c. income statement and retained earnings statement only....
If total assets decreased by $48,048 during a period of time and stockholders' equity increased by...
If total assets decreased by $48,048 during a period of time and stockholders' equity increased by $27,412 during the same period, then the amount and direction (Increase or decrease) of the period's change in total liabilities is a $23,326 increase Ob. $75,460 Increase Oc. $48,048 decrease Od. $75,460 decrease Previous Next >
Question 10 Keystone Computer Timeshare Company entered into the following transactions during May 2019. Describe the...
Question 10
Keystone Computer Timeshare Company entered into the following
transactions during May 2019.
Describe the effect of each transaction on assets, liabilities, and
stockholders' equity.
1.
Purchased computers for $20,000 from Data Equipment on
account.
Select an effect
Increase in assets, increase in liabilitiesIncrease in assets,
increase in stockholders' equityIncrease in assets, decrease in
liabilitiesIncrease in assets, decrease in stockholders'
equityIncrease in assets, decrease in assetsIncrease in
liabilities, increase in stockholders' equityIncrease in
liabilities, decrease in liabilitiesIncrease in liabilities,...
If a business purchases advertising expected to be used during the current period on account, then assets will increase. stockholders' equity will decrease. liabilities will decrease. revenues will increase.
Current Attempt in Progress Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the effect of each transaction on assets, liabilities, and stockholders' equity. 1. 2. 3. Issued common stock to investors in exchange for cash received from investors. Paid monthly rent Received cash from customers when service was performed. Billed customers for services performed. Paid dividend to stockholders. 4. 5. 6. Incurred advertising expense on account. 7. 8. Received cash from customers billed in (4). Purchased additional...
what effects on a retail stores accounting equation occur when
merchandise return by customers who is recorded
What effects on a retail store's accounting equation occur when merchandise returned by customers is recorded? A. Assets and stockholders equity decrease. OB. Assets and stockholders' equity increase. O C. Assets decrease and liabilities increase. O D. Stockholders' equity decreases and liabilities increase.
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? •...
Question 5 (2 points) Debits: a) decrease both assets and expenses b) increase both assets and liabilities Oc) increase assets and decrease stockholders' equity O d) decrease both diviplends and liabilites.
12. 10,00 points E2-14 Calculating and Evaluating the Current Ratio [LO 2-1, LO 2-5] Cumberland Sports Company reported the following in recent balance sheets (amounts in thousands). September 30, 2013 December 31, 2012 Assets Current Assets Cash Short-Term Investments S 278,200 29.400 386,000 412,100 89,300 294,800 45,100 342,300 364,500 90,700 Prepaid Rent Total Current Assets 1,195,000 73,800 288.700 1.137,400 76,200 260,900 Equipment Total Assets $1,557,500 S1,474,500 Liabilities and Stockholders' Equity Current Liabilitie Accounts Payable Notes Payable (short-term) Income Taxes Payable...
Following the example shown in (a) below, indicate the effects of
the listed transactions on assets, liabilities, and stockholders'
equity of John Dallmus, certified public accountant, a corporation:
Transaction Accounting effects a. Purchased, for cash, a desktop computer for use in the office ✓ b. Rendered accounting services and billed the client. Decrease assets, decrease liabilities Decrease assets, decrease stockholders' equity C. Paid utilities for the month. Increase assets, increase liabilities d. Rendered tax services to a client for cash....
Practice Multiple-Choice Questions 1. (LO 1) The effects on the basic accounting equation of perform ing services for cash are to: a. increase assets and decrease stockholders' equity. b. increase assets and increase stockholders' equity. c. increase assets and increase liabilities. d. increase liabilities and increase stockholders' equity. 2. (LO 1) Genesis Company buys a $900 machine on credit. This transaction will affect the: a. income statement only b. balance sheet only. c. income statement and retained earnings statement only....
If total assets decreased by $48,048 during a period of time and stockholders' equity increased by $27,412 during the same period, then the amount and direction (Increase or decrease) of the period's change in total liabilities is a $23,326 increase Ob. $75,460 Increase Oc. $48,048 decrease Od. $75,460 decrease Previous Next >
Question 10
Keystone Computer Timeshare Company entered into the following
transactions during May 2019.
Describe the effect of each transaction on assets, liabilities, and
stockholders' equity.
1.
Purchased computers for $20,000 from Data Equipment on
account.
Select an effect
Increase in assets, increase in liabilitiesIncrease in assets,
increase in stockholders' equityIncrease in assets, decrease in
liabilitiesIncrease in assets, decrease in stockholders'
equityIncrease in assets, decrease in assetsIncrease in
liabilities, increase in stockholders' equityIncrease in
liabilities, decrease in liabilitiesIncrease in liabilities,...
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