Homework Answers
Answer is A..
Becoz hwen you purchase supplies on credit your P & L gets debited and liability decreases and on the other hand your creditors increase, so net effect total liability will be same as before.. whereas in other cases either total asset or liability will change so the answer is A.
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Which of the following transactions would have no effect on total assets, total liabilities, or owner's...
2. Star Nursery started 2018 with total assets of $24,000 and total liabilities of $5,000. At...
2. Star Nursery started 2018 with total assets of $24,000 and total liabilities of $5,000. At the end of 2018, Star Nursery's total assets stood at $31,000 and total liabilities were $8,000. Requirements 1. Did the stockholders' equity of Star Nursery increase or decrease during 2018? By how much? 2. Identify the four possible reasons that stockholders' equity can change. Requirement 1. Did the stockholders' equity of Star Nursery increase or decrease during 2018? By how much? The stockholders' equity...
Collection of an account receivable would: O A. have no effect on owner's equity B. decrease...
Collection of an account receivable would: O A. have no effect on owner's equity B. decrease owner's equity O C. increase total assets D. decrease liabilities
Which of the following accounts is an owner's equity account? Cash Accounts Payable Prepaid Insurance Ross...
Which of the following accounts is an owner's equity account? Cash Accounts Payable Prepaid Insurance Ross Morris, Capital 2. The gross increases in owner's equity attributable to business activities are called a. assets b. liabilities c. revenues d. expenses 3. The debit side of an account a. depends on whether the account is an asset, liability, or owner's equity b. can be either side of the account depending on how the accountant set up the system c. is the right...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabil...
Tyler paid $3,700 on account to the company from which equipment was purchased on credit. This transaction would increase assets and increase owner's equity. decrease assets and decrease liabilities. increase assets and increase liabilities. increase one asset and decrease another asset. An example of an expense is withdrawals by the owner. supplies consumed. prepaid insurance. investments. Asset and expense accounts normally have credit balances. large balances. debit balances. negative balances. Accounts that affect owner's equity are expenses, capital, and revenue....
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities +...
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities + owner's equity. B) liabilities - owner's equity. C) liabilities - revenues. D) revenues - expenses. 2) Sonya invested cash in her new business. What effect will this have? A) Increase an asset and increase a liability. B) Decrease an asset and increase a liability. C) Increase an asset and increase owner's equity. D) Increase an asset and decrease owner's equity. 3) Kal's Vegan Restaurant,...
Which of the following transactions would cause an increase in both the assets and liabilities of...
Which of the following transactions would cause an increase in both the assets and liabilities of a company? Multiple Choice Pay for inventory purchased 90 days ago. Purchase of a building by issuing a note payable. Paying for the current month's rent. Services received on account
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity....
Evaluate each of the following transactions in terms of their effect on assets, liabilities, and equity. 1. Purchase equipment for $43,000 in cash 2. Receive payment of $11,000 owed by a customer 3. Buy $14,000 worth of manufacturing supplies on credit 4. Issue $70,000 in stock What is the net change in Total Equity?
1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's...
1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's Equity (a) $90,000 $50,000 (b) ? $44,000 $70,000 (c) $94,000 $53,000 1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's Equity (a) $90,000 $50,000 ? (b) ? $44,000 $70,000 (e) $94,000 ? $53,000 2. Given the accounting equation, answer each of the following questions. (a) The liabilities of Weber Company are $120,000 and the owner's equity is...
3) The payment of an amount owed to a supplier would: A) have no effect on...
3) The payment of an amount owed to a supplier would: A) have no effect on total assets or liabilities. B) increase owner's equity and liabilities. C) decrease net income and increase assets. D) decrease assets and liabilities. 4) The accounting equation can be stated as: A) Assets Liabilities - Owner's Equity B) Assets - Liabilities Owner's Equity. C) Liabilities Assets+ Owner's Equity. D) Owner's Equity Assets+ Liabilities.
es/34918/assignments/3638945 Presented below are eight business transactions. Indicate the effect of each transaction on eachelement of...
es/34918/assignments/3638945 Presented below are eight business transactions. Indicate the effect of each transaction on eachelement of the accounting equation. (a) Purchased $259 of supplies on account. (b) Performed $497 of services on account. (c) Paid $291 of operating expenses. (d) Paid $259 cash on account for the supplies purchased in item (a) above. (e) Invested $1,191 cash in the business. () Owner withdrew $350 cash. (g) Hired an employee to start working the following month. (h) Received $497 from a...
2. Star Nursery started 2018 with total assets of $24,000 and total liabilities of $5,000. At the end of 2018, Star Nursery's total assets stood at $31,000 and total liabilities were $8,000. Requirements 1. Did the stockholders' equity of Star Nursery increase or decrease during 2018? By how much? 2. Identify the four possible reasons that stockholders' equity can change. Requirement 1. Did the stockholders' equity of Star Nursery increase or decrease during 2018? By how much? The stockholders' equity...
Collection of an account receivable would: O A. have no effect on owner's equity B. decrease owner's equity O C. increase total assets D. decrease liabilities
9:46 Class Test Reviewer.docx Chapter 1, 2& 3 1) Assets are equal to A) liabilities + owner's equity. B) liabilities - owner's equity. C) liabilities - revenues. D) revenues - expenses. 2) Sonya invested cash in her new business. What effect will this have? A) Increase an asset and increase a liability. B) Decrease an asset and increase a liability. C) Increase an asset and increase owner's equity. D) Increase an asset and decrease owner's equity. 3) Kal's Vegan Restaurant,...
Which of the following transactions would cause an increase in both the assets and liabilities of a company? Multiple Choice Pay for inventory purchased 90 days ago. Purchase of a building by issuing a note payable. Paying for the current month's rent. Services received on account
1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's Equity (a) $90,000 $50,000 (b) ? $44,000 $70,000 (c) $94,000 $53,000 1. Presented below is the basic accounting equation. Determine the missing amounts. Assets Liabilities + Owner's Equity (a) $90,000 $50,000 ? (b) ? $44,000 $70,000 (e) $94,000 ? $53,000 2. Given the accounting equation, answer each of the following questions. (a) The liabilities of Weber Company are $120,000 and the owner's equity is...
3) The payment of an amount owed to a supplier would: A) have no effect on total assets or liabilities. B) increase owner's equity and liabilities. C) decrease net income and increase assets. D) decrease assets and liabilities. 4) The accounting equation can be stated as: A) Assets Liabilities - Owner's Equity B) Assets - Liabilities Owner's Equity. C) Liabilities Assets+ Owner's Equity. D) Owner's Equity Assets+ Liabilities.
es/34918/assignments/3638945 Presented below are eight business transactions. Indicate the effect of each transaction on eachelement of the accounting equation. (a) Purchased $259 of supplies on account. (b) Performed $497 of services on account. (c) Paid $291 of operating expenses. (d) Paid $259 cash on account for the supplies purchased in item (a) above. (e) Invested $1,191 cash in the business. () Owner withdrew $350 cash. (g) Hired an employee to start working the following month. (h) Received $497 from a...
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