Please give positive ratings so I can keep answering. It would help me a lot. Please comment if you have any query. Thanks! |
Profit is measured as income less expenses. So correct answer is option B. |
Profit is measured as: Select one: O a. debits - credits. O b. income - expenses....
The payment of an accounts payable Select one: a. debits cash and credits accounts payable O b. debits accounts payable and credits cash O c. debits accounts payable and debits cash O d. none of the above
If total credits exceed total debits in the Balance Sheet columns of a work sheet,Select one:a. a mistake has been made.b. a net income has occurred.c. assets exceed liabilities.d. no conclusion can be drawn until the closing entries have been made.e. a net loss has occurred.
Debits always increase an account, while credits decrease an account. Select one: O a. TRUE b. FALSE
Return on Investment is measured is measured by dividing Operating Income by a. b. Gross Long Term Assets Average Operating Assets Gross Long Term Liabilities Net Operating Assets C. d. Select one: O a. Gross Long Term Assets O b. Average Operating Assets c. Net Operating Assets O d. Gross Long Term Liabilities Clear my choice
7. An account will have a credit balance if the A)debits exceed the credits. B)credits exceed the debits. C)first transaction entered was a credit. D)last transaction entered was a credit. 10. Which of the following is incorrect as to category, normal balance, financial statement, to increase, to decrease A)Cash - asset, debit, balance sheet, credit, debit B)Accounts Payable - liabilities, debit, balance sheet, credit, debit C)Common Stock - shareholders equity, debit, balance sheet, credit, debit D)Service Revenue - revenue, credit,...
Journalize the closing entries for Boston Irrigation System. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Start by closing revenues. Boston Irrigation System Income Statement Year Ended December 31, 2018 Revenues: Service Revenue $ 74,500 $ Expenses Insurance Expense Salaries Expense Supplies Expense Interest Expense Depreciation Expense-Equipment Depreciation Expense–Building 1,100 16,400 1,100 2,200 2,500 1,800 Depreciation Expense-Building 1,800 Total Expenses 25,100 49,400 Net Income (Loss) Boston Irrigation System Statement of Retained...
Debits Credits > Credits by: Debits by: Cash Accounts receivable Inventory Prepaid expenses Long-term loans to subsidiaries Long-term investments Plant and equipment Accumulated depreciation Accounts payable Accrued liabilities Income taxes payable Bonds payable Common stock Retained earnings 110,000 $65,00e 8,000 30,000 80,000 220,000 5,000 32,000 9,000 16,000 170,000 50,000 $606,000 $606,000 The following additional information is available about last year's activities: a. Net income for the year was $?- b. The company sold equipment during the year for $15,000. The...
When the income summary has total debits of $10,500 and total credits $15,500, the closing entry is: Select one: A. Debit owner's capital $5,000; Credit Income Summary $5,000 O B. Credit owner's capital $5,000; Debit Income Summary $5,000 C. Credit owner's capital $10,500; Debit Income Summary $10,500 O D. Debit owner's capital $15,500; Credit Income Summary $15,500
otal debits must equal total credits. This is the basis of ... a. an income statement. b. an earnings statement. c. a profit and loss statement. d. double-entry bookkeeping.
Select one: O a. total liabilities + depreciation o b. total liabilities + owners' equity O c. owners' equity + net income O d. owners, equity + current liabilities O e. total liabilities + net income Free cash flow to equity is the cash available to the entrepreneur and venture investors after all of the following except? Select one a. net cash flows b. operating cash outflows financing and tax cash flows d. investment in assets needed to sustain the...