Homework Answers
1) Answer for Question 16 :- Option B
Explanation:
$2,00,000 will be recorded as service revenue for the year 2020 in income statement.
2) Answer for Question 18 :- Option D
Explanation : The accounting equation must be in balance after each transaction is recorded.
3) Answer for Question 1 :- Option B
Explanation :
Owner's equity = owner's investment +/- net profit /net loss - drawings
= $1,30,000 - $30,000 - $20,000
=$80,000
4) Answer for Question 3 :- Option C
Explanation : Accumulated depreciation is a contra asset Account.
5) Answer for Question 6 :- Option C
Explanation : cash account has $400 debit balance ($900 - $500)
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Question 16 1 pts During 2020, New Company earned service revenues amounting to...
Question 1 At January 1, 2020, Burton Industries reported owner's equity of $130,000. During 2020, Burton...
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Question 1 16 pts A company often pays insurance that will provide the company insurance coverage...
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Question 16 4 pts Hilde Company reported accounts receivable of $40,000 at the beginning of 2020....
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Principles of Accounting 1 made the following The accountant of Blueberry Inc. errors during March 2020....
Principles of Accounting 1 made the following The
accountant of Blueberry Inc. errors during March 2020. a. The cash
purchase of OMR 2,110 computers was recorded as a OMR 2,200 debit
to Office Equipment and a OMR 2,110 credit to Cash. b. An OMR 800
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the Supplies account but was incorrectly recorded as a credit to
the Cash Account. c. The company provided services valued at OMR
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acct hw help Ashley's Accessory Shop started the year with total assets of $350,000 and total...
acct hw help
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QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if...
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Question 1 At January 1, 2020, Burton Industries reported owner's equity of $130,000. During 2020, Burton had a net loss of $30,000 and owner drawings of $20,000. At December 31, 2020, the amount of owner's equity is Denton Company showed the following balances at the end of its first year: Cash $ 7,000 Prepaid insurance 700 3,500 Accounts receivable Accounts payable 2,800 Notes payable 4,200 1,400 Denton, Capital Denton, Drawing 700 Revenues 21,000 Expenses 17,500 What did Denton Company show...
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Question 16 4 pts Hilde Company reported accounts receivable of $40,000 at the beginning of 2020. It reported a balance of $28,000 at the end of 2020. Also, no accounts receivable were written off during 2020. From this information, it is possible to determine that during 2020. credit sales were higher than cash collected from customers the firm was doing a poor job of collecting its receivables credit sales were less than cash collected from customers credit sales decreased from...
Use the following to answer question 7: Fat Possum's $80,000. During the year, the business recorded $210,000 in revenues, $140,000 in expenses, Service Shop started the year with total assets of $110,000 and total liabilities of and owner drawings of $20,000. 7. Owner's equity at the end of the year was A) $30,000. B) $80,000. C) $100,000. D) $120,000. 8. Misra Company compiled the following financial information as of December 31, 2011 Revenues Owner's Capital (1/1/11) Equipment $170,000 70,000 40,000...
12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its...
Principles of Accounting 1 made the following The
accountant of Blueberry Inc. errors during March 2020. a. The cash
purchase of OMR 2,110 computers was recorded as a OMR 2,200 debit
to Office Equipment and a OMR 2,110 credit to Cash. b. An OMR 800
purchase of supplies on account was properly recorded as a debit to
the Supplies account but was incorrectly recorded as a credit to
the Cash Account. c. The company provided services valued at OMR
7,500...
acct hw help
Ashley's Accessory Shop started the year with total assets of $350,000 and total liabilities of $100,000. During the year the business recorded $250,000 in revenues, $80,000 in expenses, and dividends of $60,000. Stockholders' equity at the end of the year was $130,000 $250,000 $420,000 $360,000 QUESTION 21 A company began the year with retained earnings of $500,000. During the year, the company recorded revenues of $450,000, expenses of $300,000, and paid dividends of $200,000. What was the...
QUESTION 54 Each of the following transactions for Morrison Company requires an adjusting entry, which if omitted, will overstate or understate assets, liabilities, owner's equity, revenues, expenses, or net income. Indicate the amount and direction of the misstatement that would result if the end of period adjusting entry suggested by the transaction was omitted. Place your results in the table following the transactions and use (+) for overstate, (-) for understate, and (NE) for no effect. 1. Morrison purchased supplies...
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