Homework Answers
B. Retained earnings decrease.
An expense will decrease a business entity's retained earnings (which is part of stockholders' equity) or will decrease a sole proprietor's capital account (which is part of owner's equity)
Add Answer to:
Calculator Which of the following best describes one effect of recognizing expenses incurred by a business...
Which of the following statements best describes one effect of recognizing expenses incurred by a business...
Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? a.Stockholders' equity will decrease. b.Stockholders' equity will increase. c.Assets will increase. d.Liabilities will decrease.
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of...
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of $15,000 into the business cash account Identify how the accounting equation will be affected. Oa. Increase in assets (Cash) and increase in owner's equity (Michael Anderson, Capital) Ob. Increase in assets (Accounts Receivable) and decrease in liabilities (Accounts Payable) Oc. Increase in assets (Cash) and increase in assets (Accounts Receivable) Od. Increase in assets (Cash) and increase in liabilities (Accounts Payable)
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses...
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
Please help!! alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od....
Please help!!
alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od. increase cash Google Translate C Log in to Clever CalcuiatO The accounting equation may be expressed as Oa. Assets + Liabilities = Owner's Equity Ob. Assets = Revenues-Liabilities Oc. Assets-Liabilities = Owner's Equity Od. Assets = Equities-Liabilities The objectivity concept requires that a. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards b. accounting principles meet the...
Which of the following accounts are debited to record increases? Oa. expenses and liabilities Ob. assets...
Which of the following accounts are debited to record increases? Oa. expenses and liabilities Ob. assets and liabilities Oc. assets and expenses Od. drawing and liabilities
Calculator A business operated at 100% of capacity during its first month and incurred the following costs: Product...
Calculator A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (2,500 units): Direct materials Direct labor $42,500 85,000 47,500 12,500 Variable factory overhead Fixed factory overhead $187,500 Operating expenses: Variable operating expenses $15,000 Fixed operating expenses 4,500 19,500 If 75 units remain unsold at the end of the month, the amount of inventory that would be reported on the absorption costing balance sheet is Oa. $6,210 Ob. $5,760 Oc. $5,250 Od....
What would be the effect on the accounts if the business provided services to a customer...
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A....
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
Calculator The level of inventory of a manufactured product has increased by 8,704 units during a...
Calculator The level of inventory of a manufactured product has increased by 8,704 units during a period. The following data are also available: Variable Fixed Unit manufacturing costs of the period $12.00 $3.00 Unit operating expenses of the period 1.00 4.00 The effect on operating income if absorption costing is used rather than variable costing would be a Oa. $60,928 increase Ob. $60,928 decrease Oc. $26,112 decrease Od. $26,112 increase
If Monet Designs records expenses in the time period when incurred, which basis of accounting are...
If Monet Designs records expenses in the time period when incurred, which basis of accounting are they using? O A Cash basis OB. Adjustment basis OC Accrual basis OD. Expense basis Revenues are: O A. subtractions from net income. O B. additions to dividends. O c. additions to Retained Earnings. O D. subtractions from Retained Earnings. The adjusted balance for Prepaid Insurance is a 55 224 debit, Insurance Expense for the priod was 51 436. What was the balance for...
Calculator Michael Anderson is starting a computer programming business and has deposited an initial Investment of $15,000 into the business cash account Identify how the accounting equation will be affected. Oa. Increase in assets (Cash) and increase in owner's equity (Michael Anderson, Capital) Ob. Increase in assets (Accounts Receivable) and decrease in liabilities (Accounts Payable) Oc. Increase in assets (Cash) and increase in assets (Accounts Receivable) Od. Increase in assets (Cash) and increase in liabilities (Accounts Payable)
Which of the following statements is not true? Expenses increase owner's equity. a. O b. Expenses have normal debit balances. Expenses decrease owner's equity. Od. Expenses are a negative factor in the computation of net income. Which one of the following could represent the expanded basic accounting equation? O a. Assets = Liabilities + Owner's Capital + Owner's Drawings - Revenue - Expenses. Ob. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Oc. Assets -...
Please help!!
alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od. increase cash Google Translate C Log in to Clever CalcuiatO The accounting equation may be expressed as Oa. Assets + Liabilities = Owner's Equity Ob. Assets = Revenues-Liabilities Oc. Assets-Liabilities = Owner's Equity Od. Assets = Equities-Liabilities The objectivity concept requires that a. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards b. accounting principles meet the...
Which of the following accounts are debited to record increases? Oa. expenses and liabilities Ob. assets and liabilities Oc. assets and expenses Od. drawing and liabilities
Calculator A business operated at 100% of capacity during its first month and incurred the following costs: Production costs (2,500 units): Direct materials Direct labor $42,500 85,000 47,500 12,500 Variable factory overhead Fixed factory overhead $187,500 Operating expenses: Variable operating expenses $15,000 Fixed operating expenses 4,500 19,500 If 75 units remain unsold at the end of the month, the amount of inventory that would be reported on the absorption costing balance sheet is Oa. $6,210 Ob. $5,760 Oc. $5,250 Od....
What would be the effect on the accounts if the business provided services to a customer on account? O A. An asset would be debited and an expense credited. OB. An asset would be debited and Revenue credited. O C. Capital would be debited and Revenue credited. OD. An asset would be debited and Capital credited. Click to select your answer. Type here to search one A Net income or net loss for a period is calculated by the following...
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
Calculator The level of inventory of a manufactured product has increased by 8,704 units during a period. The following data are also available: Variable Fixed Unit manufacturing costs of the period $12.00 $3.00 Unit operating expenses of the period 1.00 4.00 The effect on operating income if absorption costing is used rather than variable costing would be a Oa. $60,928 increase Ob. $60,928 decrease Oc. $26,112 decrease Od. $26,112 increase
If Monet Designs records expenses in the time period when incurred, which basis of accounting are they using? O A Cash basis OB. Adjustment basis OC Accrual basis OD. Expense basis Revenues are: O A. subtractions from net income. O B. additions to dividends. O c. additions to Retained Earnings. O D. subtractions from Retained Earnings. The adjusted balance for Prepaid Insurance is a 55 224 debit, Insurance Expense for the priod was 51 436. What was the balance for...
Most questions answered within 3 hours.
-
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 3 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 3 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 3 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 3 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 4 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 3 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 4 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 3 hours ago -
Create a button in Swift (Xcode) that will create a charge,
create a charge using Stripe's...
asked 3 hours ago -
The reaction rate of CO and NO2 in the reaction
CO(g) + NO2(g) → CO2(g) +...
asked 4 hours ago -
Imagine that a chemist puts 6.40 mol each of
C3H8 and O2 in a 1.00-L container...
asked 4 hours ago -
How much money should be invested today in order to have $8340
at the end of...
asked 4 hours ago