Homework Answers
Ans is D. Collection from customer in advance will increase cash i.e.asset and increase advance receipt i.e. liability.
Add Answer to:
QUESTION 20 Emma's Dance Inc. provides dance lessons. On April 10, Emma Inc. collected 51,000 from...
In May, Rec Rooms, Inc., collected $8,000 owed by customers for services performed in April. Show...
In May, Rec Rooms, Inc., collected $8,000 owed by customers for services performed in April. Show the effect of this collection on the accounting equation. If there is no effect, select "O No Effect." A. 8,000 Cash; (8,000) Accounts Receivable B. 8,000 Accounts Receivable; (8,000) Cash C. 8,000 Accounts Payable A Assets D. O No Effect Liabilities E. (8,000) Accounts Receivable Shareholders' Equity F. 8,000 Cash G. 8,000 Cash; (8,000) Accounts Payable H. 8,000 Accounts Receivable
QUESTION 11 Which of the following errors cause net income to be understated? A Depreciation Expense...
QUESTION 11 Which of the following errors cause net income to be understated? A Depreciation Expense is not recorded. B. Employee wages that have not been paid are not recorded. c. Collection of an accounts receivable is not recorded. D. Revenue that has been earned but not yet collected has not been recorded. QUESTION 12 During 2016, a company provided services for cash of $21,000 and services on credit of $15,000. The company collected accounts receivable of $8,000 and incurred...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to...
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,...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase...
An example of an adjusting entry would include: a. Closing revenues to retained earnings b. Purchase of office supplies on account (and remain unused). c. Interest owed on borrowed amounts. d. Collection of cash from customers. e. Dividend payments to stockholders. A company had the following transactions: 1. Receive cash in advance from customers, $400. 2. Provide services to customers on account, $500. 3. Pay cash for maintenance costs in the current period, $100. 4. Incur (but do not pay)...
Company A decided to expand its office space and purchased 20 new desks and chairs from...
Company A decided to expand its office space and purchased 20 new desks and chairs from a supplier on July 1st. The desks and chairs were purchased on credit, and the company had 60 days to pay for them. Company A paid for the desks and chairs on August 15th. How would the transaction on August 15th impact the accounting equation of Company A? A. Increase assets and increase liabilities B. Increase liabilities and decrease owners' equity C. Decrease assets...
Question 10 Gafisa Inc. performed services for R$390,000. The company collected R$ 130,000 in cash. The...
Question 10 Gafisa Inc. performed services for R$390,000. The company collected R$ 130,000 in cash. The balance will be collected in 30 days. Performing services for R$ 390,000 will increase O liabilites and equity by R$390,000. O assets and equity by R$390,000. O assets by R$ 130,000 and equity by R$ 260,000. O assets by R$ 130,000, liabilities by R$ 260,000 and equity by R$ 390,000.
20) Missing Amounts from Balance Sheet and Income Statement Data One item is omitted from each...
20) Missing Amounts from Balance Sheet and Income Statement Data One item is omitted from each of the following summaries of balance sheet and income statement data for the following four different corporations. Enter the missing amounts. (Hint: First determine the amount of increase or decrease in stockholders' equity during the year.) Carbon Krypton Fluorine Radium Beginning of the year: Assets $360,400 $407,300 $158,600 $ Liabilities 216,200 211,800 120,500 $197,900 End of the year: Assets 446,900 570,200 142,700 408,900 Liabilities...
13) When a company receives a prepayment from a customer and provides services to the customer...
13) When a company receives a prepayment from a customer and provides services to the customer 4 months later, what is the effect on the company’s accounting equation when the company provides the services? Group of answer choices Assets decrease and stockholders’ equity decreases Assets decrease and liabilities decrease Assets increase and stockholders' equity increases Liabilities decrease and stockholders' equity increases 14) Donaldson Corp wanted to expand the size of its manufacturing plant in order to generate more profits. The...
2. World-wide Financial Services, Inc. invested $27,000 to acquire 4000 shares of Dawn Investments, Inc. on...
2. World-wide Financial Services, Inc. invested $27,000 to acquire 4000 shares of Dawn Investments, Inc. on March 15, 2016. This investment represents less than 20% of the investee's voting stock. On May 7, 2019, World-wide Financial Services, Inc. sells 2500 shares for $14,250. In the accounting equation on May 7, 2019, ________. total liabilities will decrease total equity will decrease total assets will increase total assets will remain unchanged
In May, Rec Rooms, Inc., collected $8,000 owed by customers for services performed in April. Show the effect of this collection on the accounting equation. If there is no effect, select "O No Effect." A. 8,000 Cash; (8,000) Accounts Receivable B. 8,000 Accounts Receivable; (8,000) Cash C. 8,000 Accounts Payable A Assets D. O No Effect Liabilities E. (8,000) Accounts Receivable Shareholders' Equity F. 8,000 Cash G. 8,000 Cash; (8,000) Accounts Payable H. 8,000 Accounts Receivable
QUESTION 11 Which of the following errors cause net income to be understated? A Depreciation Expense is not recorded. B. Employee wages that have not been paid are not recorded. c. Collection of an accounts receivable is not recorded. D. Revenue that has been earned but not yet collected has not been recorded. QUESTION 12 During 2016, a company provided services for cash of $21,000 and services on credit of $15,000. The company collected accounts receivable of $8,000 and incurred...
In Year 1. Lee Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Lee incurred $39,000 of other operating expenses on account. Lee paid $31,000 of the accounts payable. Lee acquired $40,000 cash from the issue of common stock. The company invested $21,000 cash in the purchase of land. Required (Hint Identify the six events described in the paragraph and record them in general ledger accounts under an accounting equation before attempting to...
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,...
Question 10 Gafisa Inc. performed services for R$390,000. The company collected R$ 130,000 in cash. The balance will be collected in 30 days. Performing services for R$ 390,000 will increase O liabilites and equity by R$390,000. O assets and equity by R$390,000. O assets by R$ 130,000 and equity by R$ 260,000. O assets by R$ 130,000, liabilities by R$ 260,000 and equity by R$ 390,000.
Most questions answered within 3 hours.
-
From past history, the scores on a statistics test are normally
distributed with a mean of...
asked 24 minutes ago -
Calculate the gravitational field strength on the highest peak
of Everest (8848 m above the Earth).
asked 24 minutes ago -
the energy value of carbohydrates is 4.0 cal/g. calculate the
energy in 250 g of carbohydrates,...
asked 26 minutes ago -
i
need the summary of this article “Why I Don’t Trust The Video Games
Cause Violence”...
asked 45 minutes ago -
Draw the reactants and products of the following
reaction:
3-ethyl-2-heptene + HOH → 3-ethyl-3-heptanol +
3-ethyl-2-heptanol...
asked 43 minutes ago -
Determine the ratio of adipic acid and butylene glycol that
should be used to obtain a...
asked 52 minutes ago -
Calculate the ratio of the resistance of 11.0 m of aluminum wire
2.5 mm in diameter,...
asked 46 minutes ago -
Kinkaid Co. is incorporated at the beginning of this year and
engages in a number of...
asked 50 minutes ago -
when setting up a simple pendulum, calculate the string length
required for the period to equal...
asked 1 hour ago -
: A small but very close dense mass of 389 kg is brought close
to a...
asked 1 hour ago -
Create a class called Hotel. The hotel class will track the
current reservations for your one-room...
asked 1 hour ago -
In space, a 4.0 kg metal ball moving 30 m/s has a head on
collision with...
asked 1 hour ago