Homework Answers
Accounts payable is a part of current liabilities. It typically arises when we borrow something for a short period of time.so correct answer is the firm temporarily borrows cash for operation
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Multiple Choice Question 12 Accounts payable typically arise because cash is received from a customer that...
Amounts received in advance from customers for future products or services: Multiple Choice o Are revenues. o Incre...
Amounts received in advance from customers for future products or services: Multiple Choice o Are revenues. o Increase income. o Are liabilities. o Are not allowed under GAAP. o Require an outlay of cash in the future.
A company has the following cash transactions for the period. Accounts Amounts Cash received from sale...
A company has the following cash transactions for the period. Accounts Amounts Cash received from sale of products to customers Çash received from the bank for long-term loan Cash paid to purchase factory equipment Cash paid to merchandise suppliers Cash received from the sale of an unused warehouse $ 31,500 36,500 (41,500) (10,300) 11,300 (22,300) (2,300) 21,500 (4,300) Cash paid to workers Cash paid for advertisement Cash received for sale of services to customers Cash paid for dividends to stockholders...
When adjusting accrual earnings to obtain cash flows from operations, Multiple Choice an increase in Accounts Payable...
When adjusting accrual earnings to obtain cash flows from operations, Multiple Choice an increase in Accounts Payable is deducted to determine cash flows from operations. a decrease in Accounts Payable is added to determine cash flow from operations. it is not necessary to consider any changes to Accounts Payable. an increase in Accounts Payable is added to determine cash flow from operations.
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry...
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry Walker established a catering service. Listed below are accounts through (1). cach Identified by a number. Following this list are the transactions that occu operations. You are to indicate for each transaction the accounts that should be debited cach transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box Service. Listed below are accounts to use...
Tiger Trade has the following cash transactions for the period. Accounts Cash received from sale of...
Tiger Trade has the following cash transactions for the period. Accounts Cash received from sale of products to customers Cash received from the bank for long-term loan Cash paid to purchase factory equipment Cash paid to merchandise suppliers Cash received from the sale of an unused warehouse Cash paid to workers Cash paid for advertisement Cash received for sale of services to customers Cash paid for dividends to stockholders Amounts $ 31,500 36,500 (41,500) (10,300) 11,300 (22,300) (2,300) 21,500 (4,300)...
Pam Black owns Artsy Graphics, a firm providing designs for advertisers Cash $6,800 Accounts Payable $2,100...
Pam Black owns Artsy Graphics, a firm providing designs for advertisers Cash $6,800 Accounts Payable $2,100 Accounts Receivable 10,700 Notes Payable 4,200 Common Stock 2,000 Retained Earnings 9,200 Total Assets $17.500 Total Liabilities and Stockholders' Equity $17,500 The following transactions occurred during the month of July: 1 Paid July rent, $510. 2 Collected $7,100 on account from customers. 3 Paid $1,800 installment due on the $3,300 noninterest-bearing note payable. 4 Billed customers for design services rendered on account. $18.100. 5...
Multiple Choice Question An increase in accounts receivable will result in a(n) in cash from sales...
Multiple Choice Question An increase in accounts receivable will result in a(n) in cash from sales revenue when using the direct method to determine cash flows from operations. O increase O decrease Rate your confidence to submit your answer. High Medium Medium 1 Low LOW
ABC Catering received $1,120 cash from a customer for catering services to be provided next month....
ABC Catering received $1,120 cash from a customer for catering services to be provided next month. Given the choices below, determine the general journal entry that ABC Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts Multiple Choice Unearned Catering Revenue 1,120 Catering Revenue 1, 120 Cash 1, 120 Accounts Receivable 1, 120 Cash 1, 120 Unearned Catering Revenue 1.120 <Prev Nexb 16 of 39
Tiger Trade has the following cash transactions for the period. Accounts Amounts Cash received from...
Tiger Trade has the following cash transactions for the
period.
Accounts
Amounts
Cash received from sale of products to customers
$
30,500
Cash received from the bank for long-term loan
35,500
Cash paid to purchase factory equipment
(40,500
)
Cash paid to merchandise suppliers
(10,100
)
Cash received from the sale of an unused warehouse
11,100
Cash paid to workers
(22,100
)
Cash paid for advertisement
(2,100
)
Cash received for sale of services to customers
20,500
Cash paid...
Amounts received in advance from customers for future products or services: Multiple Choice o Are revenues. o Increase income. o Are liabilities. o Are not allowed under GAAP. o Require an outlay of cash in the future.
A company has the following cash transactions for the period. Accounts Amounts Cash received from sale of products to customers Çash received from the bank for long-term loan Cash paid to purchase factory equipment Cash paid to merchandise suppliers Cash received from the sale of an unused warehouse $ 31,500 36,500 (41,500) (10,300) 11,300 (22,300) (2,300) 21,500 (4,300) Cash paid to workers Cash paid for advertisement Cash received for sale of services to customers Cash paid for dividends to stockholders...
On July 7, Saints Inc. received $10,200 in cash from a customer for services to be provided on October 10. Which of the following describes how the transaction should be recorded on July 7? Multiple Choice Debit cash $10,200, credit deferred revenue $10,200 Debit accounts receivable $10,200, credit service revenue $10,200 o Debit cash $10,200, credit service revenue $10,200 o Debit deferred revenue $10,200, credit cash $10,200
Accounts payable Accounts receivable Operating activities Wages expense Net income Cash 63. On January 1, Merry Walker established a catering service. Listed below are accounts through (1). cach Identified by a number. Following this list are the transactions that occu operations. You are to indicate for each transaction the accounts that should be debited cach transaction the accounts that should be debited and credited by placing the account number(s) in the appropriate box Service. Listed below are accounts to use...
Tiger Trade has the following cash transactions for the period. Accounts Cash received from sale of products to customers Cash received from the bank for long-term loan Cash paid to purchase factory equipment Cash paid to merchandise suppliers Cash received from the sale of an unused warehouse Cash paid to workers Cash paid for advertisement Cash received for sale of services to customers Cash paid for dividends to stockholders Amounts $ 31,500 36,500 (41,500) (10,300) 11,300 (22,300) (2,300) 21,500 (4,300)...
Pam Black owns Artsy Graphics, a firm providing designs for advertisers Cash $6,800 Accounts Payable $2,100 Accounts Receivable 10,700 Notes Payable 4,200 Common Stock 2,000 Retained Earnings 9,200 Total Assets $17.500 Total Liabilities and Stockholders' Equity $17,500 The following transactions occurred during the month of July: 1 Paid July rent, $510. 2 Collected $7,100 on account from customers. 3 Paid $1,800 installment due on the $3,300 noninterest-bearing note payable. 4 Billed customers for design services rendered on account. $18.100. 5...
Multiple Choice Question An increase in accounts receivable will result in a(n) in cash from sales revenue when using the direct method to determine cash flows from operations. O increase O decrease Rate your confidence to submit your answer. High Medium Medium 1 Low LOW
ABC Catering received $1,120 cash from a customer for catering services to be provided next month. Given the choices below, determine the general journal entry that ABC Catering will make to record the cash receipt. Assume the company's policy is to initially record prepaid and unearned items in balance sheet accounts Multiple Choice Unearned Catering Revenue 1,120 Catering Revenue 1, 120 Cash 1, 120 Accounts Receivable 1, 120 Cash 1, 120 Unearned Catering Revenue 1.120 <Prev Nexb 16 of 39
Tiger Trade has the following cash transactions for the
period.
Accounts
Amounts
Cash received from sale of products to customers
$
30,500
Cash received from the bank for long-term loan
35,500
Cash paid to purchase factory equipment
(40,500
)
Cash paid to merchandise suppliers
(10,100
)
Cash received from the sale of an unused warehouse
11,100
Cash paid to workers
(22,100
)
Cash paid for advertisement
(2,100
)
Cash received for sale of services to customers
20,500
Cash paid...
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