Accounting
what is the effect of the following activity on the element indicated?A
A business with revenues of 92460 and expenses of $84530 accrues for 20% of income taxes - liabilites
1) Decrease
2) Increase
3) no effect
4) increase to one and decrease to another
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Question 1 (1 point) Saved What is the effect of the following business activity on the...
Question 1 (1 point) Saved What is the effect of the following business activity on the element indicated? Provided services to a customer who paid $1,2000 in advance last month. --- Assets 1) increase to one and decrease to another 2) decrease 3) no effect O 4) increase Question 2 (1 point) What is the effect of the following business activity on the element indicated? You receive $900 from a customer for services to be performed next month. --- Revenue...
Topic: You are a teacher for introductory financial accounting. You tell your students "Recording adjusting entries...
Topic: You are a teacher for introductory financial accounting. You tell your students "Recording adjusting entries is a critical step in the accounting cycle, and the two major classifications of adjusting entries are prepayments and accruals". Chris, one of the students in the class, says, "I don't understand". Required: 1. When do prepayments occur? When do accruals occur? 2. Describe the appropriate adjusting entry for (a) prepaid expenses, (c) deferred revenues. 3. What is the effect on (a)...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for $96,000. The policy is effective immediately. Assume that Stratton prepares adjustments only once a year, on December 31. Required: 1. Compute the monthly cost of the insurance policy. per month 2. Identify and analyze the transaction to record the purchase of the policy on April 1, 2017 Activity Accounts Statement(s) Financing Investing Operating How does this entry affect the accounting equatid If a financial...
You are a tut for introductory financial accounting. You tell your students "Recording adjusting entries is...
You are a tut for introductory financial accounting. You tell your students "Recording adjusting entries is a critical step in the accounting cycle, and the two major classifications of adjusting entries are prepayments and accruals". Chris, one of the students in the class, says, "I don't understand". 5. What is the effect on (a) net income (b) assets (c) liabilities (d) stockholders' equity of not recording a required adjusting entry for accruals? For each item, clearly indicate whether the...
1. Applying the accounting equation (15 points) a. Total assets of Charter Company equal $700,000 and...
1. Applying the accounting equation (15 points) a. Total assets of Charter Company equal $700,000 and its equity is $420,000. What is the amount of its liabilities? b. Total assets of Martin Marine equal $500,000 and its liabilities and equity amounts are equal. What is the amount of its liabilities? What is the amount of its equity? 2. Identifying Financial Statements (10 points) Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B),...
Indicate how each event affects the elements of financial statements. Use the following letters to record...
Indicate how each event affects the elements of financial
statements. Use the following letters to record vour answer in the
box shown below each element. You do not need to enter dollar
amounts. (Note that "Not Affected" means that the event does not
affect that element of the financial statements or the event causes
an increase in that element that is offset by a decrease in the
same element.)
Increase=1 Decrease =D Not Affected = NA 1) Belvedere Company recognized...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The following selected transactions were completed by Cota Delivery Service 1. Received cash in exchange for common stock $35,000 2. Purchased supplies for cash, $1,100 3. Paid rent for October 54.500 4. Paid advertising expense, 5900. 5. Received cash for providing delivery services $33,000 6 Biled customers for delivery services on account $58.000 7. Paid creditors on account $2.900 & Received cash from customers on...
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b....
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b. assets, liabilities, and owners’ equity c. revenues, expenses, gains, and distributions to owners d. assets, liabilities, and investments by owners 2. Exchanges of assets for assets have what effect on equity? a. There is no relationship between assets and equity b. increase equity c. may have no impact on equity d. decrease equity 3. Identify the correct components of the income statement. a. revenues,...
3. What is the effect on (a) net income (b) assets (c) liabilities (d) stockholders' equity...
3. What is the effect on (a) net income (b) assets (c) liabilities (d) stockholders' equity of not recording a required adjusting entry for prepayments? For each item, indicate clearly whether the effect will be an Increase, a Decrease, or No Effect. Please present your answers using the template below. I have done Net income as an example. Item Effect Increase Decrease No Effect Net Income X Assets Liabilites Stockholders' Equity
Swifty Petronick decided to start an accounting practice after graduation from university. The following is a...
Swifty Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Swifty's practice. 1. After shopping around, Swifty found an office to lease and signed a lease agreement. The lease calls for a payment of $816 rent per month. 2. Swifty borrowed $3,264 from his grandmother so that he could buy some office furniture for his new office. 3. Swifty deposited the $3,264 plus $408 of his own cash...
Question 1 (1 point) Saved What is the effect of the following business activity on the element indicated? Provided services to a customer who paid $1,2000 in advance last month. --- Assets 1) increase to one and decrease to another 2) decrease 3) no effect O 4) increase Question 2 (1 point) What is the effect of the following business activity on the element indicated? You receive $900 from a customer for services to be performed next month. --- Revenue...
Prepaid Insurance-Annual Adjustments On April 1, 2017, Stratton, Inc., purchases a 24-month property insurance policy for $96,000. The policy is effective immediately. Assume that Stratton prepares adjustments only once a year, on December 31. Required: 1. Compute the monthly cost of the insurance policy. per month 2. Identify and analyze the transaction to record the purchase of the policy on April 1, 2017 Activity Accounts Statement(s) Financing Investing Operating How does this entry affect the accounting equatid If a financial...
Indicate how each event affects the elements of financial
statements. Use the following letters to record vour answer in the
box shown below each element. You do not need to enter dollar
amounts. (Note that "Not Affected" means that the event does not
affect that element of the financial statements or the event causes
an increase in that element that is offset by a decrease in the
same element.)
Increase=1 Decrease =D Not Affected = NA 1) Belvedere Company recognized...
Cora Delivery Service during July Chapter 1 Introduction to Accounting and Business EX 1-12 Transactions The following selected transactions were completed by Cota Delivery Service 1. Received cash in exchange for common stock $35,000 2. Purchased supplies for cash, $1,100 3. Paid rent for October 54.500 4. Paid advertising expense, 5900. 5. Received cash for providing delivery services $33,000 6 Biled customers for delivery services on account $58.000 7. Paid creditors on account $2.900 & Received cash from customers on...
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