Homework Answers
Solution. 1.A resource of a business- Asset
2.An obligation of a business- Liability
3.The difference between assets and liabilities- Equity
4.Equity resulting from owner's contributions- Contributed Capital
5.Equity resulting from profitable operations- Retained Earnings
6.An increase in assets resulting from selling a good or providing a service- Revenue
7.A decrease in assets resulting from selling a good or providing a service- Expense
8.A distribution to owners- Dividend
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Drag the words into the correct boxes A resource of a business An obligation of a...
1) Using check marks, identify the accounts appear. eck marks, identify the financial statement(s) on which...
1) Using check marks, identify the accounts appear. eck marks, identify the financial statement(s) on which each of the following items/ Item Income Statement Shareholders' Equity Asset Balance Sheet Liability Shareholder Equity Sales Revenue Unearned Revenue Notes Payable Retained Earnings Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends 2) Circle the one correct answer for each of the following two statements: At the end of Celebrity Imports' first year of operations, assets are $750,000 and owners' equity is...
1) Using check marks, identify the financial statement(s) on which each of the following items /...
1) Using check marks, identify the financial statement(s) on which each of the following items / accounts appear. Item Income Statement Shareholders’ Equity Balance Sheet Asset Liability Shareholder Equity Sales Revenue Unearned Revenue Notes Payable Retained Earnings Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends 2) Circle the one correct answer for each of the following two statements: At the end of Celebrity Imports’ first year of operations, assets are $750,000 and owners' equity is $680,000. a. The...
u) Using check marks, identity the finan cial tatemento) on which cach of the follon ing...
u) Using check marks, identity the finan cial tatemento) on which cach of the follon ing tiems / accounts appear. Balance Sheet Item Statem Equity Asset Liability Shareholder Equity Sales Revenu Unearned Revenue Notes Payable Retained Earning Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends ) Circe tic on corcefe flbimig no tatemeats At the end of Celebrity Imports' first、ear c: operations, assets are S750.000 and owners' equity is S680.000 . The business' liabilities are $70,000. b. The...
Q1-5 Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice,...
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice, Sarah has given Jerry nine accounting transactions that commonly occur in the foodservice industry. Sarah has asked Jerry to match the nine accounting transactions with the impact they will have on one more of the three components of the accounting equation. Help Jerry complete his work by placing the letter identifying the transaction in the "transaction" cell associated with the proper transaction's impact cell....
Drag the words into the correct boxes - An amount owed by a customer who has...
Drag the words into the correct boxes - An amount owed by a customer who has purchased the company's product or Percentage-of-receivables approach Accounts Receivable service. Allowance for bad debts - The amount of cash that a company expects to collect from its total accounts Allowance Method receivable. - The expense resulting from the inability to collect accounts receivable. Bad Debt Expense Percentage-of-sales approach Net realizable value Aging Schedule Direct Write-Off Method - Method in which bad debt expense is...
I would like you to notice the Accounitng Equation refers to assets, liabilities in plural not...
I would like you to notice the
Accounitng Equation refers to assets, liabilities in plural not in
the singular mode. Typically most business have a large number of
assets as well as a large number of liabilities. Owners Equity is
ordinarily represent by amounts invested by the owners and the
cumulative retained profits (generally referred to as Retained
Earnings) if the organization has had profitable operations or
losses if the business had not had profitable operations. Profits
result in positive...
acct hw QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship....
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
• Part 4: Choose a service company and describe two business examples for each account classification...
• Part 4: Choose a service company and describe two business examples for each account classification (asset, liability, & owners’ equity) from a real-life service company. (200 words or more) • Part 4: Provide an example of the journal entries for accounts payable (Provide the original adjusting entry and the subsequent cash entry).(200 words or more) In regards to any publicly-traded company in America.
Transaction Assets = Liabilities + Equity Beginning $0 = $0 + $0 Investment in the Business...
Transaction Assets = Liabilities + Equity Beginning $0 = $0 + $0 Investment in the Business The company issue stock in exchange for $25,000 cash. This increases the assets of the business from its zero balance. The owners (stockholders) have a claim on the assets, so equity also increases from its zero balance. Make sure the equation stays in balance. $ = $ + $ Borrow Cash The company borrows $12,500 cash from the local bank. This increases the assets...
1) Using check marks, identify the accounts appear. eck marks, identify the financial statement(s) on which each of the following items/ Item Income Statement Shareholders' Equity Asset Balance Sheet Liability Shareholder Equity Sales Revenue Unearned Revenue Notes Payable Retained Earnings Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends 2) Circle the one correct answer for each of the following two statements: At the end of Celebrity Imports' first year of operations, assets are $750,000 and owners' equity is...
u) Using check marks, identity the finan cial tatemento) on which cach of the follon ing tiems / accounts appear. Balance Sheet Item Statem Equity Asset Liability Shareholder Equity Sales Revenu Unearned Revenue Notes Payable Retained Earning Accounts Receivable Income Tax Expense Pre-paid Rent Land Cash Dividends ) Circe tic on corcefe flbimig no tatemeats At the end of Celebrity Imports' first、ear c: operations, assets are S750.000 and owners' equity is S680.000 . The business' liabilities are $70,000. b. The...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
8. BONUS: Jerry Stevens is being trained in managerial accounting by his boss Sarah. For practice, Sarah has given Jerry nine accounting transactions that commonly occur in the foodservice industry. Sarah has asked Jerry to match the nine accounting transactions with the impact they will have on one more of the three components of the accounting equation. Help Jerry complete his work by placing the letter identifying the transaction in the "transaction" cell associated with the proper transaction's impact cell....
Drag the words into the correct boxes - An amount owed by a customer who has purchased the company's product or Percentage-of-receivables approach Accounts Receivable service. Allowance for bad debts - The amount of cash that a company expects to collect from its total accounts Allowance Method receivable. - The expense resulting from the inability to collect accounts receivable. Bad Debt Expense Percentage-of-sales approach Net realizable value Aging Schedule Direct Write-Off Method - Method in which bad debt expense is...
I would like you to notice the
Accounitng Equation refers to assets, liabilities in plural not in
the singular mode. Typically most business have a large number of
assets as well as a large number of liabilities. Owners Equity is
ordinarily represent by amounts invested by the owners and the
cumulative retained profits (generally referred to as Retained
Earnings) if the organization has had profitable operations or
losses if the business had not had profitable operations. Profits
result in positive...
acct hw
QUESTION 1 The partnership form of business organization has tax advantage over sole proprietorship. combines the records of the business with the personal records of the owner. has tax advantage over corporation. is classified as a separate legal entity. QUESTION 3 Retained earnings is part of stockholders' equity is part of assets is part of liabilities is part of common stock QUESTION 4 A payment of a portion of an accounts payable will increase liabilities decrease stockholders' equity....
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