1Accounts Receivable is a(n) a.asset. b.expense. c.liability. d.revenue. 2The liability account ______________ is used for short-term...
1Accounts Receivable is a(n)
a.asset.
b.expense.
c.liability.
d.revenue.
2The liability account ______________ is used for short-term liabilities or charge accounts, usually due within 30 days.
a.Liability Payable
b.Accounts Receivable
c.Short-term Payable
d.Accounts Payable
3
Rob Cougar Landscaping has assets of $70,000 and equity of $30,000. Determine the amount of liabilities in the business.
a.$100,000
b.$50,000
c.$40,000
d.None of these listed answers are correct.
4
When the rent for the business is paid with a check,
a.Cash is decreased and Accounts Payable is decreased.
b.Cash is decreased and Rent Income is increased.
c.Cash is decreased and Rent Expense is decreased.
d.Cash is decreased and Rent Expense is increased.
e.Cash is increased and Rent Expense is decreased.
5
When a company pays salaries to an assistant,
a.assets increase.
b.liabilities increase.
c.owner's equity increase.
d.expenses increase.
6
Michael has $120,000 invested in his business. The business owes creditors $20,000. Determine the amount of assets in the business.
a.$120,000
b.$100,000
c.$20,000
d.$140,000
7
The owner's right, claim, or financial interest is referred to as
a.business entity.
b.assets.
c.revenues.
d.equity.
8
Which of the following transactions does not include an increase to expenses?
a.Received and paid the phone bill
b.Bought advertising for cash
c.Paid monthly rent
d.Received cash for services performed
e.Paid the week's wages
Homework Answers
1.
Accounts Receivable is an asset.
Correct option is (a)
2.
The liability account __Accounts payable____________ is used for short-term liabilities or charge accounts, usually due within 30 days.
Correct option is (d)
3.
Rob Cougar Landscaping has assets of $70,000 and equity of $30,000.
Assets = Liabilities + Equity
70,000 = Liabilities + 30,000
Liabilities = $40,000
Correct option is (d) i.e. None of these listed answers are correct.
4.
When the rent for the business is paid with a check,
Cash is decreased and Rent Expense is increased.
Correct option is (d)
5.
When a company pays salaries to an assistant,
expenses increase.
Correct option is (d)
6.
Michael has $120,000 invested in his business. The business owes creditors $20,000
Assets = Liabilities + Equity
= 20,000 + 120,000
= $140,000
Correct option is (d)
7.
The owner's right, claim, or financial interest is referred to as equity
Correct option is (d)
8.
following transaction does not include an increase to expenses
Received cash for services performed, since it is revenue and not an expense
Correct option is (d)
Add Answer to:
1Accounts Receivable is a(n)
a.asset.
b.expense.
c.liability.
d.revenue.
2The liability account ______________ is used for short-term...
1. Equipment with an estimated market value of $29,048 is offered for sale at $46,250. The...
1. Equipment with an estimated market value of $29,048 is offered for sale at $46,250. The equipment is acquired for $16,194 in cash and a note payable of $23,353 due in 30 days. The amount used in the buyer's accounting records to record this acquisition is a.$45,242 b.$16,194 c.$29,048 d.$39,547 2. Which of the following is not an asset? a.cash b.owner's equity c.inventory d.investments 3. The assets and liabilities of a company are $128,000 and $84,000, respectively. Owner's equity should...
Credit Debit $ 6,900 28,500 6,903 158,000 $ 32,548 44,000 Account Title Cash Accounts receivable Office...
Credit Debit $ 6,900 28,500 6,903 158,000 $ 32,548 44,000 Account Title Cash Accounts receivable Office supplies Trucks Accumulated depreciation-Trucks Land Accounts payable Interest payable Long-term notes payable Common stock Retained earnings Dividends Trucking fees earned Depreciation expense–Trucks Salaries expense office supplies expense Repairs expense-Trucks Totals 10,900 20,000 39,000 -4,999 137,500 12,000 120,000 20,993 58,860 8,000 10,793 $354,949 $ 354,949 Use the above adjusted trial balance to prepare Wilson Trucking Company's classified balance sheet as of December 31. WILSON TRUCKING...
UP Doubtful Accounts Notes Receivable (short-term) Interest Receivable Short-Term Investments Marketable Equity Securities Inventories 103 1110...
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10. (9 pts) Indicate what type of account each of the following is: (Asset, Liability, Equity,...
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10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction...
10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction as reflected in the accounting equation are: A) Total assets, total liabilities, and total equity are unchanged B) Total assets increase and equity decreases C) Both total assets and total liabilities decrease D) Both total assets and equity are unchanged and liabilities increase. E) Total assets decrease and equity increases. 11) If the liabilities of a business increased $75,000 during a period of time...
what is the retained earning December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies...
what is the retained
earning
December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies nterest receivable 16,000 18,000 168,000 Notes receivable Automobiles $ 168,000 118,000 50,000 138,000 Accumulated depreciation—Automobiles Equipment Accumulated depreciation Equipment Land 18,000 120,000 78,000 $ 600,000 Liabilities $ 96,000 20,000 Accounts payable nterest payable Salaries payable Unearned revenue Long-term notes payable 19,000 30,000 138,000 303,000 Equity Common stock 20,000 Equity Common stock 20,000 Retained earnings 20,000 $ 323,000 < Required B Required Credit $ Debit...
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Trial balance Account Titles Debit Credit Cash $ 95,430 Accounts Receivable $ 6,000 Prepaid Rent $ &n
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
The balance sheet account used to report the amount of accounts receivable that a company does...
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UP Doubtful Accounts Notes Receivable (short-term) Interest Receivable Short-Term Investments Marketable Equity Securities Inventories 103 1110 111 120 121 122 123 Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Balance Sheet Asset, Current Asset. Current Asset. Current Asset, Current Asset, Current Contra Asset, Current Asset, Current Supplies Asset. Use the following information to an her the nor guestions The following balances were taken from the Adjusted Trial Balance of Mary Corp. for the fiscal year ending...
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10) Contessa Company collected $42,000 cash on its accounts receivable. The effects of this 10 transaction as reflected in the accounting equation are: A) Total assets, total liabilities, and total equity are unchanged B) Total assets increase and equity decreases C) Both total assets and total liabilities decrease D) Both total assets and equity are unchanged and liabilities increase. E) Total assets decrease and equity increases. 11) If the liabilities of a business increased $75,000 during a period of time...
what is the retained
earning
December 31 Assets Cash $ 30,000 52,000 Accounts receivable Office supplies nterest receivable 16,000 18,000 168,000 Notes receivable Automobiles $ 168,000 118,000 50,000 138,000 Accumulated depreciation—Automobiles Equipment Accumulated depreciation Equipment Land 18,000 120,000 78,000 $ 600,000 Liabilities $ 96,000 20,000 Accounts payable nterest payable Salaries payable Unearned revenue Long-term notes payable 19,000 30,000 138,000 303,000 Equity Common stock 20,000 Equity Common stock 20,000 Retained earnings 20,000 $ 323,000 < Required B Required Credit $ Debit...
How much cash did Kuithe Corp. collect in cash from customers during 2020? (just enter the number, without any commas or a dollar sign) Financial Statements for 2020 Balance Sheet Assets Cash Accounts Receivable, Net Inventory Prepaid Rent Equipment, Net Land Total Assets 2020 2019 $ 62,000 $ 48,000 $ 26,000 $ 23,000 $ 22,000 $32,000 $ 40,000 $ 20,000 $ 72,000 $80,000 $ 30,000 $ 40,000 $ 252,000 $ 243,000 Income Statement Sales Revenue $ 230,000 Cost of Goods...
Trial balance
Account Titles
Debit
Credit
Cash
$
95,430
Accounts Receivable
$
6,000
Prepaid Rent
$
25,000
Prepaid Insurance
$
2,700
Prepaid Supplies
$
120
Equipment
$ 400,000
Accumulated Depreciation
$
3,250
Accounts Payable
$
970
Accrued Interest
$
1,400
Accrued Salaries
$
550
Unearned Rental Revenue
$
1,950
Notes Payable
$ 350,000
Capital Stock-Mike
$
80,000
Capital Stock-Julie
$
80,000
Dividend
$
4,000
Retained Earnings
$
-
Rental Revenue
$
46,100
Salaries Expense
$
19,950
Rent Expense
$
5,000...
Complete the following worksheet. Unadjusted TB Dr Adjusted TB Adjustments Account Cash At Bank Accounts Receivable Supplies Prepaid Rent Dr Dr 79 ccounts Payable 925 Salaries Payable apital Revenue Rent Expense Salary Expense Supplies Expense Now complete the adjusting journal entries 12 21 Dr Cr counts Recelvable Accrue revenue Dr Cr Supplies Record supplies used Record supplies used Dr Cr Record rent expense Dr Cr Accrue salary expense Now complete the following Financial Statements Name of Business Income Statement For...
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