Accounts Payable $4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilit...
|
187)
How many of these accounts would appear in a year-end balance sheet?
A) Five. B) Four. C) Two. D) Three.
- Of the following, the most important objective for financial
accounting is to provide information useful for:
- Predicting cash flows. B) Determining taxable income.
C) Providing accountability. D) Increasing future profits.
- For a journal entry with only two lines, the following entry is
valid: Decrease in Owners' Equity, Increase in Expense.
- True B) False
- In a Balanced set of Accounting Records, EVERY Account must
balance.
- False B) True
- The following information pertains to ABC: March 1 Beginning inventory = 30 units @ $5 March 3 Purchased 15 units @ $4 March 9 Sold 25 units @ $8
-
What is the cost of goods sold for ABC assuming it uses LIFO?
A) $125. B) $85. C) $110. D) $100.
- For a journal entry with only two lines, the following entry is
valid: Increase in Liability, Decrease in Dividends.
- False B) True
- A company overstates its ending inventory for 2018. What effect
will this have on the reported amount of cost of goods sold for
2018?
- Cannot be determined given the information provided.
- Understate cost of goods sold.
- Overstate cost of goods sold.
- Have no effect on cost of goods sold.
- Investors and Creditors are interested in which of these
entries (more than one possible correct answer)?
- Adjusting Entries B) Closing Entries C) Transaction Entries
- A company in NY is buying goods from a Japanese company. The
goods are sold FOB San Francisco port
- The freight from Japan to San Francisco is an asset, the freight from San Francisco to New York is an expense
- The freight from Japan to San Francisco is an expense, the freight from San Francisco to New York is an Asset
- Both the freight from Japan to San Francisco and from San Francisco to New York are assets
- Both the freight from Japan to San Francisco and from San Francisco to New York are expenses
- A company had the following cash flows for the year:
- Purchased land, $60,000
- Borrowed from a local bank, $100,000
- Paid employee salaries, $50,000
- Issued common stock, $75,000
- Paid dividends, $20,000
- Sold equipment, $40,000
- Sold services to customers, $120,000
-
What amount would be reported for net financing cash flows on the Statement of Cash Flows? A) $70,000. B) $155,000. C) $40,000. D) ($20,000)
- The purchase of land is classified in the statement of cash
flows as a(n):
- Noncash activity. B) Financing activity C) Investing activity. D) Operating activity.
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Accounts Payable $4,400 Salaries Expense 12,800 Cash 1,700 Common Stock 2,400 Service Revenue 8,300 Supplies 4,300 Retained Earnings 1,100 Utilit...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of the above accounts have a normal debit balance? A) Six. C) Four D) Seven. 214) For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense A) True B) False 215) For a journal entry with only two lines, the following entry is valid Increase in Expense, Increase in Dividends. B)...
Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances...
Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances $ 5,400 2,200 3,400 3,900 1,200 13,800 9,300 6,000 Required: Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Expenses: Total expenses Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. BULLDOG, INC. Income Statement Revenues 39,000 Expenses: Salaries Advertising Utilities Net income 6,000 4.000 BULLDOG, INC. Statement...
Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanation plies, Accounts Payable, Common Stock, Dividends, Sales...
Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanation plies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office 2. Prepare T accounts, using the account titles in (1). Post the journal entries to the accounts, placing the appropriate letter to the left of each amount to identify the transaction Determine the account balances after all posting is complete. Accounts containing only a sine PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 56,770 On October...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense. False ...
For a journal entry with only two lines, the following entry is valid: Decrease in Owners' Equity, Increase in Expense. False B) True Allocation is primarily as issue in Measuring Income B) None of the other three C) Measuring Assets D) Both Measuring Assets and Income ABC has beginning inventory for the year of $18,000. During the year, ABC purchases inventory for $230,000 and has cost of goods sold equal to $233,000. ABC's ending inventory equals: A) $21,000. B) $18,000. ...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 29,000 Cost of goods...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable $67,700 53,400 40.000 3,400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods sold (food expense) 3,400 Buildings 1,600 Supplies 4,500 Salaries payable $ 62,700 52,400 30,000 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained Earnings $2,000 Dividends Revenue Rent Expense Supplies Expense $2,600 Salary Expense Using the information above, prepare the Income Statement $2,400 $1,600 $995 $11,500 $2,100 $1,400 ncome Statement Total Expenses Net Income Question Cash Supplies Accounts Payable Accounts Receivable Common Stock Retained Earnings Dividends Revenue Rent Expense $3,066 $2,300 $2,500 $2,000 $1,200 $2,200 $4,834 $11,400 $1,900 $1,500 $1.700 Expense Salary Expense Income Statement $11400 $1900...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
Cash + Accounts Receivable + Supplies + Equipment Accounts Payable Common Stock Retained Earnings = +...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
3) Cash Service Revenue Salaries Expense Accounts Payable C Retained Earnings Utilities Expense Accounts Receivable Common Stock Dividends How many of the above accounts have a normal debit balance? A) Six. C) Four D) Seven. 214) For a journal entry with only two lines, the following entry is valid: Increase in Revenue, Decrease in Expense A) True B) False 215) For a journal entry with only two lines, the following entry is valid Increase in Expense, Increase in Dividends. B)...
Accounts Cash Salaries expense Accounts payable Retained earnings Utilities expense Supplies Service revenue Common stock Balances $ 5,400 2,200 3,400 3,900 1,200 13,800 9,300 6,000 Required: Use only the appropriate accounts to prepare an income statement. COWBOY LAW FIRM Income Statement For the Period Ended December 31 Expenses: Total expenses Below are incomplete financial statements for Bulldog, Inc. Required: Calculate the missing amounts. BULLDOG, INC. Income Statement Revenues 39,000 Expenses: Salaries Advertising Utilities Net income 6,000 4.000 BULLDOG, INC. Statement...
Salaries Expense, Automobile Expense, Supplies Expense, Miscellaneous Expense. Explanation plies, Accounts Payable, Common Stock, Dividends, Sales Commissions, Rent Expense, Office 2. Prepare T accounts, using the account titles in (1). Post the journal entries to the accounts, placing the appropriate letter to the left of each amount to identify the transaction Determine the account balances after all posting is complete. Accounts containing only a sine PR 2-2A Journal entries and trial balance Obj. 1, 2, 3, 4 56,770 On October...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,200 Service revenue 29,000 Cost of goods sold (food expense) 4,400 Buildings 2,600 Supplies 5,500 Salaries payable $67,700 53,400 40.000 3,400 800 In addition, the company had common stock of $40,000 at the beginning of the year and issued an additional $4,000 during the year. The company also had retained earnings of $18,200 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare the...
Cash Equipment Accounts payable Delivery expense Salaries expense $ 1,300 Service revenue 24,000 Cost of goods sold (food expense) 3,400 Buildings 1,600 Supplies 4,500 Salaries payable $ 62,700 52,400 30,000 2,400 900 In addition, the company had common stock of $30,000 at the beginning of the year and issued an additional $3,000 during the year. The company also had retained earnings of $16,200 at the beginning of the year. Required: 1. Prepare the income statement for Longhorn Corporation. 2. Prepare...
All Assig Questio 2 $6,905 $1,700 Cash Supplies Accounts Payable Accounts Receivable $1,800 Common Stock Retained Earnings $2,000 Dividends Revenue Rent Expense Supplies Expense $2,600 Salary Expense Using the information above, prepare the Income Statement $2,400 $1,600 $995 $11,500 $2,100 $1,400 ncome Statement Total Expenses Net Income Question Cash Supplies Accounts Payable Accounts Receivable Common Stock Retained Earnings Dividends Revenue Rent Expense $3,066 $2,300 $2,500 $2,000 $1,200 $2,200 $4,834 $11,400 $1,900 $1,500 $1.700 Expense Salary Expense Income Statement $11400 $1900...
13 seconds. Status: Trial Balance wash Accounts Receivable Supplies Land Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense 10000 20000 5000 37000 11000 3000 44000 7000 15000 35000 6000 7000 100000 100000 === ======== == What are the total assets? $35,000 $72,000 $116,000 Click Save and Submit to save and submit. Click Save All A QUESTION 10 I bou ght office supplies on account. How do I record that? a. Office Supplies, debit:...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
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