An Operating Lease will have how many of these expenses Depreciation Expense Rental Expense Interest Expense One B) Three C) None ...
- An Operating Lease will have how many of these expenses
- Depreciation Expense
- Rental Expense
- Interest Expense
- One B) Three C) None D) Two
- Assuming a current ratio of 1.0 and an acid-test ratio of 0.80,
how will the borrowing of cash by issuing a six-month note payable
affect each ratio?
- Decrease the current ratio and increase the acid-test ratio.
- Decrease the current ratio and decrease the acid-test ratio.
- Increase the current ratio and increase the acid-test ratio.
- No change to the current ratio and increase the acid-test ratio.
- For a journal entry with only two lines, the following entry is
valid: Increase in Revenue, Decrease in Expense.
- False B) True
- Using the Trueblood Criterion what is the ultimate goal of
accounting?
- Predict future cash flows to the firm
- Predict income to the investor or creditor
- Predict future cash flows to the investor or creditor
- Predict income to the firm
- For which step in the Operating cycle is there a difference
between manufacturers and retailers?
- Fourth B) Third C) Second D) First
Homework Answers
Solution 1:
An operating lease have two expense - Rental expense and interest expense
Hence option D is correct.
Solution 2:
As current ratio is 1.0, therefore borrowing of cash by issuing 6 month note payable will increase current assets and current liabilities with same amount. Therefore there will be no change in current ratio. As acid test ratio is less than 1, therefore increase quick assets and current liabilities with same amount will increase acid test ratio.
Hence option D is correct.
Solution 3:
False, increase in revenue and decrease in expenses both requires a credit entry, however for a journal entry with two lines one debit entry and one credit entry is required.
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