Homework Answers
Q) Accrued revenue is a sale that has been recognized by the seller, but which has not yet been billed to the customer. Thus the answer is:
D. snow removal services that have been provided but have not been billed or paid.
Q) Assets=Stockholder's equity+liabilities, thus the answer is:
D. added to liabilities and the two are equal to assets.
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stockholders' equity account 8. MC.03-72 Which of the following is an example of accrued revenue? A T3 snow removal...
Mookie, Inc. had the following assets, liabilities, and stockholders' equity balances at 12/31/X1: Accounts Payable, 72;...
Mookie, Inc. had the following assets, liabilities, and stockholders' equity balances at 12/31/X1: Accounts Payable, 72; Accounts Receivable, 145; Buildings, 545; Cash, 77 Common Stock, 110; Land, 220; -Notes Payable, 468; Retained Earnings, ??? Unearned Revenue, 98; Supplies, 59. What is the Retained Earnings balance? Report your answer to the nearest dollar. с G Search or type URL Giancarlo Stanton opened a consulting firm, Stanton Consulting. During its first month of business, the following transactions were completed: 1) Giancarlo invested...
Question 46 Which of the following accounts is a liability? Accounts Receivable Service Revenue Accounts Payable...
Question 46 Which of the following accounts is a liability? Accounts Receivable Service Revenue Accounts Payable Wages Expense Question 44 Transactions affecting stockholders' equity include capital contributions and payment of liabilities stockholder dividends, earning of revenues, incurrence of expenses, and purchase of supplies on account capital contributions, stockholder dividends, earning of revenues, and incurrence of expenses capital contributions, earning of revenues, incurrence of expenses, and collection of accounts receivable Question 43 Expenses are recorded when cash is paid for services...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of $950 on December 13 and $1,200 on December 27. As of December 31, NetSolutions owes $250 wages to employees for Monday and Tuesday, December 30 and 31. 250 Dec. 31 Wages Expense Wages Payable Accrued wages. 51 22 250 O NetSolutions paid wages of $1,275 on January 10. This payment includes the $250 of accrued wages recorded on December 31. Jan. 10 Wages Expense...
so i just need help filling in the unadjusted trial balance at jan 31 Fast Deliveries,...
so
i just need help filling in the unadjusted trial balance at jan
31
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below. Assets Cash Accounts Receivable Supplies $ 700 $11,900 820 650 FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 11.830 RA Total Assets...
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A....
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
Print 6. Estella Osage publishes an online travel magazine. In need of cash, the business applies...
Print 6. Estella Osage publishes an online travel magazine. In need of cash, the business applies for a loan with National Bank The bank requires borrowers to submit financial statements. With little knowledge of accounting, Estella Osage, a stockholder, does not know how to proceed. Requirements 1. What are the four financial statements that the business will need to prepare? 2. Is there a specific order in which the financial statements must be prepared? 3. Explain how to prepare each...
Required Information Serial Problem Business Solutions LO P1, P2, P3, P4 [The following Information applies to...
Required Information Serial Problem Business Solutions LO P1, P2, P3, P4 [The following Information applies to the questions displayed below.) Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts Includes the account number used for each account and any balance as of December 31, 2019. Santana...
Record the Adjusting Entries A-J. QUESTION: Record the following adjusting entries: OCTET Chart of Accounts Current...
Record the Adjusting Entries A-J.
QUESTION: Record the following adjusting entries:
OCTET Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable Long-Term Liabilities 12000 Inventory-Cookies 27000 Mortgage Payable Note Payable 27100 12100 Inventory- Baskets 13100 Supplies (Ribbon, Sticks, Cellophane) Shipping Supplies Prepaid Rent Stockholders' Equity 39003 Common Stock 13200 39005 Retained Earnings 14000 Dividends paid 39007 14100 Prepaid Insurance 14200 Prepaid Advertising Revenue 40000 Sales Long-Term Assets 15000 Computer Equipment Accumulated Depreciation 17000 Expenses Computer Equipment Cost of Goods...
Mookie, Inc. had the following assets, liabilities, and stockholders' equity balances at 12/31/X1: Accounts Payable, 72; Accounts Receivable, 145; Buildings, 545; Cash, 77 Common Stock, 110; Land, 220; -Notes Payable, 468; Retained Earnings, ??? Unearned Revenue, 98; Supplies, 59. What is the Retained Earnings balance? Report your answer to the nearest dollar. с G Search or type URL Giancarlo Stanton opened a consulting firm, Stanton Consulting. During its first month of business, the following transactions were completed: 1) Giancarlo invested...
Question 46 Which of the following accounts is a liability? Accounts Receivable Service Revenue Accounts Payable Wages Expense Question 44 Transactions affecting stockholders' equity include capital contributions and payment of liabilities stockholder dividends, earning of revenues, incurrence of expenses, and purchase of supplies on account capital contributions, stockholder dividends, earning of revenues, and incurrence of expenses capital contributions, earning of revenues, incurrence of expenses, and collection of accounts receivable Question 43 Expenses are recorded when cash is paid for services...
Accrued Expenses (1 of 2) NetSolutions pays it employees biweekly. During December, NetSolutions paid wages of $950 on December 13 and $1,200 on December 27. As of December 31, NetSolutions owes $250 wages to employees for Monday and Tuesday, December 30 and 31. 250 Dec. 31 Wages Expense Wages Payable Accrued wages. 51 22 250 O NetSolutions paid wages of $1,275 on January 10. This payment includes the $250 of accrued wages recorded on December 31. Jan. 10 Wages Expense...
so
i just need help filling in the unadjusted trial balance at jan
31
Fast Deliveries, Inc. (FDI), was organized in December last year and had limited activity last year. The resulting balance sheet at the beginning of the current year is provided below. Assets Cash Accounts Receivable Supplies $ 700 $11,900 820 650 FAST DELIVERIES, INC. Balance Sheet at January 1 Liabilities: Accounts Payable Stockholders' Equity Common Stock Retained Earnings Total Liabilities and Stockholders' Equity 11.830 RA Total Assets...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
Part I. Multiple Choice (4*10=40) 1. Which of the following best describes the balance sheet? A. It includes a listing of assets at their market values. B. It includes a listing of assets, liabilities, and stockholders' equity at their market values. C. It provides information pertaining to a company's assets and the providers of the assets. D. It provides information pertaining to a company's liabilities for a period of time. 2. Which of the following correctly describes the various financial...
Ch 1 1. Given the following dat Dec 31 Year 2 Dec 31 Year 1 Total liabilities S128,250 $120,000 Total stockholders oquity 95.000 80.000 compute the ratio of liabilities to stockholders' equity for each year Round to two decimal places 1.50 and 107, 11.35 and 1.50 respectively respectively 1.07 and 1.19. 1.1.19 and 1.35 respectively respectively The liabilities and stockholder's equity of a company are $132,000 and $244.000, respectively. Assets should equal SS188.00 $132.00 p $376,00 12.000 A financial statement...
Print 6. Estella Osage publishes an online travel magazine. In need of cash, the business applies for a loan with National Bank The bank requires borrowers to submit financial statements. With little knowledge of accounting, Estella Osage, a stockholder, does not know how to proceed. Requirements 1. What are the four financial statements that the business will need to prepare? 2. Is there a specific order in which the financial statements must be prepared? 3. Explain how to prepare each...
Required Information Serial Problem Business Solutions LO P1, P2, P3, P4 [The following Information applies to the questions displayed below.) Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up separate accounts for each customer. The following chart of accounts Includes the account number used for each account and any balance as of December 31, 2019. Santana...
Record the Adjusting Entries A-J.
QUESTION: Record the following adjusting entries:
OCTET Chart of Accounts Current Assets 10000 Cash 11000 Accounts Receivable Long-Term Liabilities 12000 Inventory-Cookies 27000 Mortgage Payable Note Payable 27100 12100 Inventory- Baskets 13100 Supplies (Ribbon, Sticks, Cellophane) Shipping Supplies Prepaid Rent Stockholders' Equity 39003 Common Stock 13200 39005 Retained Earnings 14000 Dividends paid 39007 14100 Prepaid Insurance 14200 Prepaid Advertising Revenue 40000 Sales Long-Term Assets 15000 Computer Equipment Accumulated Depreciation 17000 Expenses Computer Equipment Cost of Goods...
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