Homework Answers
8. Salary expense = a) Assets
9. Rent payable = b) Liabilities
10. Rent expense = a) Assets
11. Consulting revenue = a) Owner’s Equity
12. Service Revenue = a) Owner’s Equity
13. Owner’s Withdrawals = a) Owner’s Equity
14. Owner’s Capital = a) Owner’s Equity
3. Signify the item that most accurately describes an asset
Answer= d) An economic resource that is expected to bring a future benefit to a business
4. Signify the item that most accurately describes owner’s equity
Answer = c) An owner’s claim on the assets of the business
5. Signify the item that most accurately describes revenue.
Answer = c) Assets received from selling goods and services
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8. Salary expense a) Owner's equity b) Liabilities c) Assets 9. Rent payable a) Owner's equity...
Signify the item that most accurately describes an expense. a) Liability b) Owner's withdrawals c) Net...
Signify the item that most accurately describes an expense. a) Liability b) Owner's withdrawals c) Net loss d) Cash (and only cash) consumed in selling goods and services e) Assets consumed or liabilities created in selling goods and services 6.
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts....
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts. State whether they are income statement or balance sheet accounts, State whether they are permanent or temporary account. What is the normal balance for the following accounts is a debit or credit: a. Cash b. Supplies C. Notes payable d. Land e. Service revenue f. Accounts receivable & Rent expense h. Furniture i. Accounts payable j. Equipment k. Owner's Equity I. Inventory m. Rent...
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities +...
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities + Assets. C. Residual equity + Assets. d. Assets - Liabilities. 38) If Total Liabilities increased by $15,000 and Owner's Equity increased by $5,0 Total Assets must change by what amount and direction during that same p a. $20,000 decrease b. $20,000 increase C. $25,000 increase d. $30,000 increase
Please help!! alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od....
Please help!!
alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od. increase cash Google Translate C Log in to Clever CalcuiatO The accounting equation may be expressed as Oa. Assets + Liabilities = Owner's Equity Ob. Assets = Revenues-Liabilities Oc. Assets-Liabilities = Owner's Equity Od. Assets = Equities-Liabilities The objectivity concept requires that a. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards b. accounting principles meet the...
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts...
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts Receivable Computer Equipment Accounts Payable – B. Beadell Capital Owner's Equity B Boadell + Revenues Withdrawals Expenses a. Beadell invested $70,000 in a computer company b. Bought computer equipment on account, $9,500. C. Beadell paid personal telephone bill from company checkbook, $225. d. Received cash for services rendered, $14,200. e. Billed customers for services rendered for month, $30,800. f. Paid current rent expense, $4,200....
3. Determine the missing amount for each of the following: Assets Liabilities Owner's Equity (a) $13,000...
3. Determine the missing amount for each of the following: Assets Liabilities Owner's Equity (a) $13,000 $16,000 $55,000 (0) $34,000 $39,000 $ 17,000 ) 4. Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. - ALOE ka) Received cash from owner...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000....
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000. The total assets are A) $320.000 B) $100,000 C) $110,000 D) $210,000 6. Which of the following is true of assets? A) Assets include Cash, Merchandise Inventory, and Accounts Payable. B) Assets are something of value the business owns or controls. C) Assets do not need to provide future benefit to the business. D) Assets can be recorded at the market value if acquired...
Taxes Expens Misceous Expense Total expenses Net Income 110 Prepare a staplement of owner's equity for...
Taxes Expens Misceous Expense Total expenses Net Income 110 Prepare a staplement of owner's equity for the year ended April 30, 2019 Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 2019 Harper Borcapital, May 1, 2018 Net Income for the year Withdrawals Increase in owner's equity Harper Borg, capital, April 30, 2019 of April 30, 2019. When entering assets, enter them in order of 3. Prepare a balance sheet liquidity. Wilderness yravel Service Balance Sheet...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
Signify the item that most accurately describes an expense. a) Liability b) Owner's withdrawals c) Net loss d) Cash (and only cash) consumed in selling goods and services e) Assets consumed or liabilities created in selling goods and services 6.
Home Work II State whether the items are assets, liabilities, Owner's Equity, Revenue or expense accounts. State whether they are income statement or balance sheet accounts, State whether they are permanent or temporary account. What is the normal balance for the following accounts is a debit or credit: a. Cash b. Supplies C. Notes payable d. Land e. Service revenue f. Accounts receivable & Rent expense h. Furniture i. Accounts payable j. Equipment k. Owner's Equity I. Inventory m. Rent...
37) Owner's Equity is best depicted by the following: a. Assets = Liabilities. b. Liabilities + Assets. C. Residual equity + Assets. d. Assets - Liabilities. 38) If Total Liabilities increased by $15,000 and Owner's Equity increased by $5,0 Total Assets must change by what amount and direction during that same p a. $20,000 decrease b. $20,000 increase C. $25,000 increase d. $30,000 increase
Please help!!
alculatO Owner's withdrawals a. increase expenses b. decrease owner's equity c. decrease expenses Od. increase cash Google Translate C Log in to Clever CalcuiatO The accounting equation may be expressed as Oa. Assets + Liabilities = Owner's Equity Ob. Assets = Revenues-Liabilities Oc. Assets-Liabilities = Owner's Equity Od. Assets = Equities-Liabilities The objectivity concept requires that a. the Financial Accounting Standards Board be fair and unbiased in its deliberations over new accounting standards b. accounting principles meet the...
a. Beadell invested $70,000 in a computer company Assets = Liabilities + Cash + + Accounts Receivable Computer Equipment Accounts Payable – B. Beadell Capital Owner's Equity B Boadell + Revenues Withdrawals Expenses a. Beadell invested $70,000 in a computer company b. Bought computer equipment on account, $9,500. C. Beadell paid personal telephone bill from company checkbook, $225. d. Received cash for services rendered, $14,200. e. Billed customers for services rendered for month, $30,800. f. Paid current rent expense, $4,200....
3. Determine the missing amount for each of the following: Assets Liabilities Owner's Equity (a) $13,000 $16,000 $55,000 (0) $34,000 $39,000 $ 17,000 ) 4. Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column. - ALOE ka) Received cash from owner...
If the assets owned by a business total $250,000, and owner's equity totals $200,000, liabilities total $50,000. True False Question 2 1 pts If net income for a proprietorship was $50,000, the owner withdrew $20,000 in cash and the owner invested $10,000 in cash, the capital of the owner increased by $40,000. True False Question 3 1 pts An account receivable is a claim against a customer arising from earning revenue on account. True False
D)cost principle 5. The equity of Alliance Company is $160,000 and the total liabilities are $50,000. The total assets are A) $320.000 B) $100,000 C) $110,000 D) $210,000 6. Which of the following is true of assets? A) Assets include Cash, Merchandise Inventory, and Accounts Payable. B) Assets are something of value the business owns or controls. C) Assets do not need to provide future benefit to the business. D) Assets can be recorded at the market value if acquired...
Taxes Expens Misceous Expense Total expenses Net Income 110 Prepare a staplement of owner's equity for the year ended April 30, 2019 Wilderness Travel Service Statement of Owner's Equity For the Year Ended April 30, 2019 Harper Borcapital, May 1, 2018 Net Income for the year Withdrawals Increase in owner's equity Harper Borg, capital, April 30, 2019 of April 30, 2019. When entering assets, enter them in order of 3. Prepare a balance sheet liquidity. Wilderness yravel Service Balance Sheet...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
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