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hurs 1/31 (ONE ATTEMPTED ONLY) Question #6 Which of the following is something of value owned...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common...
1. Which of the following is something of value owned by the company? (a)Cash (b) Common Stock (c) Supplies Expense (d) Notes Payable 2. Windward Inc. makes a payment of $500 on its accounts payable. How does this effect the accounting equation? a. Assets decrease and Liabilities decrease b. Assets increase and Equity Decreases c. Assets decrease and Equity decreases d. Assets increase and Liabilities increase e. Assets decrease and Liabilities increase 3. Chitron Corporation earns $750 working for a...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
Thurs 1/31 (ONE ATTEMPTED ONLY) 14 Question #14 CDM Companyhas the following account balances Cash Accounts...
Thurs 1/31 (ONE ATTEMPTED ONLY) 14 Question #14 CDM Companyhas the following account balances Cash Accounts Receivable Accounts Payable Supplies Revenue Supplies Expense What is net income for the period? 3,318 $2,450 $3,410 $1,500 $8,814 $2,700 Common Stock Rent Expense Dividends Retained Earnings Salary Expense $1,200 $2,700 $1,834 $2,254 $1,176 $2,238 $7,268 $3,318 $8,814 $2,658 Submit Question MacBook Ai Thurs 1/31 (ONE ATTEMPTED ONLY) Question #15 CCC Inc. has the following account balances. Cash Accounts Receivable Accounts Payable Supplies Revenue...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued interest revenue is recorded? O Assets increase and liabilities increase. • Assets increase and stockholders' equity increases. Assets decrease and liabilities decrease. O Stockholders' equity increases and decreases by the same amount. Question 5 2 pts What effect does “recognizing revenue at the end of the accounting period for rent previously received in advance" have on the accounting equation for an insurance company? •...
cy to Excel (OTE) One Time Left:0:10:18 Ryan Shackleford: Attempt 1 Х . Question 29 (2...
cy to Excel (OTE) One Time Left:0:10:18 Ryan Shackleford: Attempt 1 Х . Question 29 (2 points) During November, ABC, Inc. purchased office supplies for cash. The supplies will be used in November. What effect does this purchase transaction have on the accounting equation! Amets increase and stockholders' equity decreases O Auses increase and liabilities increase 18 Assets decrease and liabilities decrease There is no effect on the accounting to count increases while another asset account decres 21 Question 30...
QUESTION5 MULTIPLE CHOICE QUESTIONS This question consists of five (5) multiple-choice questions. Only one option for...
QUESTION5 MULTIPLE CHOICE QUESTIONS This question consists of five (5) multiple-choice questions. Only one option for each question is correct. Indicate the chosen option in your exam script next to the question number in brackets, for example, Question 6 (c). 1 The one underlying assumption for financial statements is: (b) verifiability (c) timeliness (d) going concem (e) understandability 2. Inventory with a cost price of R1 000 was sold for cash R2 100. Which one of the following options illustrates...
QUESTION 2 if a company is considering the purchase of a parcel of land that was...
QUESTION 2 if a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000, is offered for sale at $150.000, is assessed for tax purposes at 595.000, is recognized by the purchaser as easily being worth $140,000, and is purchased for $137.000, the land should be recorded in the purchaser's books at $140,000 5137,000 O $150,00 O 195.000 5138.500 QUESTION If a company purchases equipment costing 54,500 on credit, the effect on...
QUESTION 9 One effect on the accounting equation when a firm borrows money is that a....
QUESTION 9 One effect on the accounting equation when a firm borrows money is that a. stockholders' equity decreases. b. liabilities decrease. c. assets increase. O d. assets decrease.
Question #1 Indicate from the drop down menu which financial statement each of the following accounts...
Question #1 Indicate from the drop down menu which financial statement each of the following accounts would appear on. Equipment Rent Expense Cash Accounts Receivable Supplies Notes Payable Common Stock Accounts Payable Prepaid Rent Dividends Revenue Submit Question 0 of 5 Attempts Used MacBook Ai Question #2 Indicate from the drop down menu whether each of the following accounts would have a debit or credit normal balance. Accounts Payable Common Stock Equipment Prepaid Rent Salary Expense Retained Earnings Supplies Revenue...
Question #1 ts Which of the following is an asset? npts Rent Expense Common Stock Accounts Payable Cash mpts empts tempts Submit Question 0 of 1 Attempts Used! ttempts Attempts Attempts 1 Attempts 1 Attempts 1 Attempts MacBook Ai Question #2 Which of the following represents earnings taken out by the owners? Supplies Expense Notes Payable Dividends Equipment Submit Question 0 of 1 Attempts Used! Question #3 Which of the following represents an amount owed by the company? Revenue Accounts...
Thurs 1/31 (ONE ATTEMPTED ONLY) 14 Question #14 CDM Companyhas the following account balances Cash Accounts Receivable Accounts Payable Supplies Revenue Supplies Expense What is net income for the period? 3,318 $2,450 $3,410 $1,500 $8,814 $2,700 Common Stock Rent Expense Dividends Retained Earnings Salary Expense $1,200 $2,700 $1,834 $2,254 $1,176 $2,238 $7,268 $3,318 $8,814 $2,658 Submit Question MacBook Ai Thurs 1/31 (ONE ATTEMPTED ONLY) Question #15 CCC Inc. has the following account balances. Cash Accounts Receivable Accounts Payable Supplies Revenue...
MULTIPLE CHOICE. Choose the one alternative that best completu question. (5 points each) 1) If a company receives $12,000 cash from its sole stockholder to establish a corporation, the effect on the accounting equation would be: A) Assets decrease $12,000 and equity decreases $12,000. B) Assets increase $12,000 and liabilities decrease $12,000. C) Liabilities increase $12,000 and equity decreases $12,000. D) Assets increase $12,000 and liabilities increase $12,000. E) Assets increase $12,000 and equity increases $12,000. 2) If a company...
Question 4 2 pts What happens to the accounting equation when the adjustment that recognizes accrued interest revenue is recorded? O Assets increase and liabilities increase. • Assets increase and stockholders' equity increases. Assets decrease and liabilities decrease. O Stockholders' equity increases and decreases by the same amount. Question 5 2 pts What effect does “recognizing revenue at the end of the accounting period for rent previously received in advance" have on the accounting equation for an insurance company? •...
cy to Excel (OTE) One Time Left:0:10:18 Ryan Shackleford: Attempt 1 Х . Question 29 (2 points) During November, ABC, Inc. purchased office supplies for cash. The supplies will be used in November. What effect does this purchase transaction have on the accounting equation! Amets increase and stockholders' equity decreases O Auses increase and liabilities increase 18 Assets decrease and liabilities decrease There is no effect on the accounting to count increases while another asset account decres 21 Question 30...
QUESTION5 MULTIPLE CHOICE QUESTIONS This question consists of five (5) multiple-choice questions. Only one option for each question is correct. Indicate the chosen option in your exam script next to the question number in brackets, for example, Question 6 (c). 1 The one underlying assumption for financial statements is: (b) verifiability (c) timeliness (d) going concem (e) understandability 2. Inventory with a cost price of R1 000 was sold for cash R2 100. Which one of the following options illustrates...
QUESTION 2 if a company is considering the purchase of a parcel of land that was acquired by the seller for $85,000, is offered for sale at $150.000, is assessed for tax purposes at 595.000, is recognized by the purchaser as easily being worth $140,000, and is purchased for $137.000, the land should be recorded in the purchaser's books at $140,000 5137,000 O $150,00 O 195.000 5138.500 QUESTION If a company purchases equipment costing 54,500 on credit, the effect on...
QUESTION 9 One effect on the accounting equation when a firm borrows money is that a. stockholders' equity decreases. b. liabilities decrease. c. assets increase. O d. assets decrease.
Question #1 Indicate from the drop down menu which financial statement each of the following accounts would appear on. Equipment Rent Expense Cash Accounts Receivable Supplies Notes Payable Common Stock Accounts Payable Prepaid Rent Dividends Revenue Submit Question 0 of 5 Attempts Used MacBook Ai Question #2 Indicate from the drop down menu whether each of the following accounts would have a debit or credit normal balance. Accounts Payable Common Stock Equipment Prepaid Rent Salary Expense Retained Earnings Supplies Revenue...
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