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Question 5 The only inventory method that calculates the actual cost of each ending inventory item...
Adam James and Jane Smith are partners. The entry to distribute a net loss to both...
Adam James and Jane Smith are partners. The entry to distribute a net loss to both partners is A. debit, Adam James, Drawing; debit, Jane Smith, Drawing; credit, Income Summary. B. debit, Income Summary; credit, Adam James, Capital; credit, Jane Smith, Capital. C. debit, Adam James, Capital; debit, Jane Smith, Capital; credit, Income Summary. D. debit, Income Summary; credit, Adam James, Drawing; credit, Jane Smith, Drawing.
Question 1: Who is required to follow GAAP? Question 2: Who creates the rules for GAAP?...
Question 1: Who is required to follow GAAP? Question 2: Who creates the rules for GAAP? Question 3: What is the purpose of GAAP? Questions 4-6: Show how the following transactions would affect the Accounting Equation Question 4: James purchases a $5,000 piece of equipment. Question 5: James writes his monthly check for rent: $3,000. Question 6: James takes out a $25,000 loan with his bank. Questions 7-9: Create journal entries to record the following transactions Question 7: James purchases...
QUESTION 46 Lauren and Elizabeth are partners. Lauren has a capital balance of $125,000 and Elizabeth...
QUESTION 46 Lauren and Elizabeth are partners. Lauren has a capital balance of $125,000 and Elizabeth has a capital balance of $110,000. Harry invested $100,000 to acquire an ownership Interest of 30%. The journal entry to record the receipt of Harry's contribution will decrease Harry, Capital Increase Elizabeth, Capital decrease Lauren, Capital decrease Cash QUESTION 47 On November 1, 2018, Uno, Ino, declared a dividend of $4.50 per share. Uno, Inc. has 23,000 shares of common stock outstanding and no...
Question 22 (2 points) Brandon Corporation sold 10,000 shares of $5 par value common stock at...
Question 22 (2 points) Brandon Corporation sold 10,000 shares of $5 par value common stock at $7 per share. The journal entry to record this transaction is debit Common Stock $50,000; debit Paid-in Capital in Excess of Par-Common $20,000; credit Cash $70,000. debit Cash $70,000; credit Common Stock $50,000; credit Paid-in Capital in Excess of Par-Common $20,000. debit Cash $70,000; credit Common Stock $70,000. debit Common Stock $70,000; credit Cash $70,000. Question 23 (2 points) Saved
BARCELONA INC. Comparative Balance Sheets June 30, 2019 and 2018 2019 2018 Assets Cash $ 86,300...
BARCELONA INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
86,300
$
41,700
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,000
6,300
Total current assets
235,300
201,000
Equipment
153,000
142,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
349,300
$
330,000
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
19,000
Income taxes payable
3,600
4,000
Total current liabilities
41,600
59,000
Notes payable (long term)
38,000
75,000
Total...
Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,0...
Following are the adjustment data for Bruno Company: a-b. Merchandise inventory (ending), $1,045. c. Professional fees earned, $32,100. d. Supplies inventory (on hand), $1,415. e. Insurance expired, $750. f. Depreciation of office equipment, $300. g. Wages accrued, $630. Record these data in the Adjustments column of the following work sheet. If an amount is zero, enter "0". Bruno Company Worksheet TRIAL BALANCE ADJUSTMENTS ACCOUNT NAME DEBIT CREDIT DEBIT CREDIT Cash 32,725 Accounts Receivable 960 Merchandise Inventory 1,250 Supplies 1,525 Prepaid...
Capital tech inc stared 2017 with inventory of: Capital Tectroluyios inc. Leyar 2017 with inventory of...
Capital tech inc stared 2017 with inventory of:
Capital Tectroluyios inc. Leyar 2017 with inventory of $10,0CC. During the year. Capia purchased inventory cueling $100,000 and so good for $175,000, with al transactions on account. Capital ended the year with immertory of $38.000. Joumalize all the necessary transactions under the parede Inventory system. Requirement 1. Joumalze al the necessary transactions under the periodo inventory system. (Record debits first, then credits. Explanations are not required) Frs journaia ha rwantory purch Joumal...
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 5 Dividends normally carry a balance and are shown in the a. None of the...
QUESTION 5 Dividends normally carry a balance and are shown in the a. None of the answers given are correct b. Debit: Balance sheet Debit; Income statement O d. Credit: Balance sheet c e Debit: Statement of stockholders' equity QUESTION 6 YaHo, Inc. noted the following transactions which occurred in July July 1 Received a $600 cash payment from a customer for services provided in June on account. July 6 Provided $1,900 worth of services to a customer on account...
QUESTION 27 When the market value of inventory items has declined below their cost, which method...
QUESTION 27 When the market value of inventory items has declined below their cost, which method would be the most appropriate in complying with GAAP 1. retail 2. lower of cost or market 3.LIFO 4. FIFO QUESTION 28 The effect of recording depreciation for the year is a(n) 1. decrease in net income and no change in assets. 2. increase in assets and an increase in net income. 3. decrease in assets but no change in owners' equity. 4. decrease...
QUESTION 46 Lauren and Elizabeth are partners. Lauren has a capital balance of $125,000 and Elizabeth has a capital balance of $110,000. Harry invested $100,000 to acquire an ownership Interest of 30%. The journal entry to record the receipt of Harry's contribution will decrease Harry, Capital Increase Elizabeth, Capital decrease Lauren, Capital decrease Cash QUESTION 47 On November 1, 2018, Uno, Ino, declared a dividend of $4.50 per share. Uno, Inc. has 23,000 shares of common stock outstanding and no...
Question 22 (2 points) Brandon Corporation sold 10,000 shares of $5 par value common stock at $7 per share. The journal entry to record this transaction is debit Common Stock $50,000; debit Paid-in Capital in Excess of Par-Common $20,000; credit Cash $70,000. debit Cash $70,000; credit Common Stock $50,000; credit Paid-in Capital in Excess of Par-Common $20,000. debit Cash $70,000; credit Common Stock $70,000. debit Common Stock $70,000; credit Cash $70,000. Question 23 (2 points) Saved
BARCELONA INC.
Comparative Balance Sheets
June 30, 2019 and 2018
2019
2018
Assets
Cash
$
86,300
$
41,700
Accounts receivable, net
78,000
61,000
Inventory
66,000
92,000
Prepaid expenses
5,000
6,300
Total current assets
235,300
201,000
Equipment
153,000
142,000
Accum. depreciation—Equipment
(39,000
)
(13,000
)
Total assets
$
349,300
$
330,000
Liabilities and Equity
Accounts payable
$
30,000
$
36,000
Wages payable
8,000
19,000
Income taxes payable
3,600
4,000
Total current liabilities
41,600
59,000
Notes payable (long term)
38,000
75,000
Total...
Capital tech inc stared 2017 with inventory of:
Capital Tectroluyios inc. Leyar 2017 with inventory of $10,0CC. During the year. Capia purchased inventory cueling $100,000 and so good for $175,000, with al transactions on account. Capital ended the year with immertory of $38.000. Joumalize all the necessary transactions under the parede Inventory system. Requirement 1. Joumalze al the necessary transactions under the periodo inventory system. (Record debits first, then credits. Explanations are not required) Frs journaia ha rwantory purch Joumal...
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 5 Dividends normally carry a balance and are shown in the a. None of the answers given are correct b. Debit: Balance sheet Debit; Income statement O d. Credit: Balance sheet c e Debit: Statement of stockholders' equity QUESTION 6 YaHo, Inc. noted the following transactions which occurred in July July 1 Received a $600 cash payment from a customer for services provided in June on account. July 6 Provided $1,900 worth of services to a customer on account...
QUESTION 27 When the market value of inventory items has declined below their cost, which method would be the most appropriate in complying with GAAP 1. retail 2. lower of cost or market 3.LIFO 4. FIFO QUESTION 28 The effect of recording depreciation for the year is a(n) 1. decrease in net income and no change in assets. 2. increase in assets and an increase in net income. 3. decrease in assets but no change in owners' equity. 4. decrease...
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