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Accounting Expert Answers & Study Resources : Page 333

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34) State whether the following accounts are assets, liabilities or owner's equity. a)________Equipment b)________Capital c)________Supplies d)________Accounts payable e)________Accounts receivable f)________Wages payable g)________Cash 35) State whether the following accounts would appear on an income statement, balance sheet, or statement of owner's equity. a)________Equipment b)________Owner's withdrawals c)________Utilities expense d)________Accounts payable e)________Accounts receivable f)________Service revenue g)________Cash h)________Beginning owner's equity Accounts receivable$ 9,000 Accounts payable4,200 Service revenue25,550 Land4,000 Rent expense4,500 Note payable3,800 Supplies900 Brad Thomas, Capital, Jan. 1,.

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  • 34) State whether the following accounts assets, liabilities or owner's
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  Objective 1-1 1) Financial statements provide information about business activities to decision makers. 2) Investors provide money to a business to begin operations. 3) Not-for-profit organizations need accounting information, as do profit-oriented organizations. 4) The designation CA stands for Certified Public Accountant. 5) Which of the following users of accounting information seek to assess the.

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  •   Objective 1-1 1) Financial statements provide information about business activities to
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  Matching Source Documents A) bank reconciliation B) purchase order C) bank cheque D) packing slip E) deposit slip 40) a company places an order with a vendor to purchase inventory 41) an order of materials is received from a vendor  via a delivery truck 42) the company accountant deposits the cash and cheques received at the bank 43) paid.

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  •   Matching Source Documents A) bank reconciliation B) purchase order C) bank cheque D) packing
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41) Purchasing a building for $150,000 by paying cash of $30,000 and obtaining a mortgage for $120,000 would: A) increase assets and liabilities by $150,000. B) increase liabilities by $120,000. C) increase liabilities by $30,000. D) decrease assets and liabilities by $120,000. 42) Receiving cash from a customer in payment of an account receivable would: A).

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  • 41) Purchasing a building for $150,000 by paying cash of
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Table 1-2   Following is a list showing the account balances of various assets, liabilities, revenues, and expenses for Tim's Landscaping at December 31, 2014, the end of its first year of operations. Accounts receivable $30,000 Accounts payable 7,000 Salary expense 9,000 Repairs expense 1,600 Truck 17,000 Equipment 12,600 Notes payable 16,400 Cash 13,600 Supplies expense 3,200 Service revenue 25,600 Gasoline expense 1,600 Salary payable 4,400 The owner, Tim Brown, invested $45,200 during the year and withdrew.

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  • Table 1-2   Following a list showing the account balances of various
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31) The entry to record the receipt of $650 on account for services previously rendered and billed would be: A) Accounts Receivable 650         Service Revenue 650 B) Service Revenue 650         Accounts Receivable 650 C) Cash 650         Accounts Receivable 650 D) Cash 650         Accounts Payable 650 32) Which of the following journal entries most accurately records an owner investing building and land into a.

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  • 31) The entry to record the receipt of $650 account
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11) Liabilities are: A) insider claims to the business's assets. B) outsider claims to the business's assets. C) economic resources of a business. D) increases in owner's equity earned by delivering goods or services. 12) Owner's equity is an: A) insider claim to the business's assets. B) outsider claim to the business's assets. C) obligation to pay cash.

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  • 11) Liabilities are: A) insider claims to the business's assets. B) outsider
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Table 1-2   Following is a list showing the account balances of various assets, liabilities, revenues and expenses for Tim's Landscaping at December 31, 2014, the end of its first year of operations. Accounts receivable $30,000 Accounts payable 7,000 Salary expense 9,000 Repairs expense 1,600 Truck 17,000 Equipment 12,600 Notes payable 16,400 Cash 13,600 Supplies expense 3,200 Service revenue 25,600 Gasoline expense 1,600 Salary payable 4,400 The owner, Tim Brown, invested $45,200 during the year and withdrew.

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  • Table 1-2   Following a list showing the account balances of various
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For the items listed below, choose the appropriate code letter to indicate whether the item is an asset, liability, owner's equity, revenue, expense or withdrawal item: AssetA LiabilityL Owner's EquityOE RevenueR ExpenseE WithdrawalW 19) Accounts receivable 20) Service revenue 21) Salary expense 22) Accounts payable 23) Office supplies 24) Cash 25) Note payable 26) Tim Brown, Capital 27) Building 28) Tim Brown, withdrawals 29) Land 30) Truck.

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  • For the items listed below, choose the appropriate code letter
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Objective 1-4 1) An organization, for accounting purposes, stands apart from other organizations and individuals as a separate accounting entity. 2) The reliability characteristic means that accounting information is free from error and bias, i.e., objective. 3) The going-concern assumption states an entity will remain in operation for only the next accounting period. 4).

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  • Objective 1-4 1) An organization, for accounting purposes, stands apart from
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21) If total liabilities are $98,000 and owner's equity is $150,000, total assets would be: A) $52,000. B) $248,000. C) $98,000. D) $300,000. 22) If owner's equity is $200,000 and total assets are $325,000, total liabilities would be: A) $200,000. B) $525,000. C) $125,000. D) $325,000. 23) Earning revenue on account: A) decreases assets. B) increases liabilities. C) decreases owner's equity. D) increases owner's.

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  • 21) If total liabilities $98,000 and owner's equity $150,000, total
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49) Prepare journal entries in good form for the following transactions. a)Owner, Mira Addington invested equipment valued at $4,500 and cash of $7,000 into the business. b)Purchased office supplies for cash, $550. c)Paid $700 for current month's rent of office space. d)Billed a client $2,000 for services rendered. e)Owner, Mira Addington withdrew $1,600 for personal.

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  • 49) Prepare journal entries in good form for the following
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47) State the account to be debited and the account to be credited for the following transactions. Choose from the following list of accounts: cash, accounts receivable, supplies, equipment, land, accounts payable, note payable, capital, withdrawals, service revenue, utilities expense, and salary expense. a) Purchased equipment for cash. b) Performed services for.

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  • 47) State the account to be debited and the account
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11) Assets are reported on the: A) income statement. B) income statement and balance sheet. C) statement of owner's equity. D) balance sheet. 12) Liabilities are reported on the: A) statement of owner's equity. B) income statement. C) statement of owner's equity and the income statement. D) balance sheet. 13) Cash investments by the owner are reported on the: A) balance.

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  • 11) Assets reported the: A) income statement. B) income statement and balance
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81) Provide the accounting equation. Net income for the current period$55,000 Ending owner's equity85,000 Beginning owner's equity49,000 Owner withdrawals19,000 Revenue for the current period96,000 83) Determine the expenses for the current period based on the following data: Net income for the current period$15,000 Ending owner's equity45,000 Beginning owner's equity40,000 Owner withdrawals10,000 Revenue for the current period90,000 84) Selected transactions for Sarah's Kitchen.

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  • 81) Provide the accounting equation. Net income for the current period$55,000 Ending
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31) Borrowing money from a bank would: A) have no effect on owner's equity. B) decrease assets. C) decrease liabilities. D) increase revenues. 32) Earning a revenue and immediately collecting the related cash would: A) decrease total assets. B) have no effect on owner's equity. C) have no effect on total assets. D) increase owner's equity. 33) Earning a revenue.

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  • 31) Borrowing money from a bank would: A) have no effect
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37) On January 1, 2014, Brad Thomas invested $30,000 in Thomas Repairs. During 2014, Brad withdrew $17,000 for personal use. Thomas Repairs reports the following balances on December 31, 2014: Accounts receivable$ 9,000 Accounts payable4,200 Service revenue25,550 Land4,000 Rent expense4,500 Note payable3,800 Supplies900 Brad Thomas, Capital, Jan. 1, 20140 Salary expense9,650 Cash18,500 Brad Thomas, Withdrawals17,000 Prepare a balance sheet dated December 31,.

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  • 37) On January 1, 2014, Brad Thomas invested $30,000 in
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9) Why is it in the interest of a corporation for management to behave ethically? 10) The members of all four professional accounting organizations in Canada are all governed by rules of professional conduct created by their respective organizations. Describe two of the rules of professional conduct presented in the text.

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  • 9) Why it in the interest of a corporation for
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