Change from straight-line to sum-of-the-years'-digits method of depreciation. d) $222,900. copyright 2003-2023 Homework.Study.com. (1) A one-year bank loan of $720,000 at an annual interest rate of 6% had been obtained on December 1. Which of the following is a typical example of a current liability? a. b. needed to bring accounts up to date and match revenue and expense Following the scary situation, the Blink-182 member chose to not fly again and traveled only by car, boat and train. b) Crediting Wage Expense for $640 and debiting Wages Payable for $640. d) Expenses. d) Prepaid expenses are shown in a special section of the income statement. a) Assets of Perfect Painting are overstated at December 31, 2018. Marriage and Family Therapy Certificate is required if applicant does not possess a PPS . What are the variables of interest? Chan, Which of the following transactions changes only the mix of assets and does not affect liabilities or stockholders' equity? b) Prepaid expenses represent assets. a. debit Unearned Gym Memberships; credit Gym Memberships Revenue A. d) $900 is paid to an attorney for legal services rendered during the current year. d) To be determined for all assets owned by a company. (4) Depreciation of office equipment is based on an estimated useful life of five years. On page 14 of The Call of the Wild, what's meant by the phrase "The _____ is defined as to lose or give up hope that things will 15. 2. However, the following adjustments are necessary: office supplies used, $3,160; services performed for clients but not yet recorded or collected, $3,040; interest accrued on a note payable to bank, $3,640. 1) The concept of materiality: Farad, Inc., specializes in selling used trucks. c) The entry to declare a dividend distribution. Listing current liabilities in order of maturity. INTRODUCTION. B. b. asset, contra liability A. Contract level IICA-2. Indicate also the type of financial statement. A. Updating liability and asset accounts to their proper balances. c) Daystar Company is paid on May 25 for work done in the first two weeks of May. c. the IRR. Which of the following is not a characteristic of the accrual basis of accounting? Rent expense amount b. Hillman Reports Fourth Quarter 2022 Results; Provides 2023 Guidance d. market value. Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay amounting to $6,800. b. earned but the cash has not been received Payables a. MARH22.docx - Question 1 Which of the following are considered the b. debit Gym Memberships Revenue; credit Unearned Gym Memberships (a) Net income of the company (b) Balance in accumulated depreciation (c) Asset's fair value (d) Cost of inventory produced by equipment (e) Asset's his, Which balance sheet category reflects claims held by creditors against a company's economic resources? The accrual of an electricity bill for electricity used but not yet paid b. a. records revenues when they are earned and expenses when they are paid C) Adjusting entries are recorded to make adjustments to all general ledger and subsidiary-ledger accounts to reflect the true & correct value at the end of the fiscal reporting period. exam ch11 Flashcards | Quizlet . c. Revenue minus expenses. Answered: Which of the following is most likely | bartleby a) $1,800 is paid in January for a two-year fire insurance policy. Adjusting entries are necessary for the following items: A: Accrued revenues are those which have been accrued but not yet paid. Accounting - Chapter 4 Flashcards | Quizlet What category does capital belong to? What is considered an adjustment to income? Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, Which of the following statements is true concerning all types of tax-free corporate reorganizations? c) It increases, Unearned revenue is what type of an account? A) Deferred credits B) Constructive obligations C) Equitable obligations D) Contingent liabilities, Which of the following doesn't correctly describe a journal entry which debits depreciation expense and credits accumulated depreciation? ANSWER Correct Option is Option B. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year. If $400 of supplies are on hand at the end of the year, the supplies expense to be reported on the income statement for the year is (b) Asset impa, Which of the following is considered in computing depreciation expense using the straight-line method? '34_ Which of the following is not considered a basic type of adjusting Depreciation Expense. D) trend smoothing. Employees earn a total of $12,800 per week. e. Increase an expense; d, Which basic element of financial statements arises from peripheral or incidental transactions? CPA wishes to use a representation letter as a substitute for performing other audit procedures. Which of the following frictional force is self adjusting? Give Mr. Brown a tactful collection call. Adjustments include: Medical Savings Account, Form 8853 Educator Expenses Become a Study.com member to unlock this answer! Cash, contributed capital, and retained earnings. Which of the following is an example of accrued revenue? D) Whenever transactions affect the revenue or expenses of more than one. = 15 ? c. accrual basis of accounting supports the matching concept 2.4 - Life Insurance Policy Options and Riders, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, Principles of Managerial Finance, Global Edition, 1st Semester Final Review- Principles of Busi. Select the correct answer: The entry to record depletion expense A) decreases assets and liabilities. e. None of these. (3) On December 1, rent on the office building had been paid for three months. b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. c. the cash account Job categories Finance. b) At the end of January, Empire Company pays the custodian for January office cleaning services. c. debit Salary Expense, $12,000; credit Salaries Payable, $12,000 a) Debit Interest Expense $6,300. c) The entry to declare a dividend distribution. A) Expenses are outflows or other using up of assets or incurrence of liabilities (or a combination of both) during a period from delivering or produci, Which of the following types of accounts normally have debit balances? Note that the product can be found mentally, without the use of a calculator or pencil-and-paper calculations. a. assets, liabilities, owner's equity b. assets, drawing, expenses c. assets, revenues, expenses d. assets, liabilities, revenues, Which of the following statements is true? Asset, Liability c. Liability, Liability d. Asset, Asset, Which of the following statements is true concerning all types of tax-free corporate reorganizations? c. debit Prepaid Insurance, $11,000; credit Insurance Expense, $11,000 Current liabilities c. Investments d. Long-term liabilities e. Property, plant, and equipment f. Which of the following is a section of the income statement? Which of the following is not considered a basic type of adjusting c. book value Where are the highest populations in Europe? As of January 31, Princess Company owes $500 to Butler Co. for equipment rented during January. c) Debit Accrued Interest Payable $6,300. b) $36,000. The accrual of an electricity bill for electricity used but not yet paid b. Asset b. c. used theater tickets sold for next month's performance. This tool is intended to be used as a guide only. c. revenue Limitation on Overall Itemized Deductions Years before 2018 and after 2025: For years before 2018 and after 2025, the overall limitation on itemized deductions is an adjustment for AMT. B. b. Do you think the materiality guidelines should be quantified? -Supplies used in March: $100. The company's monthly rent is $700. Liability, Asset b. Debit Interest Expense $250. The account was debited for $32,500 for premiums on policies purchased during the year. b) To apportion unearned revenue. answer choices Debit unearned revenue; credit revenue Debit insurance expense; credit pre-paid insurance Debit cash; credit unearned revenue Debit wages expense; credit wages payable Question 6 120 seconds Q. (More) Assets = liabilities + stockholders' equity c. Assets = liabilities d. Assets = liabilities + retained earnings, Which of the following is not a change in accounting estimate? Depreciation expense- Accumulated Depreciation describes which of the following adjusted journal entry? b) Debit Interest Expense $2,100 and debit Accrued Interest Payable $4,200. No support bed leveling aid. Then, identify whether the item increases, '+', or decr, An unearned revenue account is usually considered to be a(n) A) Liability B) Asset C) Revenue D) Expense. c. Unearned Subscriptions d) The entry to pay outstanding bills. Which ONE of the following items is NOT a type of stockholders' equity? At the end of the period, it was determined that $15,000 worth of coupons had been used by customers to rent videos. a. b) Liabilities The adjustment for accrued fees of $16,340 was journalized as a debit to Accounts Payable for $16,430 and a credit to Fees Earned of $16,340. b. revenue and the dividends account 1.1 Background of the Study. b. deferred b. debit Prepaid Rent, $24,000; credit Rent Expense, $8,000 Since December 31 fell on Tuesday, there was a liability to employees at December 31 for two day's pay. A) Marketable Securities B) Equipment C) Prepaid Expenses D) Interest Receivable, Which of the following is a correct statement regarding the use of the modified approach for accounting for eligible infrastructure assets? Sketch the graph of D(v)D(v)D(v). a) Asset b) Liability c) Expense d) Owners' equity, Which of the following is the accounting equation? c. debit Accumulated Depreciation; credit Depreciation Expense. Identify at least two of these examples. A GPA adjustment may occur under one of the following conditions: How to Calculate Your . 20/3 Proof of Bachelor's Degree in Counseling, Psychology, or related field. b. Unearned Revenue A) Equity. d) Debit Interest Expense $2,100 and credit Accrued Interest Payable $4,200. NOCCCD will not sponsor any visa applications. Use the following account types to form the expanded accounting equation. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. The lease requires monthly rent of $550, with 4 months paid in advance. Of the respondents, those who paid really high or really low prices for the ring were excluded, leaving a sample size of 33 respondents. Depreciation on eligible infrastructure assets need not be recorded if the assets are being maintained at or abo, According to SFAC No. b. deferral c. Decrease a liability; increase revenue. d) A liability. a) Assets = Equities. All rights reserved. a) In April, Daystar Company received payment from a customer for services that are performed in May. Prepaid expenses are: Assets Accumulated Depreciation is: The depreciation expense recorded on an asset to date. A. D. An entry to convert an asset to a liability. If no adjustment is made for this item at January 31, how will Princess's financial statements be affected? the amount on hand. 1) The accountant for Perfect Painting forgot the following two adjustments at the end of 2018: - Total assets decrease. b. asset Therefore, the credit to Supplies in the adjusting entry is for the amount of supplies a. depreciation expense for each major class of asset b. balances of major classes of depreciable assets, by nature or function c. accumulated depreciation on, Which of the following is not acceptable treatment for the presentation of current liabilities? a. Expenses increase stockholders' equity. a. debit Insurance Expense, $1,800; credit Prepaid Insurance, $1,800 $3,900 d) $34,240. Billing Flashcards | Quizlet d. $1,400, Accumulated Depreciation and Depreciation Expense are classified, respectively, as c) Debit Unearned Rental Revenue $5,000 and credit Rental Revenue $5,000. (Provide paragraph citations.) D) a) $44,200. Which of the following is not considered an epidermal Once a patient's account is in the hands of a_____agency, most offices will terminate the physician-patient relationship. d) On January 1, Empire Company purchased delivery equipment with an estimated useful life of five years. Inform Mr. Brown that his account will go to a collection agency if it remains unpaid by the 25th. A large corporation is one having $1 million or more taxable income during any of its 3 preceding tax years. $3,600 When recording this mortgage payment, the accountant should: Write offs. - bills for ads that appeared in prior month's local newspaper, - premium paid on a one-year insurance policy. Why It Matters; 3.1 Describe Principles, Assumptions, and Concepts of Accounting and Their Relationship to Financial Statements; 3.2 Define and Describe the Expanded Accounting Equation and Its Relationship to Analyzing Transactions; 3.3 Define and Describe the Initial Steps in the Accounting Cycle; 3.4 Analyze Business Transactions Using the Accounting Equation and Show the Impact of Business . c) Revenue accounts and expense accounts should not appear on the adjusted trial balance. c) An entry to convert an asset to an expense. d. Unearned Rent, Which of the following accounts would likely be included in a deferral adjusting entry? Send Mr. Brown a friendly written reminder. Revenues b. Adjusting entries are needed: A. d) Net income will be overstated and total assets will be overstated. C) An entry to convert. Assets and Liabilities B. Project Topic Details (b) The entry to record revenue earned but not yet received. E) running sum of forecast errors (RFSE). Assets = Liabilities + Common Stock + Dividends - Revenue - Expenses b. c. accrual basis a. debit Supplies Expense; credit Supplies Office Furniture Owner withdrawals Unearned Revenu. 31,2017$105,000. d) Daystar Company receives payment in May for work to be performed in June and July. a. cash basis c. debit Salaries Payable; credit Salaries Expense d. snow removal services that have been provided and paid on the same day, Which of the following is considered to be an accrued expense? Identify where the following item would be reported in the financial statements. d) As an expense on the income statement. Is the gift you purchased for that special someone really appreciated? a. snow removal services that have been paid for three months in advance (2) The company's pays all employees up to date each Friday. The balance in the Office Equipment account is $12,360; no change has occurred in the account during the year.
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