From the following, which are subdivisions of owner's equity? Subdivision of Owner's Equity? Account a. Vehicles No b. Accounts Receivable No C. J. Penny, Capital Yes d. Advertising Expense Yes e. Accounts Payable No f. Taxi Fees Earned Yes g. J. Penny, Withdrawals Yes h. Computer Equipment No

From the following, which are subdivisions of owner's equity? Subdivision of Owner's Equity? Account a. Vehicles No b. Accounts Receivable No C. J. Penny, Capital Yes d. Advertising Expense Yes e. Accounts Payable No f. Taxi Fees Earned Yes g. J. Penny, Withdrawals Yes h. Computer Equipment No

Name: From the following, which are subdivisions of owner's equity?Subdivis
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Description: From the following, which are subdivisions of owner's equity?Subdivision ofOwner's Equity?AccountNoa. Vehiclesb. Accounts ReceivableNoC.J. Penny, CapitalYesd. Advertising ExpenseYese.Accounts PayableNof.Taxi Fees EarnedYesJ. Penny, WithdrawalsYesh.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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State whether the following are non-current assets, current assets, owner's equity (a) Premises (b) Long-term loans () insurance (d) Dividends received (e) Inventories OCapital n Bank overdrafts non-current liabilities, current liabilities, income or expenses (g) Cash in hand (n) Motor vehicles ) Trade receivables O Trade payables (k) Fixtures and fittings (m) Machineries (n) Franchises
Which of the following account groups does not include a nominal account? a.Prepaid Insurance, Equipment, Fees Earned b.Owner’s Capital, Owner’s Drawing, Fees Earned c.Cash, Prepaid Insurance, Wages Payable d.Rent Revenue, Fees Earned, Miscellaneous Expense
Which of the following is a permanent account? A. dividends distributed B. allowance for doubtful accounts C. internet expense d. sales
atement this account. or Balance Account Name Account Type (*) Is this account part of Retained Earnings? Yes or No Normal Balance You increase with a Debit or Credit Write DEBIT or CREDIT. Financial Statement where you find this account. Write: Income Statement or Balance Sheet Prepaid Maintenance Prepaid Supplies Property Tax Property, plat & Equipment Rent Expense Retained Earnings Sales Sales Allowances Sales Discount Sales Revenue Sales Tax Payable Service Revenue Short Term Debt Telephone Expense Trademarks Travel Treasury Stock Utilities Wages Payable Work in Process Inventory
Which of the following increase when business takes a loan from a bank? O a. Sales O b. Equity O C. Liability O d. Revenue
The account that records expenses, gains and losses is A. Personal account B. Real account C. Nominal account D. None of the above
II. Identification: Identify the following. Write the correct answers on the blanks provided. _is a sum of money received or paid for the use of someone else's money. is the interest earned at the end of the allotted time between the lender and the borrower. 1. 2. 3. _is the interest earned on previously earned interest added to the principal. 4. is used instead of principal. 5. _indicates ownership. 6. is the highest or lowest amount someone is willing to pay for the stocks. 7. _are a portion of the ownership of a company or cooperation. 8. _is the monetary portion of the cooperation's earnings. 9. is a model for determining the price of a stock, based on a future series of dividends that grow at a constant rate. 10. are long-term debt instruments that promise a fixed income in the form of interest.
Which of the following entries properly closes a temporary account? Select one: a. Income Summary XX Cash b. C. Debit Credit Expense Accumulated Depreciation XX Income Summary Income Summary d. e. XX Retained Earnings XX Dividends Debit Credit Debit Credit XX Debit Credit Income Summary XX Revenue XX XX Debit Credit XX XX
On winding up, which debts or amounts must be paid first?Select one:a. Unsecured debts and loansb. Employee wages and entitlementsc. Secured creditors with a floating charge over trading stockd. Secured creditors with a fixed charge over specific property
Warm-up: Elements of Statement of Comprehensive Income Identify the correct classification of each of the accounts listed. Put a check mark (v) in the appropriate column. Owner's Account Asset Liability Revenue Expense Equity Accounts Payable Accrued Interest Income Accumulated Depreciation Allowance for Bad Debts Cash in Bank Depreciation Expense Bad Debts Expense Interest Receivable K. De Pedro, Drawing Mortgage Payable Petty Cash Fund Prepaid Insurance Prepaid Interest Professional Fees Repairs and Maintenance Expense Salaries Payable Service Income SSS Premium Expense Supplied on Hand Supplies Inventory Unearned Interest Income Unexpired Insurance Unused Supplies Utilities Expense Withholding Taxes Payable
Tam attended Brown University during 2017-2021. She lived at home and was claimed by her parents as a dependent during her entire education. She incurred education expenses of $10,000 during college, of which $2,000 was paid for by scholarships. To finance her education, she borrowed $6,000 through a federal student loan program and borrowed another $4,000 from a local lending institution for educational purposes. After graduation, she married and moved with her spouse to a distant city. In 2022, she incurred $600 of interest on the federal loans and $400 on the lending institution loan. She filed a joint return with her spouse showing modified AGI of $138,000. Required: What amount of student loan interest can Tam and her spouse deduct in 2022, if any?