Need general account solution If total liabilities increased by $10,000 and the assets increased by$10,000 during the accounting period, what is the change in the owner'sequity amount?A. No effect on owner's equityB. Decrease of $10,000C. Increase of $20,000D. Decrease of $40,000

Step 1: the Accounting EquationThe basic accounting equation is: Assets=Liabilities+Owner's Equity…

Answered: If total liabilities increased by…

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter16: Statement Of Cash Flows: Another Look

Section: Chapter Questions

Problem 18P

See similar textbooks

Similar questions

8. If total liabilities decreased by RM66,000 and owner's equity increased by RM90,000, what is the amount and direction (increase or decrease) of total assets’ change during the period? Select one: A. RM156,000; decrease B. RM24,000; increase C. RM24,000; decrease D. RM156,000; increase
If total liabilities decreased by $24,172 during a period of time and owner's equity increased by $31,776 during the same period, the amount and direction (increase or decrease) of the period's change in total assets would be a Oa. $7,604 decrease Ob. $24,172 increase Oc. $24,172 decrease Od. $7.604 increase
Net Income Interest (Loss) $ 185, 000 179, 600 157, 250 188, 100 Expense $ 59,200 80, 820 Income Taxes a. $ 46, 250 b. 64, 656 66,045 90, 288 C. 44, 030 11, 286 d. Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due? Complete this question by entering your answers In the tabs below. Times Interest Interest Earned Ratio Coverage Compute times interest earned. Times Interest Earned Ratio Company Choose Numerator: Choose Denominator: Ratio %3D %3D times times times !! times !! Interest Coverage >
TB MC Qu. 11-92 (Static) Consider the following items: (a) Decrease in... Consider the following items: (a) Decrease in accounts receivable (b) Issuance of common stock (c) Increase in interest receivable d) Purchase of land (e) Decrease in accounts payable f) Gain on the sale of equipment g) Depreciation expense h) Payment of dividends i) Decrease in utilities payable j) Increase in inventory How many of these items would be added to net income when using the indirect method to prepare the operating activities section of the statement of cash flows? Multiple Choice O 2 O 4 O 1 O 3
Changes in various accounts and gains and losses on the sale of assets during the year for Argon Companyare given below:Item AmountAccounts receivable ............................... $90,000 decreaseAccrued interest receivable ................... $4,000 increaseInventory ................................................ $120,000 increasePrepaid expenses .................................. $3,000 decreaseAccounts payable ................................... $65,000 decreaseAccrued liabilities ................................... $8,000 increaseDeferred income taxes payable ............. $12,000 increaseSale of equipment .................................. $7,000 gainSale of long-term investments ............... $10,000 lossRequired:Prepare an answer sheet using the following column headings:Item Amount Add DeductFor each item, place an X in the Add or Deduct column to indicate whether the dollar amount should beadded to or deducted from net income under the indirect method when computing the…
Net Income Interest (Loss) $ 185, 000 179, 600 157, 250 188, 100 Expense $ 59, 200 Income Taxes $ 46, 250 64,656 66, 045 90, 288 a. b. 80, 820 44,030 11, 286 c. d. Compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due? Complete this question by entering your answers In the tabs below. Times Interest Interest Earned Ratio Coverage Which company indicates the strongest ability to pay interest expense as it comes due? Which company indicates the strongest ability to pay interest expense as it comes due? < Times Interest Earned Ratio
ROA (return on assets) is measured by Earning before interest & tax / Average total assets Assume ROA is less than 100% and that the cash balance remains positive. State the effect the following event occurring on the reporting date would have on this ratio. EVENT: An upwards revaluation of land Decrease
Compute the annual dollar changes and percent changes for each of the following accounts. Current Yr Prior Yr Short-term investments . $374,634 $234,000 Accounts receivable 97,364 101,000 Notes payable 0 88,000
19. Using the following information, calculate the return on assets. Net income for November Total assets, November 1 5,000 76,000 Total assets, November 30 80,250 ... Identify the formula and then solve for return on assets (ROA). (Round the ROA to the nearest tenth percent, X.X%.) ÷ ROA %
Calculate Return on Total Assets each year separately.
If total equity decreased by RO10,00oo, then, to balance the accounting equation Select one a. Equity must have decreased by R0.10,000. O b Liabilities must have decreased by R.O.10,000. c. Assets must have decreased by R.O.10,000 O d. Assets must have increased by R.O.10,000.
A return on assets of 5.15% means that a company is earning: O a. a $5.15 return on every $100 of assets minus liabilities. O b. a $5.15 return on every $100 of total assets. O c. a $5.15 return on every $100 of current assets. O d. a $5.15 return on every $100 invested in long-term assets.

SEE MORE QUESTIONS

Recommended textbooks for you

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

Financial Accounting Intro Concepts Meth/Uses

Finance

ISBN:

9781285595047

Author:

Weil

Publisher:

Cengage

SEE MORE TEXTBOOKS

If total liabilities increased by $10,000 and the assets increased by $10,000 during the accounting period, what is the change in the owner's equity amount? A. No effect on owner's equity B. Decrease of $10,000 C. Increase of $20,000 D. Decrease of $40,000