Icome to Facebo...G Google O Favorites 6 ana常用网站المنبر الفاطمي - الأف. . .PromptsSubmitted AnswersCashCurrent AssetsOwner, CapitalChoose a matchPrepaid RentNot appear on the Balance sheetUnearned Consulting revenueO Long-Term InvestmentPatentIntangible AssetsLong-Term Investment in stocksLong-Term LiabilitiesEquipmentEquityWages PayableCurrent LiabilitiesRent ExpensePlant AssetsLand used in operationCurrent AssetsLast saved 11:52

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Description: Icome to Facebo...G Google O Favorites 6 ana常用网站المنبر الفاطمي - الأف. . .PromptsSubmitted AnswersCashCurrent AssetsOwner, CapitalChoose a matchPrepaid RentNot appear on the Balance sheetUnearned Consulting revenueO Long-Term InvestmentPatentIntangi

The given accounts will be classified on the basis of nature of account that is: Asset A/c Accrued /…

Business

Accounting

Prompts Submitted Answers Cash Current Assets Owner, Capital Choose a match Prepaid Rent Not appear on the Balance sheet Unearned Consulting revenue Long-Term Investment Patent Intangible Assets Long-Term Investment in stocks Long-Term Liabilities Equipment Equity Wages Payable Current Liabilities Rent Expense Plant Assets Land used in operation Current Assets

Prompts Submitted Answers Cash Current Assets Owner, Capital Choose a match Prepaid Rent Not appear on the Balance sheet Unearned Consulting revenue Long-Term Investment Patent Intangible Assets Long-Term Investment in stocks Long-Term Liabilities Equipment Equity Wages Payable Current Liabilities Rent Expense Plant Assets Land used in operation Current Assets

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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Classifying balance sheet accounts For each account listed, identify the category in which it would appear on a classified balance sheet. a. Office Supplies b. Interest Payable c. Retained Earnings d. Copyrights e. Land f. Accumulated Depreciation—Furniture g. Land (held for long-term investment purposes) h. Unearned Revenue i. Notes Payable (due in six years)
Which of the following are classed as fixed assets? Hisham I. Debtors II. Plant and machinery II. Cash in bank IV. Buildings (owned by the company and not leased) (ii) and (iii) are fixed assets (i) and (ii) are fixed assets O All of them are classed as fixed assets O None of then are classed as fixed assets (ii) and (iv) are fixed assets Activate Wind Gata Sertion to Page 19 of 20 Previous Page Next Page 36°C 如 )圈近

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In which ways is the balance sheet impacted when by creating and depreciating assets? A) Assets decrease as the cash balance decreases when cash is spent on Capex B) Assets increase when capex is added to the fixed asset balance C) Equity decreases through retained earnings balance as depreciation is expensed in the P&L D) Assets decrease when the fixed asset balance as depreciation reduces the balance O A only O B only O Conly OD only O A, B, and D only OB and D only O All of the above
Identify the letter for the principle or assumption from A through F in the blank space next to each numberedsituation that it best explains or justifies.A. General accounting principleB. Measurement (cost) principleC. Business entity assumptionD. Revenue recognition principleE. Expense recognition (matching) principleF. Going-concern assumption If $51,000 cash is paid to buy land, the land is reported on the buyer’s balance sheet at $51,000.
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Assets Current assets Cash and cash equivalents Accounts receivable, net Supplies Other current assets Total current assets Property and equipment Accumulated depreciation Net property and equipment Goodwill Deferred charges Other Total assets Liabilities and equity Current liabilities Accounts payable Accrued liabilities Current maturities of long-term debt Total current liabilities Operating lease liabilities non-current Long-term debt Other non-current liabilities Total liabilities Total liabilities Common stock Cummulative dividends Retained earnings Other Total equity Total liabilities and equities Revenue, net Operating charges Salaries, wages, and benefits Other operating expenses Supplies expense Depreciation and amortization Lease and rental expense Total operating charges Income from operations Interest expense, net Other (income) expense, net Income before income taxes Provision for income taxes Net income $61,268 1,560,847 Cost of debt (%) Cost of equity (%) Weighted…
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Brief Exercise 5-6 At year-end, the perpetual inventory records of Larkspur, Inc. showed merchandise inventory of $106,420, The company determined, however, that its actual inventory on hand was $101,240. Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and en amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO TUTORIAL
based on the balance sheet given calculate the owner equity ratio
Accounts payable Accounts receivable HE Accumulated depreciation, building Accumulated depreciation, equipment Building Cash Dividends Equipment X Interest earned X Interest expense Investment in bonds Land improvements Long-term notes payable X Property taxes expense Property taxes payable Retained earings Share capital Short-term notes payable Totals Datu 30 Jun Income Summary Retainod Earnings Debit Credit 2,780 correct closing entry error 19″C Sunny 11,400 3,320 3,520 1,540 800 3,360 4,620 7,330 7,410 370 360 5,700 b) What entry is required to fix the error? Enter the date in the format dd/mmm (ie. 15/Jan). General Joumal Account/Explanation Page GJ8 7,070 7,180 6,760 6,440 6,640 43,300 43,300 F Debit Credit c) Calculate the correct post-closing retained earnings balance on June 30, 2014. Retained earnings balance: E
Net sales Cost of goods sold Gross profit Expenses: Operating expenses Depreciation expense Loss on sale of land. Interest expense VIRTUAL GAMING SYSTEMS Income Statements For the Years Ended December 31 Income tax expense Total expenses Net income. Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investment in bonds Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable 2025 $3,495,000 2,477,000 1,018,000 952,000 27,000 Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity 16,500 7,700 1,003, 200 14,800 2024 $3,021,000 1,947,000 1,074,000 VIRTUAL GAMING SYSTEMS Balance Sheets December 31 855,000 25,500 7,700 13,500 46,500 948,200 125,800 2025 $199,500 73,500 123,500 13,700 102,000 297,000 297,000 (91,500) $1,014,700 $213,600 8,100 11,700 370,000 297,000…