Question:In each case, indicate the appropriate balance sheet amount ofthe asset under generally accepted accounting principles. Ifthe amount assigned by the company is incorrect, brieflyexplain the accounting principles that have been violated. If theamount is correct, identity the accounting principles thatjustify this amount. Compute the missing amounts in thefollowing table:Assets Liabilities + Owners' Equity$635,000 $342,000?$562,500$307,500??$610,000$87,200

Answered: Question: In each case, indicate the…

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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Matching Type A. Intangible Assets B. Contra asset C. Allowance for doubtful Accounts D. Current liabilities E. Unearned Revenues F. Accumulated Depreciation G. Permanent Accounts H. Report Form I. Prepaid expenses J. Account Form Required: From the list of terms above, select the one that relates to each of the following statements: 1. The balance in this account is deducted from the cost of the related asset- equipment or buildings-to obtain book value. 2. It expects to settle the liability in its normal operating cycle. 3. A form of the SFP that shows asset accounts first and then liabilities and owner's equity accounts after. 4. Are those accounts that are presented under the assets portion of the SFP but are reductions to the company's assets. 5. This represents the estimated amount that the company may not be able to collect from delinquent customers. 6. A form of the SFP that shows assets on the left side and liabilities and owner's equity on the right side. 7. Their balances…
‏Find out the missing value assets in an accounting equation if liabilities is OMR 320000 and capital is OMR 119000 Select one : O a . OMR 439000 assets O b . OMR 201000 assets O c . OMR 349000 assets O d . OMR 102000 assets Clear my choice
Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accounts Payable Accounts Receivable Accumulated Amortization - Copvrights Accumulated Amortization - Customer Database Accumulated Amortization - Customer lists Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licences Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Copyrights Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trade Names Accumulated Impairment Losses - Trademark Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Cost of Goods Sold Depreciation Expense Equipment Gain on Disposal…
At the time of dissolution of the which one of the following account has to be prepared for disposing of assets and settlement of liabilities: a. Revaluation account b. Reserve account c. Revenue account d. Realisation account FAST************
===: Test I: Identification: Identify the correct and complete answer on the question provided. 1. Assets meeting the definition of an asset but without physical substance. 2. Known living plants or animals held by the business for resale or for breeding. 3. Resources owned by the company. 4. Owner's residual interest; includes capital contributions, revenues, expenses and drawings. 5. Obligation against the company. 6. Account represents bank loans as a source of financing for the entity; can span from 5 to almost 25 years. 7. A very vital resource owned and controlled by the business. 8. The right-hand side of the account. 9. Pertains to any capital infusion made by the owner for the year. 10. The quotient of current assets divided by the current liabilities of the company.
Sometimes, for the fixed assets of certain businesses, the balance in Accumulated Depreciation is equal to the cost of the asset. a. Can one record additional depreciation on the assets if the assets are still useful to the business? b. Why? Explain: c. Also, when can such a business make an entry to remove the cost and accumulated depreciation of the fixed assets from the account?
While accounting for provisions, contingent assets, and contingent liabilities if probability of occurrence of assets is 51% to 95%, then what treatment is required for the recognition of assets? a. Book provisions b. Disclosure notes c. Ignore assets d. Recognize assets
Please answer the following question Must choose from the following LIST OF ACCOUNTS: Accounts Payable Accounts Receivable Accumulated Amortization - Copvrights Accumulated Amortization - Customer Database Accumulated Amortization - Customer lists Accumulated Amortization - Development Costs Accumulated Amortization - Franchises Accumulated Amortization - Licences Accumulated Amortization - Patents Accumulated Amortization - Software Accumulated Amortization - Trademarks Accumulated Depreciation Accumulated Impairment Losses - Copyrights Accumulated Impairment Losses - Goodwill Accumulated Impairment Losses - Licences Accumulated Impairment Losses - Patents Accumulated Impairment Losses - Trade Names Accumulated Impairment Losses - Trademark Administrative Expenses Advances to Employees Advertising Expense Allowance for Doubtful Accounts Amortization Expense Bad Debt Expense Bank Loans Buildings Cash Common Shares Cost of Goods Sold Depreciation Expense Equipment Gain on Disposal…
9. For some of the fixed assets of a business, the balance in Accumulated Depreciation is equal to the cost of the asset. (a) Is it permissible to record additional depreciation on the assets if they are still useful to the business? Explain. (b) When should an entry be made to remove the cost and the accumulated depreciation from the accounts?
Which of the following situation can be related to accrual concept while presentation of financial reports? I. Depreciation charged on property plant and equipment under straight line method at 12% and presented in the income statement. II. Provision for warranty claims presented in the financial statements. III. Dividend received from investments made in other company equity shares presented as per IAS 7. IV. Prepaid expenses paid and made necessary adjustment in the books of accounts. a- III and IV only b- I, II, III and IV only c- I, II and IV only d- I and II only
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