Sunset Company sells land for cash at a price in excess of its cost. Which of the following is true as a result of this transaction? a. Cash is decreased. b. Decreases total liabilities. c. Total assets are unchanged. d. Owners' equity is decreased. e. none of the above.
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- I need help with this process.What is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesWhen an intangible asset is amortized: OA. stockholders' equity decreases. OB. net assets decrease. C. net income decreases. D. all of the above are correct.
- 1. If a Revaluation of an asset is done for the first time and there is a revaluation gain, this should be shown in a. Other Comprehensive Income as a Negative figure b. Other Comprehensive Income as a Positive figure c. The Statement of Profit and Loss Account as an Expense d. The Statement of Profit and Loss as Incomerr1. On reporting date, they are measured at market value.2. Initially measured at purchase price, which is the fair value at purchase date.3. Initially recognized at purchase price plus transaction costs.4. Generally, dividends received or receivable are recorded as dividend revenue.5. Change in fair value is not recognized unless there is permanent impairment in value.6. Dividends received are reported as a decrease in the carrying amount of the investment.7. Impairment loss and reversal of impairment are not separately accounted for.8. Bonus issue is not separately recognized in a formal accounting entry.9. Any difference between the cost of investment and the share i the fair value of the net identifiable assets is amortized and is considered an adjustment to the recognized income from this investment.10. At the date of the disposal of the securities, the equity account accumulated in other comprehensive income may be transferred to another equity account.11. The income recognized in…
- 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 aboveOther things held constant, which of the following will DECREASE the current ratio, assuming an initial current ratio greater than 1.0? a. Machinery is purchased using cash b. Inventory is sold at cost for cash c. Accounts payables are paid with cash d. Machinery is purchased using cash & Accounts payables are paid with cash e. None of theseWhich of the following statements about capitalizing costs is correct? A. Capitalizing costs refers to the process of converting assets to expenses. B. Only the purchase price of the asset is capitalized. C. Capitalizing a cost means to record it as an asset. D. Capitalizing costs results in an immediate decrease in net income.
- During the current year, Giatras Electronics recorded credit sales of $710,000. Based on prior experience, it estimates a 4.5 percent bad debt rate on credit sales. Required: 1. Prepare journal entries for each of the following transactions. a. On October 28 of the current year, an account receivable for $2,800 from a prior year was determined to be uncollectible and was written off. b. At year-end, the appropriate bad debt expense adjustment was recorded for the current year. 2. Complete the following table, indicating the amount and effect for each transaction. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare journal entries for each of the following transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) a. On October 28 of the current year, an account receivable for $2,800 from a prior year was determined to be uncollectible and was written off. b. At year-end,…1. Lower of cost or market is used to value inventories. Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answers 2. Hard rock cafe is a wholly-owned subsidiary of Jollibee Foods corporation and hard rock cafe operating result and financial condition are included in the consolidated financial statements of pepsiCo. (Do not use full disclosure) Choices: a. Full disclosure principle b. Time period assumption c. Materiality constraint d. Cost Principle e. Revenue recognition principle f. Conservatism Constraint g. Matching principle h. Economic entity assumption i. Monetary unit j. Going concern k. Some other answersWhich depreciation method is most frequently used in businesses today? Select one: a. Straight-line b. Declining-balance c. Units-of-activity d. Double-declining-balance Two methods of accounting for uncollectible accounts are the Select one: a. allowance method and the accrual method. b. direct write-off method and the accrual method. c. allowance method and the net realizable method. d. direct write-off method and the allowance method. Which of the following methods of computing depreciation is production based? Select one: a. Units-of-activity b. Straight-line c. Declining-balance d. None of these answer choices are correct. An alternative name for Bad Debt Expense is Select one: a. Collection Expense. b. Credit Loss Expense. c. Deadbeat Expense. d. Uncollectible Accounts Expense. A company purchased factory equipment for $700,000. It is estimated that the equipment will have a $70,000 salvage value at the end of its estimated 5-year useful life.…