Susan Mitchell Law Firm purchases $1,000 worth of office equipment on account. This causes: A. Cash and Mitchell, Capital to decrease by $1,000 B. Office Equipment and Accounts Payable to increase by $1,000 C. Office Equipment to decrease and Accounts Payable to increase by $1,000 D. Accounts Payable to increase and Mitchell, Capital to decrease by $1,000
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- Stanley Company earns $8,000 of revenue on account in Year 1. Cash collections of receivables amount to $4,500 in Year 1 with the remainder being collected in Year 2. Which of the following shows how the recognition of revenue in Year 1 will affect the company's accounting equation? A. 4,500 B. C. D. Assets Accounts Cash + Receivable = 8,000 Multiple Choice 4,500 8,000 Option D Option B Option C Balance Sheet = Liabilities + Accounts Option A Stockholders' Equity Retained Earnings 4,500 4,000 8,000 8,000 Common Payable + stock +If Houston Company billed a client for $13,000 of consulting work completed, the accounts receivable asset increases by $13,000 and: Multiple Choice 58:32 Accounts payable decreases $13,000. Accounts payable increases $13,000. Cash increases $13,000. Revenue increases $13,00. Revenue decreases $13,000.8. Anthony Taverna invited Jose Elchico and Ted Baylon to be his partners on June 1.2010 to set up an advertising company. His business showed the following balances: Debit Credit Cash P 20,000 Accounts Receivable 80,000 Allowance for bad Debts P 2,000 120,000 90,000 Merchandise Inventory Furniture & Equipment Allowance for Depreciation Accounts Payable Taverna, Capital 18,000 40,000 250,000 P310,000 Totals P310,000 Taverna will invest only the non- cash assets as well as the liabilities of his sole- proprietor owned business for a 60% share in partners' equity, the other two partners contributing cash equally for the remaining interest. They agree to consider the following adjustments for Taverna's contribution: 1. The accounts receivable has a realizable value of P70,000. 2. Merchandise inventory should be decreased by 10%. 3. Furniture and equipment are only worth 75% of its cost. Direction: a) Compute for the adjusted capital of Taverna. Adjust and close his books b) How much will…
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- 6Wenyou Company at December 31 has (amounts in thousands) cash ¥20,000, non-cash assets ¥100,000, liabilities ¥55,000, and the following capital balances: Wen ¥45,000 and You ¥20,000. The firm is liquidated, and ¥105,000 in cash is received for the non-cash assets. Wen and You income ratios are 60% and 40%, respectively. Instructions: a. Prepare a schedule of cash payments. b. Prepare the entries to record: The sale of non-cash assets The allocation of the gain or loss on realization to the partners Payment of creditors Distribution of cash to the partnersPlease give answer within 30 minutes thankyou...
- 28 Glebe Company accepted a credit card account receivable in exchange for $1300 of services provided to a customer. The credit card company charges a 5% fee for handling the transaction. What effect will the collection of cash from the credit card company have on the elements of the financial statements? 01:43:35 Multiple Choice Increase assets by $1,045 Decrease assets and stockholders' equity by $55 Increase assets by $1,100 None of these answer choices are correctAnswer from D to G please.Want Answer provide pls