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…
- 4) Sales $14,900, Purchases $4,000, Debtor $2,000, Creditors $6,000, Salary $1,000, Commission $500, Building $5,000, Bank Overdraft $1,000, Cash at Bank $700, Return Inward $200, Discount Received $100, Bad Debts $300, Tax & Rates $100, Depreciation $200, Furniture $3,000, Cash in Hand $2,000 What will be opening Stock of above mention financial items.17 You are given the following information is for Engwenya Traders at 31 August 2024 R ut of Capital Sales Credit losses recovered Cost of sales Operating expenses 253 000 278 300 7 400 117 300 68 900 Time left 0:09:27 On May 15, 2024, the owner, withdrew an amount of R15 200 to pay for the school fees for one of her nephews. She further withdrew R40 500 on 18 June 2024 to pay for a family trip to the Olympics 2024 in Paris. A stock take of the tables was conducted on July 31, 2024. During this assessment, it was discovered that 3 tables, valued at R12 600, were damaged by the trailer when they were transported to the storeroom. These damaged tables were offered to the local church at a reduced price of R3 000 each. This offer was accepted by the church and the tables were delivered at the church on 5 August 2024. Which one of the following alternatives represents the correct capital balance in the statement of financial position of Engwenya Windows Traders as at 31 August 2024?…Suppose hunt company has receivables of 72000
- 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