Answered: Which of the following is not an asset…

Which of the following is not an asset account? a. Common Stock b. Salary Expense c. Service Revenue d. None of the above accounts is an asset.

Financial Reporting, Financial Statement Analysis and Valuation

8th Edition

ISBN:9781285190907

Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw

Chapter2: Asset And Liability Valuation And Income Recognition

Section: Chapter Questions

Problem 2QE: Asset Valuation and Income Recognition. Asset valuation and recognition of net income closely...

See similar textbooks

Related questions

Q: Please solve this account problem

A: Explanation of Variable Costs:Variable costs are expenses that change in proportion to the level of…

Q: get correct answer accounting question

A: Step 1: Definition of Overhead AllocationOverhead allocation is the process of assigning indirect…

Q: What is the equity at year-end? for this general account que

A: We are tasked with calculating Addison Company's equity at year-end, given the following…

Q: Compute the missing amount? General accounting

A: Step 1: Definition of the Accounting EquationThe Accounting Equation represents the relationship…

Q: What is the net income for this general accounting question?

A: Step 1: Define Corrected Net IncomeCorrected net income is the adjusted net income after…

Q: Crane Paints manufactures artists' oil paints. Each 40 ml tube of paint requires 5 minutes of direct…

A: To calculate the Direct Labor Rate Variance, the formula is: Direct Labor Rate Variance = (Actual…

Q: Variable cost per unit? General accounting

A: Step 1: Definition of Variable CostVariable costs are costs that change in proportion to the level…

Q: Balance sheet for inventory??? General accounting

A: Step 1: Identify the cost of the inventory itemStep 2: Calculate the net realizable value (NRV)Step…

Q: Kindly help me with accounting questions

A: Step 1:Gross Profit is the amount left after paying cost of goods sold from sales revenue. Gross…

Q: I want to correct answer accounting question

A: Step 1: Definition of Budgeted Ending InventoryThe budgeted ending inventory represents the desired…

Q: 5 PTS

A: Explanation of Contribution Margin:The Contribution Margin is the amount remaining from sales…

Q: help me with this

A: **Explanation:**Borrowing costs on qualifying assets (such as assets that take a substantial amount…

Q: NO AI ANSWER

A: Step 1: Explanation of time value of money The time value of money is a financial concept that…

Q: What is the receivables turnover ratio? General accounting question please solve

A: Step 1: Definition of Receivables Turnover RatioThe receivables turnover ratio measures how…

Q: Expert give solution of this question

A: To calculate the overall effect on the company's monthly net operating income from the change in the…

Q: Financial Accounting

Q: What is the total dollar return on these financial accounting question?

A: Step 1:First calculate the amount of dividend income: Dividend income = Number of shares * Dividend…

Q: What is its net income?

A: The question requires the determination of the net income. Net income (NI), or net earnings, helps…

Q: Please solve the general accounting problem not use ai

A: Step 1: Annual depreciation expense Annual depreciation expense = (Original cost - Residual…

Q: General Account

A: The correct answer is:A) Increase assets and increase stockholders' equity Explanation:Net income…

Q: Find out

A: EOQ is the concept of inventory management that determines the quantity of stock that a company…

Q: Provide answer

A: Explanation of Per-Unit Cost: Per-unit cost represents the average total cost of producing or…

Q: Find owners equity

A: Explanation of Assets:Assets are resources owned by a company that provide economic value and are…

Q: financial account questions

A: Here's the breakdown for each item:a. Workers' compensation for an injury received while working in…

Q: Equipment was acquired at the beginning of the year at a cost of $957,500. The equipment was…

A: Explanation of Cost of Equipment:The cost of equipment refers to the total amount paid to acquire…

Q: Plantz Company makes chairs

A: Step 1: Formula Sales Volume variance= (Actual units sold - Budgeted units sold) x Price per unit…

Q: Please correct answer

A: To calculate the variable factory overhead controllable variance, we use the following formula:…

Q: Find out the Question

A: iv) Priority in dividend paymentsPreferred stock is designed to give its holders a priority claim on…

Q: Calculate the cost of ending inventory under variable costing

A: Explanation of Variable Costing: Variable costing is a method of product costing that only includes…

Q: Answer this accounting question

A: Explanation of Break-even Point:The break-even point represents the sales level at which a company's…

Q: Given answer accounting questions

A: Step 1: Understand the Data ProvidedGreen Thumb Landscaping has provided its most recent monthly…

Q: MCQ 4

A: The correct answer is 1) A firm order to buy. A purchase commitment is a legal instrument in which a…

Q: Hello tutor please help me this question solution

A: The high-low method involves using the highest and lowest levels of activity to estimate variable…

Q: hello tutor provide correct answer general accounting

A: Step 1: Define Owner's EquityOwner's Equity is the difference between a company's total assets and…

Q: Account solution want

A: Step 1:First, calculate the standard hours required for actual production: Standard hours for actual…

Q: Correct Option??

A: Concept of Subsidiary Ledger:A subsidiary ledger is a detailed ledger that provides additional…

Q: Want answer

A: Explanation of Owner's Equity:Owner's Equity represents the owner's financial interest in a…

Q: Hello teacher please help me this question

A: STEP 1.Profit Margin for Children and Store Profit Margin1.Profit Margin for ChildrenThe child earns…

Q: Which of the following items results in gross income to Sandy? a. Workers' compensation for an…

A: **Correct Answer: e. None of the above.**Here is the reasoning for each option:---**a. Workers'…

Q: The profit margin ratio

A: The question requires the determination of the profit margin ratio. Profit margin is a common…

Q: Financial Accounting

A: Step 1: Define Merchandise Purchases BudgetThe merchandise purchases budget shows the amount of…

Q: Provide correct answer general accounting

A: Step 1: Use the formula for Cost of Goods Manufactured (COGM)Step 2: Rearrange the formula to solve…

Q: What was its ROE?

A: ROE=Total Common Equity/Net Income×100Given:Net Income = $73,000Total Common Equity =…

Q: follow all q and give ans

A: Step 1: Price variance Price variance = Actual cost - (Actual quantity x Standard price) Price…

Q: Accounting

A: Step 1: Understand Absorption CostingAbsorption costing includes all manufacturing costs in the…

Q: Give me true answer this financial accounting

A: Step 1: Define Total Dollar ReturnThe total dollar return refers to the overall financial gain from…

Q: Accounting expert need your help

A: Cost of Capital:The cost of capital represents the return required to compensate for the use of the…

Q: The following data were taken from the accounts of Burnside Bedknobs, a retail business. Determine…

A: To determine the Gross Profit, we use the following formula: Gross Profit = Net Sales - Cost of…

Q: None

A: The question requires the determination of the accrued interest. accrued interest refers to the…

Q: In a period of rising prices, the inventory method that will show the highest net income is: a.…

A: Correct Answer: b. FIFO Explanation:In a period of rising prices (inflation), the inventory costing…

Question

Which of the following is not an asset account?
a. Common Stock
b. Salary Expense
c. Service Revenue
d. None of the above accounts is an asset.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Which of the following items is NOT classified as a financial asset? a. promissory notes b. forward exchange contracts c. inventory d. accounts receivable
To decrease a contra-asset account, we will ____ it. A. Debit B. Credit
2) Accounts receivable erroneously debited to note receivable Effect on retained earnings -Since these are asset accounts there exists no effect on net income of the entity. Can you explain this? Should it be retained earnings instead of net income?
How does the revenue-expense approach differ from the asset-liability approach fordefining accounting elements?
state the differences between unearned revenue and accounts payable? both accounts are liabilities therefore what is the normal balance of liability and does it matter?
Which of the following is a limitation of the direct write-off method of accounting for uncollectible? The direct write-off method overstates assets on the balance sheet. The direct write-off method does not match expenses against revenue very well. The direct write-off method does not set up an allowance for uncollectible. All of the above
Which one of the following does not appear in the profit and loss account?
Asset Valuation and Income Recognition. Asset valuation and recognition of net income closely relate. Explain, including conditions when they do not.
Which of the following would not overstate current-period net income?a. Capitalizing an expenditure that should be expensed.b. Failing to record a liability as an expense.c. Failing to record a check paying an item in Vouchers Payable.d. All of the above would overstate net income.
Which of the following statements about accounting income and economic income is (are) correct? I. Accounting income ignores many unrealized gains/losses of assets and liabilities, but economic income fully recognizes unrealized gains/losses. II. Accounting income does not consider all the costs (e.g., opportunity costs), whereas economic income account for all types of costs. III. Income and capital gains/losses are treated different in the calculation of accounting income, while they are treated the same in the calculation of economic income. Group of answer choices a.I and II b. I and III c. II and III d. I, II and III
Does Derecognition only apply to the balance sheet? If so, Why? Why are other statements not used? Explain please.
Which one of the following best describes the allowance for doubtful accounts? a.Statement of earnings account b.Liability account c.Contra account d.Cash flow account