Provide the names of two ( a ) asset accounts, ( b ) liability accounts, and ( c ) equity accounts.

Question

Want to see more full solutions like this?

Answer 1

Textbook Question

Chapter 2, Problem 1DQ

Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept forproviding future economic benefits.Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Assets: Assets are physical as well as intangible resources of the business which are kept providing future economic benefits. The names of two assets accounts are as follows:

Equipment: Equipment is an asset purchased for production.
Land: Land is a long term asset.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Liabilities: Liabilities are dues or amount payable by the business. The names of two liabilities accounts are as follows:

Accounts payable: Accounts payable is a short term liabilities for payment of purchases.
Long term loan: Long term loan is a long term liability for payment of loan.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Equity: Equity represents the sum of capital and profits/ loss earned by the business owners.

Net assets: A net asset is the amount of assets available after the payment of liabilities. The names of two equity accounts are as follows:

Common stock: Common stock represents the amount of investment made by the business owners.
Retained earnings: Retained earnings represent the accumulated net income of the business.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

what is the level of fixed costs?

Lui Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at March 31: ACCOUNT ACCOUNT NO. Date Item Debit Credit BalanceDebit BalanceCredit March 1 Bal., 25,000 units, 10% completed 21,250 31 Direct materials, 600,000 units 450,000 471,250 31 Direct labor 244,600 715,850 31 Factory overhead 415,820 1,131,670 31 Goods transferred, 605,000 units ? 31 Bal., ? units, 45% completed ? Required:1. Prepare a cost of production report, and identify the missing amounts for Work in Process—Roasting Department.

Jane Yoakim, President of Estefan Co., recently read an article that claimed that at least 100 of the country's 500 largest companies were either adopting or considering adopting the last in, first out (LIFO) method for valuing inventories. The article stated that the firms were switching to LIFO to (1) neutralize the effect of inflation in their financial statements, (2) eliminate inventory profits, and (3) reduce income taxes. Ms. Yoakim wonders if the switch would benefit her company. Estefan currently uses the first-in, first-out (FIFO) method of inventory valuation in its periodic inventory system. The company has a high inventory turnover rate, and inventories represent a significant proportion of the assets. Ms. Yoakim has been told that the LIFO system is more costly to operate and will provide little benefit to companies with high turnover. She intends to use the inventory method that is best for the company in the long run rather than selecting a method just because it is the…

Answer 2

Textbook Question

Chapter 2, Problem 1DQ

Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept forproviding future economic benefits.Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Assets: Assets are physical as well as intangible resources of the business which are kept providing future economic benefits. The names of two assets accounts are as follows:

Equipment: Equipment is an asset purchased for production.
Land: Land is a long term asset.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Liabilities: Liabilities are dues or amount payable by the business. The names of two liabilities accounts are as follows:

Accounts payable: Accounts payable is a short term liabilities for payment of purchases.
Long term loan: Long term loan is a long term liability for payment of loan.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Equity: Equity represents the sum of capital and profits/ loss earned by the business owners.

Net assets: A net asset is the amount of assets available after the payment of liabilities. The names of two equity accounts are as follows:

Common stock: Common stock represents the amount of investment made by the business owners.
Retained earnings: Retained earnings represent the accumulated net income of the business.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Textbook Question

Chapter 2, Problem 1DQ

Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept forproviding future economic benefits.Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Assets: Assets are physical as well as intangible resources of the business which are kept providing future economic benefits. The names of two assets accounts are as follows:

Equipment: Equipment is an asset purchased for production.
Land: Land is a long term asset.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Liabilities: Liabilities are dues or amount payable by the business. The names of two liabilities accounts are as follows:

Accounts payable: Accounts payable is a short term liabilities for payment of purchases.
Long term loan: Long term loan is a long term liability for payment of loan.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Equity: Equity represents the sum of capital and profits/ loss earned by the business owners.

Net assets: A net asset is the amount of assets available after the payment of liabilities. The names of two equity accounts are as follows:

Common stock: Common stock represents the amount of investment made by the business owners.
Retained earnings: Retained earnings represent the accumulated net income of the business.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Textbook Question

Chapter 2, Problem 1DQ

Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept forproviding future economic benefits.Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Assets: Assets are physical as well as intangible resources of the business which are kept providing future economic benefits. The names of two assets accounts are as follows:

Equipment: Equipment is an asset purchased for production.
Land: Land is a long term asset.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Liabilities: Liabilities are dues or amount payable by the business. The names of two liabilities accounts are as follows:

Accounts payable: Accounts payable is a short term liabilities for payment of purchases.
Long term loan: Long term loan is a long term liability for payment of loan.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Equity: Equity represents the sum of capital and profits/ loss earned by the business owners.

Net assets: A net asset is the amount of assets available after the payment of liabilities. The names of two equity accounts are as follows:

Common stock: Common stock represents the amount of investment made by the business owners.
Retained earnings: Retained earnings represent the accumulated net income of the business.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept forproviding future economic benefits.Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Assets: Assets are physical as well as intangible resources of the business which are kept providing future economic benefits. The names of two assets accounts are as follows:

Equipment: Equipment is an asset purchased for production.
Land: Land is a long term asset.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Liabilities: Liabilities are dues or amount payable by the business. The names of two liabilities accounts are as follows:

Accounts payable: Accounts payable is a short term liabilities for payment of purchases.
Long term loan: Long term loan is a long term liability for payment of loan.

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Equity: Equity represents the sum of capital and profits/ loss earned by the business owners.

Net assets: A net asset is the amount of assets available after the payment of liabilities. The names of two equity accounts are as follows:

Common stock: Common stock represents the amount of investment made by the business owners.
Retained earnings: Retained earnings represent the accumulated net income of the business.

Answer 8

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept forproviding future economic benefits.Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Assets: Assets are physical as well as intangible resources of the business which are kept providing future economic benefits. The names of two assets accounts are as follows:

Equipment: Equipment is an asset purchased for production.
Land: Land is a long term asset.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept forproviding future economic benefits.Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Answer 13

Explanation of Solution

Assets: Assets are physical as well as intangible resources of the business which are kept providing future economic benefits. The names of two assets accounts are as follows:

Equipment: Equipment is an asset purchased for production.
Land: Land is a long term asset.

Answer 14

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Liabilities: Liabilities are dues or amount payable by the business. The names of two liabilities accounts are as follows:

Accounts payable: Accounts payable is a short term liabilities for payment of purchases.
Long term loan: Long term loan is a long term liability for payment of loan.

Answer 15

Expert Solution

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Answer 19

Explanation of Solution

Liabilities: Liabilities are dues or amount payable by the business. The names of two liabilities accounts are as follows:

Accounts payable: Accounts payable is a short term liabilities for payment of purchases.
Long term loan: Long term loan is a long term liability for payment of loan.

Answer 20

Expert Solution

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Explanation of Solution

Equity: Equity represents the sum of capital and profits/ loss earned by the business owners.

Net assets: A net asset is the amount of assets available after the payment of liabilities. The names of two equity accounts are as follows:

Common stock: Common stock represents the amount of investment made by the business owners.
Retained earnings: Retained earnings represent the accumulated net income of the business.

Answer 21

Expert Solution

Answer 22

Expert Solution

Answer 23

Expert Solution

Answer 24

Summary Introduction

Concept Introduction:

Assets are physical as well as intangible resources of the business which are kept for providing future economic benefits. Liabilities are dues or amount payable by the business. Equity represents the sum of capital and profits/ loss earned by the business owners. Net asset is the amount of assets available after payment of liabilities.

To indicate: The names of two assets, two liabilities, and two equity accounts.

Answer 25

Explanation of Solution

Equity: Equity represents the sum of capital and profits/ loss earned by the business owners.

Net assets: A net asset is the amount of assets available after the payment of liabilities. The names of two equity accounts are as follows:

Common stock: Common stock represents the amount of investment made by the business owners.
Retained earnings: Retained earnings represent the accumulated net income of the business.

Answer 26

Ch. 2 - Provide the names of two (a) asset accounts, (b)...Ch. 2 - What is the difference between a note payable and...Ch. 2 - Prob. 3DQ Ch. 2 - Prob. 4DQ Ch. 2 - Prob. 5DQ Ch. 2 - Should a transaction be recorded first in a...Ch. 2 - Prob. 7DQ Ch. 2 - Why does the recordkeeper prepare a trial balance?Ch. 2 - Prob. 9DQ Ch. 2 - Prob. 10DQ

Provide the names of two ( a ) asset accounts, ( b ) liability accounts, and ( c ) equity accounts.

Concept explainers

Videos

Explanation of Solution

Explanation of Solution

Explanation of Solution

Want to see more full solutions like this?

Chapter 2 Solutions