A restricted licapability company supplies the limited liability of a corporation and also the taxation therapy of a partnership or proprietorship. T/F?
If a company purchases tools costing $5,500 on credit, the result on the audit equation would be: A - Liabilities decrease $5,500 and also assets increase $5,500.B - Assets increase $5,500 and also liabilities increase $5,500.C - Assets rise $5,500 and also liabilities decrease $5,500.D - Equity decreases $5,500 and also liabilities rise $5500.E - Equity boosts $5,500 and liabilities decrease $5,500.
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If a firm supplies $1,500 of its cash to purchase gives, the effect on the accounting equation would certainly be:A - Assets boost $1,500 and liabilities increase $1,500.B - Assets decrease $1,500 and also equity rises $1,500.C - One asset rises $1,500 and an additional ascollection decreases $1,500, causing no effect.D - Assets decrease $1,500 and equity decreases $1,500.E - Assets rise $1,500 and liabilities decrease $1,500.
A company"s balance sheet shows: cash $29,000, accounts receivable $35,000, devices $60,000, and also equity $77,000. What is the amount of liabilities?A - $201,000B - $73,000C - $101,000D - $124,000E - $47,000
Which of the adhering to accountancy values call for that all items and solutions purchased be videotaped at actual cost?A - Expense recognition (Matching) principle.B - Consideration presumption.C - Measurement (cost) principle.D - Company entity presumption.E - Going-issue assumption.
Cage Company type of had actually revenue of $408 million and average invested assets of $2,150 million. Its rerevolve on assets (ROA) is:A - 19.0%B - 3.8%C - 5.3%D - 38%E - 1.9%
An example of a financing task is:A - Buying land.B - Buying office provides.C - Buying office tools.D - Selling inventory.E - Obtaining a permanent loan.
An example of an operating activity is:A - Selling stock.B - Paying wages.C - Paying off a loan.D - Purchasing office tools. E - Borrowing money from a financial institution.
On May 31 of the existing year, the assets and also liabilities of Riser, Inc. are as follows: Cash, $20,300; Accounts Receivable, $8,000; Supplies, $1,400; Equipment, $12,750; Accounts Payable, $10,150. What is the amount of equity as of May 31 of the current year?A - $32,300B - $13,150C - $20,300D - $52,600E - $42,450
If the liabilities of a organization increased $87,000 in the time of a period of time and the equity in the organization lessened $36,000 throughout the very same period, the assets of the company should have:A - Decreased $51,000.B - Decreased $123,000.C - Increased $36,000.D - Increased $51,000.E - Increased $123,000.
Savvy Sightseeing had start equity of $84,000; profits of $126,000, expenses of $77,000, and also dividends to stockholders of $10,200. Tbelow were no stockholder investments in the time of the year. Calculate finishing equity.A - $133,000.B - $24,800.C - $122,800.D - $49,000.E - $35,000.
Compare the list of accounts below and also select the list that has just accounts that would certainly be classified as asset accounts on the Chart of Accounts.A - Cash; Prepaid Insurance; Equipment.B - Accounts Payable; Cash; Supplies.C - Building; Prephelp Insurance; Supplies Expense.D - Notes Payable; Cash; Dividends.E - Unearned Revenue; Accounts Payable; Dividends.
A company"s ledger is:A - A collection of records that describe transactions and events entering the accounting procedure.B - A journal in which transactions are first recorded.C - A list of all accounts a company offers through an assigned identification number.D - A record containing rises and also decreases in a particular ascollection, licapability, equity, revenue, or cost item.E - A record containing all accounts and their balances offered by the agency.
A record of all accounts and their balances provided by a company is called a:A - Balance column journal.B - Ledger (or General Ledger).C - Publication of original entry.D - JournalE - General Journal
A bookkeeper has debited an ascollection account for $3,500 and also attributed a licapacity account for $2,000. Which of the complying with would be an incorrect method to finish the recording of this transaction:A - Delittle bit one more asset account for $1,500.B - Credit one more ascollection account for $1,500.C - Crmodify another liability account for $1,500.D - Credit the widespread stock account for $1,500.E - Crmodify a revenue account for $1,500.
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A regulation firm billed a client $2,600 for work perdeveloped in the existing month. Which of the following general journal entries will certainly the firm make to record this transaction?A - Debit Cash, $2,600; credit Unearned Legal Fees Revenue, $2,600.B - Delittle bit Cash, $2,600; crmodify Accounts Receivable, $2,600.C - Debit Accounts Receivable, $2,600; credit Legal Fees Revenue, $2,600.D - Delittle Legal Fees Revenue, $2,600; crmodify Accounts Receivable, $2,600.E - Debit Accounts Receivable, $2,600; crmodify Unearned Legal Fees Revenue, $2,600.
If a company provides services to a customer on crmodify, the company offering the organization need to crmodify Accounts Receivable. T/F?
If a company purchases equipment paying cash, the journal enattempt to record this transactivity will certainly encompass a delittle to Cash. T/F?
The trial balance deserve to serve as a replacement for the balance sheet, since complete debits have to equal complete credits. T/F?