FalseThe source document sales invoice is abbreviated as SI in a journal entry.TrueThe journal columns used to record paying cash for rent are general debit and cash credit.TrueThe journal columns used to record paying cash to the owner for personal use are general debit and cash credit.TrueTo prove a journal page, the total debit amounts are compared with the total credit amounts to be sure they are equal.TrueDouble lines across column totals mean that the totals have been verified as correct.FalseTo correct an error in a journal, simply erase the incorrect item and write the correct item in the same place.FalseDollars and cents sign and decimal points should be used when writing amounts on ruled accounting pages.
How do you calculate the interest expense at the end of the year on a capital lease with payments at the beginning of the period? What is the journal entry?
Refer to the following information. Use the direct method to prepare the operating activities section of Cruz’s statement of cash flows. CRUZ, INC, Comparative Balance Sheets\\begin \\textbf\\\\ \\textbf\\\\ \\end CRUZ, INC, Comparative Balance Sheets At December 31‾2019‾2018‾AssetsCash$94, 800$24, 000Accounts receivable, net41, 00051, 000Inventory85, 80095, 800Prepaid expenses5, 400‾4, 200‾Total current assets227, 000175, 000Furniture109, 000119, 000Accum. depreciation—Equipment(17, 000)‾(9, 000)‾Total assets$319, 000‾‾$285, 000‾‾Liabilities and equityAccounts payable$15, 000$21, 000Wages payable9, 0005, 000Income taxes payable 1, 400‾2, 600‾Total current liabilities25, 40028, 600Notes payable (long-term)29, 000‾69, 000‾Total liabilities54, 40097, 600EquityCommon stock, $5 par value229, 000179, 000Retained earnings35, 600‾8, 400‾Total liabilities and equity$319, 000‾‾$285, 000‾‾\\begin \\underline}}&\\underline}&\\underline}\\\\[5pt] \\textbf\\\\[5pt] \\text&\\text94, 800}&\\text24, 000}\\\\ \\text&\\text&\\text\\\\ \\text&\\text&\\text\\\\ \\text&\\underline5, 400}}&\\underline4, 200}}\\\\ \\text&\\text&\\text\\\\ \\text&\\text&\\text\\\\ \\text&\\underline(17, 000)}}&\\underline(9, 000)}}\\\\ \\text&\\underline}}&\\underline}}\\\\[5pt] \\textbf\\\\[5pt] \\text&\\text15, 000}&\\text21, 000}\\\\ \\text&\\text&\\text\\\\ \\text&\\underline1, 400}}&\\underline2, 600}}\\\\ \\text&\\text&\\text\\\\ \\text&\\underline29, 000}}&\\underline69, 000}}\\\\ \\text&\\text&\\text\\\\[5pt] \\textbf\\\\[5pt] \\text&\\text&\\text\\\\ \\text&\\underline35, 600}}&\\underline8, 400}}\\\\ \\text&\\underline319, 000}}}&\\underline285, 000}}}\\\\ \\end At December 31 Assets Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Furniture Accum. depreciation—Equipment Total assets Liabilities and equity Accounts payable Wages payable Income taxes payable Total current liabilities Notes payable (long-term) Total liabilities Equity Common stock, $5 par value Retained earnings Total liabilities and equity 2019 $ 94, 800 41, 000 85, 800 5, 400 227, 000 109, 000 (17, 000) $319, 000 $ 15, 000 9, 000 1, 400 25, 400 29, 000 54, 400 229, 000 35, 600 $ 319, 000 2018 $ 24, 000 51, 000 95, 800 4, 200 175, 000 119, 000 (9, 000) $285, 000 $ 21, 000 5, 000 2, 600 28, 600 69, 000 97, 600 179, 000 8, 400 $ 285, 000 CRUZ, INC.Income StatementFor Year Ended December 31, 2019\\begin \\textbf\\\\ \\textbf\\\\ \\textbf\\\\ \\end CRUZ, INC. Income Statement For Year Ended December 31, 2019 Sales$488, 000Cost of goods sold314, 200‾Gross profit174, 000Operating expensesDepreciation expense$37, 600Other expenses89, 100‾126, 700‾Income before taxes47, 300Income taxes expense17, 300‾Net income$30, 000‾‾\\begin \\text&\\text&\\text\\\\ \\text&\\text&\\underline314, 200}}\\\\ \\text&\\text&\\text\\\\ \\text&\\text&\\text\\\\ \\qquad\\text&\\text37, 600}&\\text\\\\ \\qquad\\text&\\underline89, 100}}&\\underline\\text}\\\\ \\text&\\text&\\text\\\\ \\text&\\text&\\underline17, 300}}\\\\ \\text&\\text&\\underline30, 000}}}\\\\ \\end Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Other expenses Income before taxes Income taxes expense Net income $ 37, 600 89, 100 $488, 000 314, 200 174, 000 126, 700 47, 300 17, 300 $ 30, 000 According to the revenue recognition principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September 2013.
Accounting 2101 Chapter 3 Flashcards
For each of the transactions, if revenue is to be recognized in September, indicate the amount. (Enter your answers in whole dollars.)
According to the revenue recognition principle, revenues should be recognized when they are earned, which happens when the company performs acts promised to the customer. For most businesses, this condition is met at the point of delivery of goods or services. The following transactions occurred in September 2013. Required: For each of the transactions, if revenue is to be recognized in September, indicate the amount. (Enter your answers in whole dollars.)
The following is a series of accounts for Dewan & Allard, Incorporated, Which has been operating for two years. the accounts are listed alphabetically and numbered for identification. Following the accounts is a series of transactions. For each transaction, indicate the account(s) that should be debited and credited by entering the appropriate account number(s) to the right of each transaction. If no journal entry is needed, select NA after the transaction. The first transaction is given as an example.
Openkp/evalurls.tsv At Master · Microsoft/openkp · Github
Account No. Account Title 1 Accounts Payable 2 Accounts Receivable 3 Advertising Expense 4 Buildings 5 Cash 6 Contributed Capital 7 Income Tax Expense 8 Income Tax Payable 9 Land 10 Note Payable 11 Prepaid Insurance 12 Service Revenue 13 Supplies Expense 14 Supplies 15 Wages Expense
Ryan Olson organized a new company, MeToo, Inc. The company provides networking management services on social network sites. you have been hired to record the following transactions. a. May 1: Issued 1, 600 shares of stock to investors for $25 per share. b. May 15: Borrowed $54, 000 from the bank to provide additional funding to begin operations; the note is due in two years. c. May 31: Paid $3, 600 for a one-year fire insurance policy with coverage starting June 1. d. June 3: Purchased furniture for the store for $26, 200 on account. the amount is due within 30 days. e. June 5: Placed advertisements in local college newspapers for a total of $620 cash. f. June 9: Sold services for $635 cash. g. June 14: Made full payment for the furniture purchased on account on June 3. Required: For each of the transactions, prepare journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)
May 01 - Cash - Debit/$40, 000 Contributed Capital - Credit/$40, 000 May 15 - Cash - Debit/$54, 000 Notes Payable (long-term) - Credit/$54, 000 May 31 - Prepaid Insurance - Debit/$3, 600 Cash - Credit/$3, 600 June 03 - Equipment - Debit/$26, 200 Accounts Payable - Credit/$26, 200 June 05 - Advertising Expense - Debit/$620 Cash - Credit/$620 June 09 - Cash - Debit/$635 Service Revenue - Credit/$635 June 14 - Accounts Payable - Debit/$26, 200 Cash - Credit/$26, 200
Chapter 3 Study Guide
What conflicting attitudes, if any, does Rowlandson reveal toward her captors? Do you think her attitude changes as the narrative progresses? Explain.
Draw an arrow from each adverb to the word it modifies. Karen and Brad seem very pleased with their score in ice dancing.
In each of the groups of words below, underline the misspelled word. On the line provided, write the word correctly. Example: perches‾\\underline} perches retrocede, perchs‾\\underline} perchs , illogical, oxen ____________________ awesome, leadder, precedes, either
Question Papers Dec 2018 For Fca By Manav Rachn University
Un médico les explica a sus paientes la relación entre sus hábitos y su estado de salud. Completa la oración con el imperfecto del subjuntivo o el condicional simple. Quique, sabes que no tendrías caries (cavities) si __________ (cepillarse) los dientes, después de comer.A change in demand is when the whole curve shifts and a change in quantity demanded is movement along the demand curve due to a change in price. Price Doesn't shift the curve. A shift in the demand curve is caused by something other than price. Also is called a change in the demand schedule
Inverse relationship, consumers buy more of a good when its price decreases and less when its price increases the quantity demanded falls when the price rises, and the quantity demanded rises when the price falls.
1.) Changes in Income - Normal Goods - Inferior Goods 2.) Price of Relative Goods - Compliments - Substitute 3.) Changes in Taste and Preference 4.) Future Expectations 5.) Number of Buyers
Ai Portrait #409
1.) The cost inputs If the cost of input goes down, supply increases. 2.) Change in technology 3.) Taxes and Subsides Increase in tax, supply decreases Subsidy is the opposite (gov pays you). 4.) Numbers of sellers Increase in sellers, supply increases 5.) Price Expectations Expected higher future prices, supply decreases
Market clearing pricethe price at which the amount supplied is equal to the amount demandedShortageWhen QD > QS • Occurs when Price is below equilibrium Why doesn't price keep rising after reaching equilibrium? • *Suppliers wouldn't be able to sell all of the goods they produce*SurplusWhen QS > QD • Occurs when Price is above equilibrium Why doesn't price keep falling after reaching equilibrium? • *Suppliers don't want to lower prices more than they have to.*
Answer the following questions. Required: List the major differences between the income statements shown for The Procter & Gamble Company, Walmart Stores, Inc., and Southwest Airlines Company. Explain how cost-accounting data were used to prepare these income statements. On the income statement for Southwest Airlines Company, where would the ticket agents’ salaries be shown? Where would the costs of the computer equipment used to keep track of reservations be included on the statement? On the income statement for Walmart Stores, Inc., where would the cost of newspaper advertising be shown? How about the cost of merchandise? Refer to the income statement for The Procter & Gamble Company. Where would the salary of the brand manager who plans advertising for P&G’s Tide product line be shown? How about the salary of a production employee? Where would the cost of the raw materials used in the Tide products be included on the statement?
Acct Mod 3 Assignments
Use the relative frequency method to answer the following question. You toss a coin 100100 100 times and get only 1515 15 heads. Do you have reason to
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