Answered: an owners' equity ledger accounts for a…

Business

Accounting

an owners' equity ledger accounts for a LLP

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 2EA: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or...

See similar textbooks

Related questions

Q: Which of the following will you expect in an income statement? Professional Fees Accounts…

A: The income statement includes all the revenue-related items and also all the expenses. Excess of…

Q: Each situation below relates to an independent company’s Owners’ Equity. Calculate the missing…

A: Owners equity is the total amount attributable or belonging to the owners of the company. Net Income…

Q: Which one of the following represents the expanded basic accounting equation? Assets = Liabilities +…

A: solution : the correct answer is Assets + owners drawings + expenses = liabilities + owners capital…

Q: explain the connections between the income statement, balance sheet, cash flow statement, and…

A: The income statement, balance sheet, cash flow statement, and statement will be explained:

Q: The income statement should be prepared ? Please explain with full explanation. a. before the…

A: Financial Statements: Financial Statements represent a formal record of the financial activities of…

Q: Which of the following accounts are under owners equity? O a. Unearned revenue O b. Cash O .…

A: Solution: Retained earnings are undistributed profits of the company that are retained by the…

Q: What's the income statement, owners equity and balance sheet

A: Income statement: It is one of the financial statements prepared to know the net income made by the…

Q: Which among the following statements is prepared to know the financial position of the business? a.…

A: Option d is correct. Statement Shows Income statement Financial performance of company…

Q: For each Account Type, identify the Financial Statement on which the account would appear (balance…

A: Note: As per general accounting rule, All the assets and expenses have the debit balance and all the…

Q: Which of the following errors would cause the Balance Sheet and Statement of Owner’s Equity columns…

A: Financial statements: These refer to the formal or official records of the activities of the…

Q: The ________________ shows how and why the owner's equity account has changed over a stated period…

A: Owner’s Equity is nothing but the total amount invested by the owners in the firm subtracted by the…

Q: State the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing…

A: Revenue: Revenue is money your business receives from its normal business activities. Expenses:…

Q: Statements of Financial Accounting Concepts set forth financial accounting and reporting objectives…

A: Note :- Since you have posted a question with multiple sub-parts, we will solve first three…

Q: order in which financial statements should be prepared is

A: It is pertinent to note that business transactions move from recording financial transactions in…

Q: Define Accounting and its importance in the field of business.Define owner’s equity and how it is…

A: Accounting is a system that identifies ,records and communicates relevant information that is…

Q: Which of the following is not one of the major groups that make up the balance of payments? O a.…

A: A balance of payments account is an account of a corporation through which the corporation measures…

Q: Which of the following equations is the standard basic accounting equation? Assets minus owner's…

A: Accounting equation means the relation between the assets , liabilities and owner equity. Assets…

Q: Please give us an example of a business transaction that affects the accounting equation. Remember…

A: An accounting equation states that the total of assets is always equal to the total of liabilities…

Q: A statement of owner's equity shows everything that affects the: a.Cash balance. b.liability account…

A: An equity statement – also referred to as a statement of owner’s equity or statement of changes in…

Q: From the following, which are subdivisions of owner's equity? Subdivision of Owner's Equity? Account…

A: The balance sheet represents the financial position of the business of with assets, liabilities and…

Q: Which of the following is a group of accounts that shows the rights of the owner or partners of the…

A: In order to fulfill the financial requirements, the business entity issue the equity shares. The…

Q: The SOCE is dated "as of the ye There are two equity accounts re Owner Capital, and Owner, Dra

A: Soce is Statement of Changes in Equity. It is normally prepared…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. a.…

A: Introduction: Balance sheet: All liabilities and Assets are shown in Balance sheet. It tells the…

Q: A statement that is prepared to know the changes in the capital of a sole proprietor is

A: The sole proprietorship is the most simplest form of business organization. A single person owns the…

Q: Does the accounting equations show the relationship among assets, liabilities, and owners' equity?…

A: The Accounting Equation shows on a company's balance sheet whereby the sum of the company's…

Q: Owner's equity can be increased through a. withdrawals by the owner O b. investments by the owner O…

A: The question is based on the concept of Accounting Theory.

Q: Which of the following account is considered as non-item of Owner Equity? Prepaid insurance. а.…

A: owners equity consists of - common share capital retained earnings net profit

Q: tement of changes in owners equity summarizes the effects on the capital account of the various…

A: Solution: The statement of changes in owners equity represents the changes in balance of equity from…

Q: The owners' claims to the assets of the business are called ________. A.equity B.expenses…

A: As per the accounting equation, Assets = Liabilities + Equity and such relation always holds true.

Q: Choose the correct answer

A: 2: Answer: Option c. Shareholder’s equity: Shareholder’s equity is the difference between the…

Q: NEED ANSWER ASAP Q: USING THE BALANCE SHEET PROVIDED, WHAT IS THE AVERAGE OWNER'S EQUITY? EXPLAIN

A: Shareholders Equity: It is the amount which invested by the owners of the company in the business…

Q: In which financial statement will the drawings of a sole proprietorship be found? O A. Statement of…

A: Statement of change in equity is prepared for the sole proprietors to know the final balance of…

Q: Owner's equity can be increased through _____. a. withdrawals by the owner b. purchase of assets by…

A: Solution: Withdrawl by owner decrease the owner's equity Purchase of assets by cash do not affect…

Q: mation on the statement of changes in owners equity is used in preparing the income statement. True…

A: Solution: Statement of changes in owners equity is a statement that summarizes the changes in the…

Q: The balance in the Income Summary account before it is closed will be equal to Question 1…

A: Income Summary Account Format

Q: The expense recognition principle matches Select one: a. expenses with revenues. b. creditors with…

A: General accepted accounting principles means those set of standards which is followed while…

Q: elect the best answer for the quest 1. The accounting report which presents a firm's financial…

A: Introduction: Accounting reports are collections of financial data obtained from the accounting…

Q: What business record shows the results of the proprietorship’s borrowing assets from the business,…

A: Proprietor’s Withdrawals: An owner's withdrawal, also known as a distribution, is a transfer of cash…

Q: Owner's equity can be increased through, O a. withdrawals by the owner O b. expenses exceeding…

A: Withdrawals decreases the owner's equity. Expenses exceeding revenues results in loss further…

Q: The increases in stockholders' equity attributable to selling services or products to customers are…

A: Stockholder’s equity is the money which is invested by the shareholders’ who are the owners of the…

Q: Q1 . Complete the following into meaningful transactions. Solve them in basic accounting equation.…

A: Since you have asked multiple questions, we will solve the first question for you. If you want any…

Question

one of the following is an owners' equity ledger accounts for a LLP: إختر أحد الخيارات: a. Capital accounts b. none c. expenses account d. revenues account

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 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
FINANCIAL STATEMENT ACCOUNTS Label each of the following accounts as an asset (A), liability (L), owners equity (OE), revenue (R), or expense (E). Indicate the financial statement on which the account belongsincome statement (IS), statement of owners equity (SOE), or balance sheet (BS)in a format similar to the following.
Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Common Stock B. Dividends C. Dividends Payable D. Equipment E. Income Tax Expense F. Income Tax Payable G. Service Revenue H. Unearned Service Revenue I. Net Income
Each situation below relates to an independent companys Owners Equity. A. Calculate the missing values. B. Based on your calculations, make observations about each company.
An increase to which of these accounts will increase owners equity? (a) Accounts Payable (b) Drawing (c) Client Fees (d) Rent Expense
What do we mean when we say that capital, drawing, revenue, and expense accounts are under the umbrella of owners equity?
Identify the financial statement on which each of the following accounts would appear: the income statement (IS), the retained earnings statement (RE), or the Balance Sheet (BS). A. Insurance Expense B. Accounts Receivable C. Office Supplies D. Sales Revenue E. Common Stock F. Notes Payable
On which financial statement(s) would R. Flores, Drawing appear? a. Income statement b. Balance sheet c. Statement of owners equity d. Income statement and statement of owners equity
Identify the correct components of the income statement. A. revenues, losses, expenses, and gains B. assets, liabilities, and owners equity C. revenues, expenses, investments by owners, distributions to owners D. assets, liabilities, and dividends
Consider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payable
What are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.
Indicate with an X whether each of the following would appear on the income statement, statement of owners equity, or balance sheet. An item may appear on more than one statement. The first item is provided as an example.