assets, liabilities and equity accounts.
Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Land
A: Asset represents resource of the business. Liability represents obligation of the business to the…
Q: What are the pro forma financial statements?
A: “Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: listing the assets in order of liquidity ( balance sheet)?
A: Balance sheet is the financial statement which shows financial position of the business by showing…
Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Wages Payable
A: “As only one item is given in the question, it is assumed this particular answer is asked by the…
Q: What are the basic financial statements? Explain in detail.
A: Fiscal summaries ar put down accounts that pass on the business exercises & thusly an…
Q: measurement of the value of an item appearing in the Financial Statements
A: Option 1 is wrong because the value of property, plant and equipment may appear at fair value, not…
Q: Classify each of the following items as assets (A), liabilities (L), or equity (EQ). Owner, Capital
A: Assets: These are the resources owned and controlled by business and used to produce benefits for…
Q: describe the elements of the balance sheet: assets, liabilities, and equity
A: Balance sheet is an important financial statement. It contains three elements. Those are assets,…
Q: what are The elements of financial statements
A: The company's aim will be increase the profits of the company. The income statement of the company…
Q: What items are disclosed on a balance sheet
A: Balance Sheet : Balance Sheet is a financial statement that reports/ is a summary of company's…
Q: Define financial statements.
A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…
Q: Define Accrual accounting.
A:
Q: Describe how debits and credits impact assets, liabilities , owner,s equity
A: The books of accounts are prepared as per the double accounting system. All the debits shall be…
Q: Define the term financial statements?
A: Financial Statements: When the accounting period ends, there is a need to report and communicate the…
Q: Describe the purpose of financial statements.
A: Definition: Financial statements: Financial statements are condensed summary of transactions…
Q: Describe the elements of financial statement.
A: Financial Statements: These are statements prepared at the end of accounting period to analyse…
Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Equipment
A: Financial Accounting: It refers to the process of recording the financial transactions of the…
Q: Define accounting period cycle? And balance sheet?
A: Accounting is a system of recording analyzing and summarizing the day-to-day business transactions…
Q: Define the terms assets and liabilities and give examples of each
A: Assets means anything which is owned by business and used in business. Liabilities means which the…
Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…
A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…
Q: Define Financial accounting.
A: Commerce: It refers to a platform that facilitates buying and selling of products and services…
Q: Explain the accounting equation while considering the relationship between asset, liabilities and…
A: Accounting equation of accounting says that after every business transaction total of assets should…
Q: Define preparation of financial statements
A: Introduction: Financial statements apply to those statements which at the end of accounting period…
Q: users of the financial information
A: Users of financial information are those people who read the financial statements and use the…
Q: Current Assets value in the balance sheet ?
A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the net…
Q: Distinguish between statement of affairs and balance sheet.
A: Difference between Statement of Affairs and Balance Sheet: Objective of balance sheet is show…
Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…
A: We have to classify given account as an asset (A), liability (L), or equity (EQ) account.
Q: Financial information is prese
A: Gross Profit means excess of revenue over cost of direct expenses. To calculate Gross profit, Cost…
Q: Explain the concept of NORMAL BALANCE and how it works for assets, liabilities and equity.
A: Concept of NORMAL BALANCE : Generally, the most of the companies follows double entry method of book…
Q: Meaning and types of accounting
A: Introduction: Accounting is one in all the foremost important roles of a corporation. An accountant…
Q: Who are the various users of Financial Statements?
A: Financial statements are the records or documents in which the overall picture of the business is…
Q: what is the accounting equation for assets?
A: Accounting equation: Accounting equation is an accounting tool expressed in the form of equation, by…
Q: Define financial assets and explain their valuation in the balance sheet.
A: Definition:
Q: Define and explain the relationship between Assets, Liabilities, Equity, Revenues and Expens
A: Corporation - An organization that has been registered as a corporation under a corporation act has…
Q: What Are Financial Statements? Name The Major Financial Statements?
A: Financial Statements are very important documentation of an organisation's financial matters and…
Q: Which are the Important Issues in Accounting and Financial Disclosure: Equity REITs2
A: Introduction: Equity REITs requires a direct investment in restaurants, shopping malls and office…
Q: Define the basic elements of financial statements.
A: Financial statements: Financial statements are condensed summary of transactions communicated in the…
Q: which items are disclosed on a balance sheet
A: Balance sheet means where all assets , liabilities and equity are shown in proper format
Q: financial assets and tradable securities
A: This question tells about financial assets and tradable securities
Q: Define below accounting terms
A: Equity is the amount of total internal and external funds contributed by shareholders of the…
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- DEBIT AND CREDIT ANALYSIS Complete the following statements using either debit or credit: (a) The cash account is increased with a __________. (b) The owners capital account is increased with a __________. (c) The delivery equipment account is increased with a __________. (d) The cash account is decreased with a __________. (e) The liability account Accounts Payable is increased with a __________. (f) The revenue account Delivery Fees is increased with a __________. (g) The asset account Accounts Receivable is increased with a __________. (h) The rent expense account is increased with a __________. (i) The owners drawing account is increased with a __________.Effects of transactions on Accounting equation On Time Delivery Service had the following selected transactions during November: 1. Received cash from issuance of common stock, $75,000. 2. Paid rent for November, $5000. 3. Paid advertising expense, $3,000. 4. Received cash for providing delivery services, $34,500. 5. Borrowed $10,000 from Second National Bank to finance its operations. 6. Purchased a delivery van for cash, $25,000. 7. Paid interest on note from Second National Bank, $75. 8. Paid salaries and wages for November, $10,000. 9. Paid dividends, $2,000. Indicate the effect of each transaction on the accounting equation by listing the numbers identifying the transactions, (1) through (9), in a vertical column, and inserting at the right of each number the appropriate letter from he following list: a. Increase in an asset, decrease in another asset. h. Increase in an asset, increase in a liability. c. Increase in an asset, increase in stockholders’ equity. d. Decrease in an asset, decrease in a liability. e. Decrease in an asset, decrease in stockholders equity.Indicate the net effect ( for increase; for decrease; 0 for no effect) of each of the following transactions on each part of the accounting equation, . For example, for payment of an accounts payable balance, . A. Payment of principal balance of note payable B. Purchase of supplies for cash C. Payment of dividends to stockholders D. Issuance of stock for cash E. Billing customer for physician services provided
- Accounting concepts Match each of the following statements with the appropriate accounting concept. Sonic concepts may he used more than once, while others may not be used at all. Use the notat ions shown to indicate the appropriate accounting concept. Statements 1. Assume that a business will continue forever. 2. Material litigation involving the corporation is described in a note. 3. Monthly utilities costs are reported as expenses along with the monthly revenues. 4. Personal transactions of owners are kept separate from the business. 5. This concept supports relying on an independent actuary (statistician), rather than the chief operating officer of the coq)ration, to estimate a pension liability. 6. Changes in the use of accounting methods from one period to the next are described in the notes to the financial statements. 7. Land worth $800,000 is reported at its original purchase price of $220,000. 8. This concept justifies recording only transactions that are expressed in dollars. 9. If this concept was ignored, the confidence of users in the financial statements could not be maintained. 10. The changes in financial condition are reported at the end of the month.Indicate whether each account that follows has a normal debit or credit balance. A. Unearned Revenue B. Office Machines C. Prepaid Rent D. Cash E. Legal Fees Earned F. Salaries Payable G. Dividends H. Accounts Receivable I. Advertising Expense J. Retained EarningAccrual basis of accounting Margie Van Epps established Health Services, P.C., a professional corporation, in March of the current year, Health Services offers healthy living advice to its clients. The effect of each transaction on the balance sheet and the balances after each transaction for March are as follows. Each increase or decrease in stockholders’ equity, except transaction (h), affects net income. a. Describe each transaction. b. What is the amount of the net income for March?
- Discuss how each of the following transactions will affect assets, liabilities, and stockholders equity, and prove the companys accounts will still be in balance. A. A company purchased $450 worth of office supplies on credit. B. The company parking lot was plowed after a blizzard. A check for $75 was given to the plow truck operator. C. $250 was paid on account. D. A customer paid $350 on account. E. Provided services for a customer, $500. The customer asked to be billed.DEBIT AND CREDIT ANALYSIS Complete the following statements using either debit or credit: (a) The asset account Prepaid Insurance is increased with a ________. (b) The owners drawing account is increased with a ________. (c) The asset account Accounts Receivable is decreased with a ________. (d) The liability account Accounts Payable is decreased with a ________. (e) The owners capital account is increased with a ________. (f) The revenue account Professional Fees is increased with a ________. (g) The expense account Repair Expense is increased with a ________. (h) The asset account Cash is decreased with a ________. (i) The asset account Delivery Equipment is decreased with a ________.An increase to which of these accounts will increase owners equity? (a) Accounts Payable (b) Drawing (c) Client Fees (d) Rent Expense
- Effects of transactions on stockholders’ equity Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity. a. Issued common stock for cash. l. Received cash for fees earned. c. Paid cash for utilities expense. d. Paid cash for rent expense. e. Paid cash dividends.Nature of transactions Cheryl Alder operates her own catering service. Summary financial data for March are presented in the following equation form. Each line, designated by a number, indicates the effect of a transaction on the balance sheet. Each increase and decrease in retained earnings, except transaction (4), affects net income. a. Describe each transaction. h. What is the net decrease in cash during the month? c. What is the net increase in retained earnings during the month? d. What is the net income for the month? e. How much of the net income for the month was retained in the business? f. What are the net cash flows from operating activities? g. ‘1iat arc the net cash flows fn)m investing activities? h. What are the net cash flows from financing activities?EFFECTS OF TRANSACTIONS (BALANCE SHEET ACCOUNTS) Jon Wallace started a business. During the first month (March 20--), the following transactions occurred. Show the effect of each transaction on the accounting equation: Assets= Liabilities + Owners Equity. After each transaction, show the new account totals. (a) Invested cash in the business, 30,000. (b) Bought office equipment on account, 4,500. (c) Bought office equipment for cash, 1,600. (d) Paid cash on account to supplier in transaction (b), 2,000. EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Lets assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owners Equity (Capital Drawing + Revenues Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, 3,000. (f) Paid rent for March, 1,000. (g) Paid March phone bill, 68. (h) Jon Wallace withdrew cash for personal use, 800. (i) Performed services for clients on account, 900. (j) Paid wages to part-time employee, 500. (k) Received cash for services performed on account in transaction (i), 500.