Hi please assist f income is earned during a financial year but not yet received, which of thefollowing will be reflected in the financial statements?KD A. Income and Liabilities will increaseO B. Income and Assets will increaseOC. Income and Liabilities will decreaseO D. Income and Assets will decrease

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Answered: f income is earned during a financial…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 17EA: For each item that follows, indicate whether a debit or a credit applies. A. increase in prepaid...

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For each item that follows, indicate whether a debit or a credit applies. A. increase in prepaid insurance B. increase in utilities expense C. increase in commissions earned D. increase in supplies E. decrease in retained earnings F. decrease in income taxes payable G. increase in unearned revenue H. increase in salaries expense I. decrease in notes receivable J. increase in common stock
Indicate what impact ( for increase; for decrease) the following transactions would have on the accounting equation, . Table 3.22
Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the year: Required Use the previous information to answer the following questions. What is Prestiges net income for the year? What is Prestiges Retained Earnings balance at the end of the year? What is the total amount of Prestiges assets at the end of the year? What is the total amount of Prestiges liabilities at the end of the year? How much owners equity does Prestige have at the end of the year? What is Prestiges accounting equation at the end of the year?
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f income is earned during a financial year but not yet received, which of the following will be reflected in the financial statements? KD A. Income and Liabilities will increase O B. Income and Assets will increase KO C. Income and Liabilities will decrease OD. Income and Assets will decrease