FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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I have a couple of questions that are related. Please answer thoroughly. Thanks!
1) Are all accounts on the Income Statement temporary accounts? Are they DR or CR?
2) There are several types of Dividends as I understand such as Dividends Delivered. Could you please list all Dividend type accounts and what each one is (like give an example), also are they temporary accounts? Do they only appear on Statement of
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- Build a T-account for each part of the expanded accounting equation. (1) Drag the debit "DR" and credit "CR" labels to the appropriate sides of the T-account. (2) Drag the normal balance label to the correct side of the T- account. (3) Label which side of the t-account increases "+" and decreases "" that account. view drag.and drop keyboard instructions Debit Normal Credit Balance Land Common Stock Dividends Depreciation Expense- Equipmerit Unearnied Revenue Service Revenuearrow_forwardWhat is the opening balance of retained earnings and what does it indicate? Is it the the same as beginning balance? & What does ending balance indicate as well? Please explain. Thank youarrow_forwardMargot and Orlando are trying to understand when to record journal entries for dividends. Which of the following dates related to dividends require(s) a journal entry? Select all that apply. Date of record Ex-Dividend Date Date of payment Date of declaration Larrow_forward
- What is the total liabilities, please break down.arrow_forwardIdentify how each of the following separate transactions through 10 affects financial statements. For increases, place a "i" and the dollar amount in the column or columns. For decreases, place a"- and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total essets, total abilities, and total equity For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from Snancing activities. Transaction 1. Owner invest $300 cash in business in exchange for vock 2 Rives $700 cash for services provided 3 Pays $500 cash for employee wages & Buys $100 of equipment on cred 5 Purchases $200 af supplies on credit &…arrow_forwardCan I get the income statement, a statement of retained earnings, and a classified balance sheet also?arrow_forward
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