Revenue has the effect of: A.increasing assets and decreasing liabilities B.increasing assets and owner's equity C.leaving the entire balance sheet unchanged D.increasing assets and decreasing owner's equity
Q: Give Accounting Equation for the following transactions of Jitesh: – Started business with cash $.…
A: Accounting Equation: The accounting equation is the basis of financial accounting which is also…
Q: As of July 31, the books of BSA Partnership showed capital balances of $40,000 for Ben, P25,000 for…
A: In liquidation of the partnership, if during appropriation of profit or loss to partner’s capital…
Q: Partners Soul and Mate who have been dividing profits and losses in 2 points the ratio of 3:2.…
A: First, we will calculate the loss on realization Particular Amount Capital Soul P40000 Add:…
Q: Dawson Toys, Ltd., produces a toy called the Maze. The company has recently created a standard cost…
A: Formula: Material price variance = (Actual price per micron - Standard price per micron) x Actual…
Q: Given data: Sales $2,000.000 OpCap $1,120,000 Wacc 9%…
A: We can calculate the value to operation for year 0 by taking the cash flows and discounting them…
Q: Use the data below to calculate the Personal Income for this sample economy Household spending on…
A: Personal income refers to the amount of money obtained collectively by a country's residents.…
Q: whether this is a desirable investment by using the present worth method.
A: Present worth method means the difference between PV of cash inflow & Cash outflow. Decision…
Q: On January 1, 2022, Company A acquired 90% of outstanding ordinary shares of Company B at a price of…
A: Separate Financial Statements (SFS) shall be presented by the Parent entity i.e., an Investor who…
Q: When valley view acquired 80% of the common stock of Coleman Co. Coleman owned land with a book…
A: The consolidated financial statement is prepared by the parent company that indicates the overall…
Q: month, Laredo Company sold 450 units for $25 each. During the month, fixed and variable costs were…
A: The contribution margin, or dollar contribution per unit, is the selling price per unit minus the…
Q: The liquidation of the partnership of James, Larry and Brix resulted in a deficiency in James'…
A:
Q: On November 1, 20x1, ABC discounted a P1,000,000, 6-month note, received from a customer on July 1,…
A: Note: It is assumed the note receivable is 12% note receivable The right to receive the principal…
Q: QUESTION 1 Khaled has developed a new technology device that is so exciting he is considering…
A: (Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the…
Q: Item Nos. 10 to 12 are based on the following information: On August 31, 200F, Apeng, Poleng, and…
A: In the context of the given question, we are required to compute the answer. Partnership business:…
Q: A tax declaration contains the following data: Actual use of property Residential Market value:…
A: In the context of the given question, we are required to compute the total real property tax…
Q: Selling price per unit Variable expenses per unit Fixed expense per month $ 185.00 $ 94.00 $437,240
A: Formula for calculation: Unit sales to attain a target profit = ( Fixed cost + target profit ) /…
Q: Direct Materials, Direct Labor, and Factory Overhead Cost Variance Analysis Traction Treads Tire Co.…
A: When the actual performance does not match the expected performance, the variance occurs. The same…
Q: Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of gourmet…
A: Total Actual quantity = 4,536 + 3,864 = 8,400 Budgeted sales mix ratio = 3,970 : 3,970 = 1:1 Revised…
Q: Mar, Tee, Nee, and Kho, sharing profits in the ratio of 3/21, 4/21, 6/21, and 8/21, respectively,…
A: The carrying value of the non-cash assets would be determined by the difference between total…
Q: Net income $133,720 12,060 Preferred dividends Average stockholders' equity 1,064,390 Average common…
A: Formula used: Return on stock holders equity = ( Net income / Average Stockholders equity ) x 100…
Q: If E=P28,091.16 and N = P11,213.00, what is the value of D? Note: E= Total Earnings D- Deduction N =…
A: Formula: Net pay = Total Earnings - Deductions
Q: Red Company allocates research and development costs to its three research facilities based on each…
A: Total Research & Development cost = $40,000,000 Total revenue = $250,000,000 Allocation rate =…
Q: Compute for the Fixed Cost Rhea Company manufacture laptops, preparing the next year budget the…
A: High low method: In this method variable and fixed are segre gated by using the following formulas:…
Q: ancis, Gary, and Joel are partners who share profits and losses in the ratio of 2:3:5. The partners…
A: Liquidation means where the business of firm is closed down , assets are sold out and liabilities…
Q: Annual worth method Future worth method E.R.R Method E.R.R.R method 9 of alternatives are shown in…
A: Given minimum required rate of return is 15%. The life of alternative A is 10 years and that of B is…
Q: ng!!!!
A: The answer has been mentioned below.
Q: What is the gearing ratio for the year 2018? Use the information from IBM’s financial statements…
A: Gearing Ratio: Gearing ratios are a kind of financial ratio that compares one form of owner's equity…
Q: Last month, Laredo Company sold 450 units for $25 each. During the month, fixed costs were $2,520…
A: Introduction: The breakeven point is the overall sales level with which a corporation loses money.…
Q: In a review engagement, the CPA issues a report with: a-moderate assurance. b-limited…
A: review engagement provides moderate level of assurance that the information subject to review is…
Q: Fiona purchased 200 shares of Oxygon stock for $11 a share on August 11, 2020. On July 28, 2021, the…
A: Answer:- Capital gain meaning:- The profit earned on the sale of an asset for example, stock, bonds…
Q: Cash balance per books, September 30 $5,300 Deposits in transit 510 580 Notes receivable with…
A: Reasons of preparing BRS is as follows: Unpresented Cheques Cheques issued omitted to be recorded…
Q: Firm Tezla produces the product QuickCar. Annual demand for QuickCar is 600600 units per year on a…
A: Correct option is b. 110 units .
Q: Cap Incorporated manufactures ball point pens that sell at wholesale for $0.80 per unit. Budgeted…
A: Full costing is nothing but absorption costing. In absorption costing method, the unit product…
Q: If factory overhead is to be applied based on direct labor hours, the predetermined overhead rate is…
A: Predetermined overhead rate Predetermined overhead rate is an allocation rate that applies a certain…
Q: Activity 1 Preparing the Closing Entries Listed below are the accounts taken from the December 31,…
A: Closing entries are used to close the temporary accounts to the permanent account. The income…
Q: Ben purchased a brand-new car. A portion of the selling price was financed by a bank which the car…
A: The documentary stamp tax is a tax that is charged on the sale or purchase of the property. This is…
Q: Consider the following five different lockbox arrangements:…
A: The lockbox is a type of baking service provided by the banks to their customers. The bank collects…
Q: Lucky Company's direct labor information for the month of February is as follows: Actual direct…
A: Formula used: Direct labor efficiency variance = ( Standard hours - Actual Hours ) x Standard rate
Q: The Luna Company made the following two errors in counting ending inventory: 1. Understated 12/31/22…
A: Given: - Understated 12/31/22 inventory by $150 Overstated 12/31/22 inventory by $450
Q: Question 1 Zicco owns a provision shop at Keta. On 31" December, 2020 the following trial balance…
A: Inventory valuation is a process of calculating the inventory of the business. The specific…
Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 6,600…
A: Goods finished = $307,900 WIP, April 30 = WIP, April 1 + DM + DL + Factory overhead - Goods finished
Q: siness and Managem -Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021.…
A: Adjusting Entries- An adjusting journal entry is one that occurs in a company's general ledger at…
Q: Lorna, Aida, and Fe decided to liquidate their partnership on August 2pm 31, 2020. They have been…
A: Non cash assets means the assets other than cash and bank balances. Any amount received more or less…
Q: Current Liabilities Bank loans and notes payable Current portion of non-current debt Current portion…
A: Liabilities mean the company for that the company is liable to pay. Generally, there are two types…
Q: O P40,040.00 O P42,140.00 O P2,100.00 P1,158.00
A: Introduction:- ABC costing means Activity based costing. It is used to allocation of manufacturing…
Q: Majesty Company uses target costing to ensure that its products are profitable. Assume Majesty is…
A: In the given question, Target cost is achieved by deducting gross margin from estimated market…
Q: Company A has to decide whether to manufacture internally or to buy or contract from outsiders.…
A: In the making or buying decision-making process that option should opt, which provides the lowest…
Q: AEC purchased an equipment for its manufacturing plant that costs PhP 3 750 000. It is estimated to…
A: In the context of the given question, we are going to compute the book value of the plant after…
Q: Pair Company has two products named X and Y. The firm had the following master budget for the year…
A: Contribution margin is similar to the gross margin in that the calculation subtracts sales from…
Q: XYZ Corporation is authorized to issue 150,000 ordinary shares with par of P150. On June 1 eight…
A: Statement of Profit and Loss Account The purpose of preparing the statement of profit and loss to…
Revenue has the effect of:
A.increasing assets and decreasing liabilities
B.increasing assets and owner's equity
C.leaving the entire balance sheet unchanged
D.increasing assets and decreasing owner's equity
Step by step
Solved in 2 steps
- 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 __________.Revenue has the effect of: A.increasing assets and decreasing liabilities B.increasing assets and owner's equity C.leaving the entire balance sheet unchanged D.increasing assets and decreasing owner's equity Why option A is incorrect?In recording transactions, a. Assets, expenses, and capital accounts are debited for increases b. Assets, expenses, and drawing accounts are debited for increases c. Liabilities, revenue, and drawing accounts are debited for increases d. The word "debit" means increase and the word "credit" means a decrease
- Revenue will be recognized when the following occurs as a result of a business activity with a customer: a) There is an increase in assetsb) There is an increase in liabilities c) There is a decrease in assetsd) none of theseAccording to the rules of debit and credit for balance sheet accounts? a. Decrease in asset and liability are recorded by credit b. Decrease in liability and owner’s equity are recorded by debit c. Increase in asset and owner’s equity are recorded by debit d. Increase in assets, liabilities and owner equity recorded by debitEarning revenue a.increases one asset, decreases another asset b.decreases assets, increases liabilities c.increases assets, decreases stockholders' equity d.increases assets, increases stockholders' equity
- InstructionsIndicate with the appropriate letter whether each of the transactions above results in: (a) An increase in assets and a decrease in assets. (b) An increase in assets and an increase in owner’s equity. (c) An increase in assets and an increase in liabilities. (d) A decrease in assets and a decrease in owner’s equity. (e) A decrease in assets and a decrease in liabilities. (f) An increase in liabilities and a decrease in owner’s equity. (g) An increase in owner’s equity and a decrease in liabilities.b. Give an example for each of the following types of transactions for the accounting equation: i. Increase in one asset, decrease in another asset.ii. Increase in an asset, increase in liability.iii. Increase in an asset, increase in owner’s equity capital.iv. Decrease in an asset, decrease in liability.v. Decrease in an asset, decrease in owner’s capital.Which of the following accounting procedures are INCORRECT? I) Asset An increases, Debit & A decrease, Credit II) Capital - Arn increases, Debit & A decrease, Credit II) Expenses - An increases, Debit & A decrease, Credit IV) Income An increases, Debit & A decrease, Credit V) Liabilities An increases, Credit & A decrease, Debit I and V only Il and IV only I,Il and III only I,IIl and V only
- There will be a __________ when liability, capital, and revenue accounts increase. a. dont increase. b. credit. c. debit. d. debit and creditWhich of the following causes the accounting equation not to balance? a. Increase assets; increase liabilities. b. Decrease assets; increase expenses. c. Increase assets; increase dividends. d. Decrease liabilities; increase revenues.According to the rules of debit and credit for balance sheetaccounts:a. Increases in asset, liability, and owners’ equity accountsare recorded by debits.b. Decreases in asset and liability accounts are recorded bycredits.c. Increases in asset and owners’ equity accounts arerecorded by debits.d. Decreases in liability and owners’ equity accounts arerecorded by debits.