Where should the following items be shown on the balance sheet, if shown at all?(a) Allowance for doubtful accounts.(b) Merchandise held on consignment.(c) Advances received on sales contract.(d) Cash surrender value of life insurance.(e) Land.(f) Merchandise out on consignment.(g) Franchises.(h) Accumulated depreciation of equipment.(i) Materials in transit—purchased f.o.b. destination.

Where should the following items be shown on the balance sheet, if shown at all?(a) Allowance for doubtful accounts.(b) Merchandise held on consignment.(c) Advances received on sales contract.(d) Cash surrender value of life insurance.(e) Land.(f) Merchandise out on consignment.(g) Franchises.(h) Accumulated depreciation of equipment.(i) Materials in transit—purchased f.o.b. destination.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter23: Statement Of Cash Flows

Section: Chapter Questions

Problem 1CE

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For each of the following transactions, state which special journal (Sales Journal, Cash Receipts Journal, Cash Disbursements Journal, Purchases Journal, or General Journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, neither) would be used in recording the transaction. A. Sold inventory for cash B. Issued common stock for cash C. Received and paid utility bill D. Bought office equipment on account E. Accrued interest on a loan at the end of the accounting period F. Paid a loan payment G. Bought inventory on account H. Paid employees I. Sold inventory on account J. Paid monthly insurance bill
CASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING Prepare the entry for each of the following transactions, using the (a) cash basis, (b) modified cash basis, and (c) accrual basis of accounting. 1. Purchase supplies on account. 2. Make payment on asset previously purchased. 3. Purchase supplies for cash. 4. Purchase insurance for cash. 5. Pay cash for wages. 6. Pay cash for phone expense. 7. Pay cash for new equipment. End-of-Period Adjusting Entries: 8. Wages earned but not paid. 9. Prepaid item purchased, partly used. 10. Depreciation on long-term assets.
For each of the transactions, state which special journal (sales journal, cash receipts journal, cash disbursements journal, purchases journal, or general journal) and which subsidiary ledger (Accounts Receivable, Accounts Payable, or neither) would be used in recording the transaction. A. Paid utility bill B. Sold inventory on account C. Received but did not pay phone bill D. Bought inventory on account E. Borrowed money from a bank F. Sold old office furniture for cash G. Recorded depreciation H. Accrued payroll at the end of the accounting period I. Sold inventory for cash J. Paid interest on bank loan
Which of these transactions requires a debit entry to Cash? A. paid balance due to suppliers B. sold merchandise on account C. collected balance due from customers D. purchased supplies for cash
Which of these transactions would not be part of the cash flows from the operating activities section of the statement of cash flows? A. credit purchase of inventory B. sales of product, for cash C. cash paid for purchase of equipment D. salary payments to employees
Choose the incorrect statement below:A. Recognition for depreciation under the cash basis of accounting is different from that of the accrual basis of accounting.B. Deferred income is income already received but not yet earned.C. At the end of the accounting period, adjustments are made for accruals and prepayments in order to convert the cash records to accrual records.D. To compute for the sales on account, the beginning balance of trade accounts and notes receivable is deducted from the total of trade accounts and notes receivable, ending balance, collection of trade accounts and notes receivable, sales returns, discounts, and allowances and accounts written off.
Which of the following asset will be called as Non-Current Asset of a Merchandise business? a. Accounts receivable b. Machinery c. Cash at Bank Muscat d. Unsold stocks
Which of the following transaction is not recorded in the general journal? Select one: A. All of the above B. Sales and purchase of inventory on credit C. Purchase of non-current assets by cash D. Sales of non-current assets by cash
UNDER THE ACCRUAL BASIS OF ACCOUNTING, IF CASH IS RECEIVED PRIOR TO THE SALE, THEN: A. REVENUE IS RECOGNIZED WHEN THE CASH IS RECEIVED. B. A LIABILITY IS RECOGNIZED WHEN CASH IS RECEIVED. C. A LIABILITY IS REMOVED FROM THE SYSTEM WHEN THE CASH IS RECEIVED. D. REVENUE IS REMOVED FROM THE SYSTEM WHEN THE SERVICES HAVE BEEN PERFORMED OR THE GOODS HAVE BEEN DELIVERED.
The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Building X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes Cash…
The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Bonds Payable X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes…
The following is list of accounts each represented by letter(s). A Accounts Payable U Loss from discontinued operations B Accounts Receivable V Losses due to fire E Accumulated Depreciation-Equip W Merchandise Inventory F Bonds Payable X Notes Payable G Cash Y Premium on Bonds Payable H Cost of Goods Sold Z Rent Expense I Capital Lease Payable AA Rent Revenue J Discount on Bonds Payable BB Retained Earnings K Equipment EE Salaries and Wages Payable L Federal Income Tax Withheld Payable FF Sales Returns M Federal Unemployment Taxes Payable GG Sales Revenues N FICA Taxes Payable HH Sales Taxes Payable O Income Summary II Shipping Expense P Income Taxes Payable JJ State Income Tax Withheld Payable Q Interest Expense KK State Unemployment Taxes Payable R Interest Payable LL Supplies S Land MM Tax Expense T Land Improvement NN Unearned Rent Revenue Example of Answer: G4000D,B2000D,GG5000C,HH1000CWhere G denotes…