Which of the following calculates a sole trader's closing net assets?
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Which of the following calculates a sole trader's closing net assets? (a) Opening net assets - drawings + capital introduced + profit (b) Opening net assets + drawings + capital introduced + profit (c) Opening net assets + drawings - capital introduced - profit (d) Opening net assets - drawings - capital introduced + profit
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- What are the effects of the following transactions on the accounting equation? Indicate an increase (+) or decrease () under the affected asset, liability, and owners equity headings.The account Gain (Loss) on Sale of Investments should be included on the: A. balance sheet as an adjustment to stockholders' equity. B. statement of retained earnings. C. income statement as other revenue (expense). D. balance sheet as an adjustment to the asset account.Which one of the following can the accounting equation can be rewritten as? A Assets + profit – drawings – liabilities = closing capital B Assets – liabilities – drawings = opening capital + profit C Assets – liabilities – opening capital + drawings = profit D Assets – profit – drawings = closing capital – liabilities
- Asset, liability, and stockholders' equity items Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders' equity: a. Accounts payable Liability b. Accounts receivable Asset c. Fees earned Stockholders' equity d. Supplies Stockholders' equity e. Supplies expense Liability f. Utilities expense LiabilityIDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the following instructions, indicate the following: ASSETS- if the transaction results to an asset LIABILITY- if the transaction results to a liability EQUITY- if the transaction results to an equity INCOME - if the transaction results to an income EXPENSE - if the transaction results to an expense WITHDRAWAL- if the transaction results to a withdrawal N/A- if the transaction does not result to any of the elements. Sale of P10,000 goods for P7,000 cash. Contribution of land and building from the owner to be used as the new business office. Receipts of goods from supplier with a billing invoice Receipt of cash from clients for services to be provided in the futureTrue or False _______ 1. Financial assets at amortized cost shall be measured at fair value through profit or loss. _______ 2. Transaction costs include fees and commission paid to agent, levies by regulating authorities, transfer taxes and duties. _______ 3. As a rule, transaction costs that are directly attributable to the acquisition of a financial asset should be capitalized as cost of the financial asset. _______ 4. Financial assets held for trading are reported at cost. _______ 5. The stockholder theoretically realized income from dividend at the data of record. _______ 6. As investee is an entity over which the investor has significant influence. _______ 7. Trading bond investment are reported at face amount. _______ 8. A gain or loss on sale of trading bond investment is the difference between sale price and fair value. _______ 9. The interest rate written on the face of the bond is known as nominal rate. _______ 10. Major spare part and standby equipment which are expected…
- 1. All of the following affect the owner's equity account except a. additional investmentb. original investmentc. payment of a liabilityd. withdrawal by the owner 2. In the accounting equation, an increase in asset can be associated with a. a decrease in a liabilityb. a decrease in owner's equityc. an increase in a liabilityd. an increase in another asset 3. Decrease in asset may a. decrease another assetb. decrease liabilitiesc. increase capitald. increase liabilitiesTo compute tangible book value, an analyst wouldA . add goodwill to stockholders’ equity.B . add all intangible assets to stockholders’ equity.C . subtract all intangible assets from stockholders’ equity.1. What does the beginning balance of retained earning indicate? And what does the following that is reported in the statement of retained earnings mean as well? The addition of net income or the subtraction of net loss to that beginning balance. The subtraction of dividends; and The ending balance of retained earnings. The ending balance is used on the balance sheet.
- _______ 1. Financial assets at amortized cost shall be measured at fair value through profit or loss. _______ 2. Transaction costs include fees and commission paid to agent, levies by regulating authorities, transfer taxes and duties. _______ 3. As a rule, transaction costs that are directly attributable to the acquisition of a financial asset should be capitalized as cost of the financial asset. _______ 4. Financial assets held for trading are reported at cost. _______ 5. The stockholder theoretically realized income from dividend at the data of record. _______ 6. As investee is an entity over which the investor has significant influence. _______ 7. Trading bond investment are reported at face amount. _______ 8. A gain or loss on sale of trading bond investment is the difference between sale price and fair value. _______ 9. The interest rate written on the face of the bond is known as nominal rate. _______ 10. Major spare part and standby equipment which are expected to be used…Which of the following best represents operating income? Seleccione una: a. Income after financing activities b. Earnings before interest and taxes c. Income from discontinued operations d. Income from capital gainsOwner's equity Select one: a. The resulting amount when total liabilities are subtracted from total assets b. When total liabilities are added to total assets c. None of Them d. The resulting amount when total revenue are subtracted from total cost of sales