Chapter 1, Problem 1.13E

An Item stated in the financial information of a company are material if:   I.   They are insignificant   II.    They are aggregated with other similar items   III.   They could not influence the economic decisions made by the users of financial statements   a- II and III only b- None of them c- I and III only d- II only

please answer all parts please do not say about your guidelines in detail with explanation computation formulas thanks 2. For each transaction below, write the net effect on Current Assets (CA), Current Liabilities (CL), Gross Profit (GP), Net Income Before Taxes (NIBT), and Cash flows from operating activities (CFO).  - Ignore income tax effects - Write only the effect for the current period. - Assume the companyis a merchandising firm. - Assume warranty expenses are recognized in COGS and bad debt expenses are recognized in SG\&A. - If the net effect is negative, include a negative sign. - If no effect, write 0 . - Note that this is not a balance sheet equation(A=L+E)table, so you should not expect amounts to balance.

1.Assets = Liabilities + (Owner, Capital - Owner, Withdrawal + Revenues - Expenses)2.    What is a company's financial obligation that results in the company’s future sacrifices of economic benefits to other entities or businesses?3.    What is considered as the residual claims on assets?4.    What do you call the chronological record of all the financial transactions of a business which is also known as the book of original entry?5.    TRUE or FALSE? Debit means increases while credit means decreases.6.    What accounting principle dictates that companies recognize revenue as it is earned, and not when they receive payment?7.    Which of the four accounts is NOT a liability?            Unearned revenue; Accrued expense; Accounts payable; Accounts receivable8.    The following accounts must be closed at the of the accounting period, EXCEPT:            Equity, revenue, expense, income summary9.    What inventory system continuously estimates the inventory based on the running electronic…

Below are incomplete financial statements for Cyclone, Inc.Required: Calculate the missing amounts.

he following attributes are correct in respect of accounting equation except one of them: O a. Accounting equation shows the financing sources and the use of finance in a business O b. Accounting equation always underlies the accounting entries made in the b0oks of account. O c. Accounting equation is written as follows: ASSETS + Liabilities = capital

In Worldcom and Enron accounting scandal, they classified operating expenses as capital investments affecting firms… A. Assets B.Net Income C.Cash flows from operating activities D.Profit Margin E.All of the above

Please no written by hand solutions   Can someone please explain these two questions?   1. Which of the following statements is false? A) An expense is a cost incurred to generate revenues. B) Revenues result in an increase in net income and additional paid-in capital. C) Revenues are reported on the income statement as they are earned. D) Incurring an expense occurs with a decrease in assets or an increase in liabilities.   2. Kronic Ltd. sold inventory costing Kronic $500 for $900 on account. Provide the journal entries required at the time of sale.

Which of the following does not accurately represent the accounting equation?A. Assets Liabilities = Stockholders EquityB. Assets Stockholders Equity = LiabilitiesC. Assets = Liabilities + Stockholders EquityD. Assets + Liabilities = Stockholders EquityWhich of these statements is false?A. Assets = Liabilities + EquityB. Assets Liabilities = EquityC. Liabilities Equity = AssetsD. Liabilities = Assets EquityIf equity equals $100,000, which of the following is true?A. Assets exceed liabilities by $100,000.B. Liabilities exceed equity by $100,000.C. Assets + liabilities equal $100,000.D. None of the above is true.Provide the missing amounts of the accounting equation for each of the following companies. Indicate what impact the following transactions would have on the accounting equation, Assets =Liabilities + Equity.Impact 1 Impact 2A. Paid this months utility billB. Purchased supplies for cashC. Received cash for services performedD. Collected cash from customer accounts receivableE.…

True or False for the following statements: 1. Accounting can be defined as an information system that provides reports to users about the economic activities and condition of a business. 2. An account receivable is typically classified as a revenue, not an asset. 3. The allowance for doubtful accounts is an estimate based on past experience of the corporation. 4. Using FIFO method to calculate inventory can decrease tax payment. 5. The accounting equation can be expressed as Assets - Liabilities = Owner's Equity 6. If the liabilities owed by a business total S300,000 and owners equity is equal to $300,000, then the assets also total $300,000. 7. An account receivable is a claim against a customer arising from a sale on account. 8. The unit of measure concept requires that economic data be recorded in a common unit of measurement like RMB and U.S. dollar. 9. Paying off an account payable increases liabilities. 10. The normal balance of cash account is a debit.