Principles of Accounting
12th Edition
ISBN: 9781133626985
Author: Belverd E. Needles, Marian Powers, Susan V. Crosson
Publisher: Cengage Learning
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Chapter 11, Problem 1SE
To determine
Indicate whether the following actions relates to each of the description given.
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Which of the following liabilities is created when a company receives cash for services to be provided in the future?
A.
Unearned Revenue
B.
Estimated Warranty Payable
C.
Accrued Liability
D.
Accounts Payable
Which of the following would you find in the financial statements?
a) Information about principal, interest, and maturity of long term debt.
b) Discussion of the company's results of operations.
c) Financial position on a particular date. d) A qualified opinion.
Assuming the entity paid its liabilities incurred prior year, what is the proper debit for this transaction?
a.) Accounts Receivable
b.) Supplies Expense
c.) Cash
d.) Accounts Payable
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Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- For each of the following accounts, identify in which section of the classified balance sheet it would be presented: current assets, property, intangibles, other assets, current liabilities, long-term liabilities, or stockholders equity. A. Accounts Payable B. Accounts Receivable C. Cash D. Equipment E. Land F. Notes Payable (due two years later) G. Prepaid Insurance H. Suppliesarrow_forwardWhich of the following is a liability created when a company receives cash for services to be provided in the future? Select one: a. Unearned revenue b. Estimated warranty payable c. Service revenue d. Accrued liabilityarrow_forwardWhich of the following liabilities is created when a company receives cash for services to be provided in the futurearrow_forward
- Show effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the yeararrow_forwardThe following are the typical classifications used in a statement of financial position : a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f. Current liabilities g. Long-term liabilities h. Issued capital i. Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1. …. .…….Prepaid insurance 2. ……….. Note payable due in three months 3. ………. Unearned rent revenue 4. ……….. Income less dividends, accumulated 5. ………. Building, in usearrow_forwardThe following are the typical classifications used in a statement of financial position : a. Current assets b. Investments and funds c. Property, plant, and equipment d. Investment property e. Intangible assets f. Current liabilities g. Long-term liabilities h. Issued capital i. Retained earnings Required : For each of the following statements of financial position items. use the letters above to indicate the appropriate classification category. If the item is a contra account, place a minus before the chosen letter 1. …. .…….Prepaid insurance 2. ……….. Note payable due in three monthsarrow_forward
- Salaries Payable, Accounts Payable, and Unearned Revenue are examples of ________. A. short−term investments B. fixed assets C. long−term liabilities D. current liabilitiesarrow_forwardWhich of the following best describes the statement of profit or loss?A It is a summary of assets and expenses at a specified dateB It is a summary of cash receipts and payments made during an accounting periodC It is a summary of assets, liabilities, income and expenses at a specified dateD It is a summary of income and expenditure for an accounting periodarrow_forwardUnder which of the following categories would Accounts Receivable appear? A. long−term assets B. current assets C. long−term liabilities D. current liabilitiesarrow_forward
- When a company prepares its annual financial reports, it must first prepare the Question 6 options: a) balance sheet b) income statement c) free cash flow report d) all of the above e) none of the abovearrow_forwardFor each of the following accounts, give key risks, relevant assertions and how to test those assertions. 1. Statement of profit or loss items 2. Non-current assets 3. Inventory 4. Recievables 5. Bank 6. Payables 7. Long-term liabilitiesarrow_forwardIn the December 31, 2021 statement of financial position, how much should be reported as current liabilities? *Pls answer in good Accounting form. Thanks! <3arrow_forward
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