Survey Of Accounting
5th Edition
ISBN: 9781259631122
Author: Edmonds, Thomas P.
Publisher: Mcgraw-hill Education,
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Question
Chapter 2, Problem 31E
To determine
Identify the source, use, and exchange transactions for the given requirements.
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Identify whether a Debit or a Credit.
1. Which contra-asset account is an accumulated depreciation?
2. Which account should be filled when a company’s cash account is increased?
3. Which is the normal balance for contra asset accounts?
4. Which account should be filled when a company’s capital is increased?
QUESTION 4
Determining the cash flows from operating activities generally requires analyzing each item on the income statement as well as the current asset (except cash) and current liability accounts.
True
False
Question 8 Match the transaction with its impact on the financial statements. Accrued an expense Collected revenue on account Borrowed money from a bank Paid a dividend to shareholders asset use asset source [Choose ] asset use
Chapter 2 Solutions
Survey Of Accounting
Ch. 2 - 1. What does accrual accounting attempt to...Ch. 2 - 2. Define recognition. How is it independent of...Ch. 2 - 3. What does the term deferral mean?Ch. 2 - 4. If cash is collected in advance of performing...Ch. 2 - Prob. 5QCh. 2 - 6. What effect does the issue of common stock have...Ch. 2 - 7. How does the recognition of revenue on account...Ch. 2 - 8. Give an example of an asset source transaction....Ch. 2 - 9. When is revenue recognized under accrual...Ch. 2 - 10. Give an example of an asset exchange...
Ch. 2 - 11. What is the effect on the right side of the...Ch. 2 - Prob. 12QCh. 2 - Prob. 13QCh. 2 - Prob. 14QCh. 2 - Prob. 15QCh. 2 - Prob. 16QCh. 2 - 17. Why may net cash flow from operating...Ch. 2 - Prob. 18QCh. 2 - Prob. 19QCh. 2 - 20. What is the difference between a cost and an...Ch. 2 - Prob. 21QCh. 2 - Prob. 22QCh. 2 - 23. What does the term expense mean?Ch. 2 - Prob. 24QCh. 2 - 25. What is the purpose of the statement of...Ch. 2 - Prob. 26QCh. 2 - 27. Why is the balance sheet dated as of a...Ch. 2 - 28. In what order are assets listed on the balance...Ch. 2 - Prob. 29QCh. 2 - Prob. 30QCh. 2 - 31. What types of accounts are closed at the end...Ch. 2 - 32. Give several examples of period costs.Ch. 2 - 33. Give an example of a cost that can be directly...Ch. 2 - Prob. 34QCh. 2 - Prob. 1ECh. 2 - Exercise 2-2 Effect of accrued expenses on the...Ch. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Prob. 6ECh. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Exercise 2-9 Supplies on financial statements Yard...Ch. 2 - Prob. 10ECh. 2 - Exercise 2-11 Prepaid items on financial...Ch. 2 - Exercise 2-12 Effect of an error on financial...Ch. 2 - Exercise 2-13 Unearned items on financial...Ch. 2 - Prob. 14ECh. 2 - Prob. 15ECh. 2 - Prob. 16ECh. 2 - Prob. 17ECh. 2 - Prob. 18ECh. 2 - Prob. 19ECh. 2 - Prob. 20ECh. 2 - Exercise 2-21 Adjusting the accounts Norell Inc....Ch. 2 - Prob. 22ECh. 2 - Prob. 23ECh. 2 - Prob. 24ECh. 2 - Prob. 25ECh. 2 - Prob. 26ECh. 2 - Exercise 2-27 Identifying transaction type and...Ch. 2 - Exercise 2-27A Effect of accounting events on the...Ch. 2 - Prob. 29ECh. 2 - Exercise 2-29A Identifying source, use, and...Ch. 2 - Prob. 31ECh. 2 - Problem 2-32 Recording events in a horizontal...Ch. 2 - Problem 2-37A Effect of adjusting entries on the...Ch. 2 - Prob. 34PCh. 2 - Prob. 35PCh. 2 - Problem 2-36 Identifying and arranging elements on...Ch. 2 - Problem 2-37 Missing information in financial...Ch. 2 - Problem 2-38 Events for two complete accounting...Ch. 2 - Prob. 1ATCCh. 2 - ATC 2-3 Research Assignment Identifying accruals...Ch. 2 - ATC 2-4 Writing Assignment Revenue Recognition and...
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Similar questions
- Ex 410 Classifying assets Identify each of the following as (a) a current asset or (b) property, plant, and equipment: 1. Accounts Receivable 2. Building 3. Cash 4. Land 5. Prepaid Insurance 6. Suppliesarrow_forwardBrief 1-28 Statement of Cash Flows Listed are items that would on a Statement of cash flows. Cash received from customers Cash paid for dividends Cash received from a bank loan Cash paid to suppliers Cash paid to purchase Required: Indicate in which part of the statement of cash flows each of the items would appear: operating activities (O), investing activities (I), or financing activities (F).arrow_forwardCornerstone Exercise 1-16 Financial Statements Listed below are elements of the financial statements. a. Liabilities b. Net change in cash c. Assets d. Revenue Required: e. Cash flow from operating activities f. Expenses g. Stockholders' equity h. Dividends Match each financial statement item with its financial statement: balance sheet (B), income statement (I), retained earnings statement (RE), or statement of cash flows (CF).arrow_forward
- Chapter 4: Exercise 3 pt. 2 page 87 Warren King formed a business called Global Consultancy Services. ?REQUIRED: a.) Prepare a statement of changes in owner's equity for May. b.) Prepare a properly classified report form of statement of financial position as of May 31. Rent Deposit is classified as Other Non-Current Asset after Property and Equipment. c.) Using the cash data, analyze its movement (inflow or outflow) in a working paper. Give the net flow of cash from its operating, financing and investing activities. Note: Pls put the commas properly.arrow_forwardStatement 1: The single entry method of determining net income or loss is also known as working assets approach. Statement 2. Increases in assets and decreases in liabilities increase net assets. Both statements are true. Both statements are false. Only statement one is true. Only statement two is true.arrow_forwardTRUE OR FALSE 1. Cash inflows that enter into the determination of net income are classified as financing activities on a statement of cash flows. 2. The issuance of common stock in exchange for a building would appear both as a cash inflow in the financing activities section of the cash flow statement and also as a cash outflow in the investing activities section. 3. Determining the cash flows from operating activities generally requires analyzing each item on the income statement as well as the current asset and current liability accounts.arrow_forward
- Exercise 1-17 Reporting cash flows and determining effects P2 For each transaction, (a) determine whether the transaction appears on the statement of cash flows under cash flows from operating activities, cash flows from investing activities, or cash flows from financing activities and (b) indicate whether the transaction is a cash outflow or cash inflow. 1.Cash received from client for performing services. 2.Cash investment from the owner. 3.Cash paid for this month’s rent. 4.Cash paid for equipment. 5.Cash paid for employee wages. 6.Cash paid to settle long-term loan.arrow_forwardStatement 1: Under cash basis, if cash has been collected, revenue is recorded regardless of earning process. Statement 2: Under accrual basis, if the earning process is not complete, revenue is nevertheless recorded. Both statements are true. Both statements are false. Only statement one is true. Only statement two is true.arrow_forwardACTIVITY 1. MODIFIED MATCHING TYPE: From the line items in a box, prepare a pro-forma statement of cash flows. Classify the line items as to operating, investing, financing activities. Cash received from customers Salaries paid Interest paid Utilities paid Cash drawings of owners Payment for acquisition of equipment Cash contributions from owners Depreciation Payments to supplier Amortization Principal payments for bank Cash received from sale of landarrow_forward
- a To record this period’s depreciation expense. b To record accrued salaries expense. c To record this period’s use of a prepaid expense. d To record accrued interest revenue. e To record accrued interest expense. f To record the earning of previously unearned income. g To record cash receipt of unearned revenue. h To record cash payment of an accrued expense. i To record cash receipt of an accrued revenue. j To record cash payment of a prepaid expense. In the blank space beside each adjusting entry, enter the letter of the explanation A through F that most closely describes the entry.arrow_forwardplease answer the following 2 questions: 1. If there is any Depreciation, Amortization, or Depletion expense it should be ... a) added to the net income because they are cash activities b) deducted from the net income because they are cash activities c) added to the net income because they are non-cash activities d) deducted from the net income because they are non-cash activities 2. Any Gain in the income statement should be: a) deducted from the net income because they are non-cash activities b) added to the net income because they are cash activities c) deducted from the net income because they are cash activities d) added to the net income because they are non-cash activitiesarrow_forwardDebits Select one: a.decrease liabilities and increase assets. b.increase both assets and liabilities. c. increase liabilities and decrease assets d.decrease both assets and liabilities.arrow_forward
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