Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30, 2021. The date of the agreement was October 1, 2021. The agreed upon cost of the total service is $1,000, $250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an advance payment of $500 to Sally Lawn Services on October 1, 2021. Assuming Sally Lawn Services uses the cash basis of accounting, Sally Lawn Services should record revenue of $500 on October 1. True or False Cost of goods sold is greater under the LIFO method than under the FIFO method when applying the periodic system. True or False Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30, 2021. The date of the agreement was October 1, 2021. The agreed upon cost of the total service is $1,000, $250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an advance payment of $500 to Sally Lawn Services on October 1, 2021. Assuming Sally Lawn Services uses the accrual basis of accounting, Sally Lawn Services should record deferred revenue of $250 on October 31. True or False Services are provided for customers who pay for the services immediately. For this transaction, assets increase and stockholders equity increases. True or False Zanzibar Imports reported currents liabilities of $600,000, non-current liabilities of $900,000, non-current-assets of $1,200,000. Current ratio is equal to 2. True or False Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30, 2021. The date of the agreement was October 1, 2021. The agreed upon cost of the total service is $1,000, $250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an advance payment of $500 to Sally Lawn Services on October 1, 2021. Assuming Sally Lawn Services uses the accrual basis of accounting, Sally Lawn Services should record revenue of $750 on November 30 even if Mr. Bizza did not pay the remaining $500 until December 15. True or False Sinsi Associates reported payables of $500,000 in June of 2020. $150,000 of the payables is due in January 2021, whereas the remaining $350,000 is due in June 2022. $350,000 of the payables will be reported on the 2020 balance sheet as long-term liabilities. True or False Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30, 2021. The date of the agreement was October 1, 2021. The agreed upon cost of the total service is $1,000, $250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an advance payment of $500 to Sally Lawn Services on October 1, 2021. Assuming Sally Lawn Services uses the accrual basis of accounting, Sally Lawn Services should record revenue of $250 on October 31. True or False Which one of the following equations represents retained earnings activity at the end of the year? Beginning Balance - Dividends + Net Income Beginning Balance + Cash Inflows -Dividends Beginning Balance - Dividends - Net Income None of the above. Body & Soul Lotions reported cash payments for income taxes of $1,500, machinery purchase of $6,000 and cash receipts from sales of $9,500 in the month of June 2020. Net cash provided by financing activities is equal to $3,500. True or False
Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30, 2021. The date of the agreement was October 1, 2021. The agreed upon cost of the total service is $1,000, $250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an advance payment of $500 to Sally Lawn Services on October 1, 2021. Assuming Sally Lawn Services uses the cash basis of accounting, Sally Lawn Services should record revenue of $500 on October 1. True or False
Cost of goods sold is greater under the LIFO method than under the FIFO method when applying the periodic system. True or False
Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30, 2021. The date of the agreement was October 1, 2021. The agreed upon cost of the total service is $1,000, $250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an advance payment of $500 to Sally Lawn Services on October 1, 2021. Assuming Sally Lawn Services uses the accrual basis of accounting, Sally Lawn Services should record deferred revenue of $250 on October 31. True or False
Services are provided for customers who pay for the services immediately. For this transaction, assets increase and
Zanzibar Imports reported currents liabilities of $600,000, non-current liabilities of $900,000, non-current-assets of $1,200,000.
Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30, 2021. The date of the agreement was October 1, 2021. The agreed upon cost of the total service is $1,000, $250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an advance payment of $500 to Sally Lawn Services on October 1, 2021. Assuming Sally Lawn Services uses the accrual basis of accounting, Sally Lawn Services should record revenue of $750 on November 30 even if Mr. Bizza did not pay the remaining $500 until December 15. True or False
Sinsi Associates reported payables of $500,000 in June of 2020. $150,000 of the payables is due in January 2021, whereas the remaining $350,000 is due in June 2022. $350,000 of the payables will be reported on the 2020 balance sheet as long-term liabilities. True or False
Sally Lawn Services has a formal agreement with Mr. Bizza to treat his lawn on October 31 and November 30, 2021. The date of the agreement was October 1, 2021. The agreed upon cost of the total service is $1,000, $250 to be paid on October 31 and the remaining $750 to be paid on November 30. Although not required as part of the agreement, Mr. Bizza made an advance payment of $500 to Sally Lawn Services on October 1, 2021. Assuming Sally Lawn Services uses the accrual basis of accounting, Sally Lawn Services should record revenue of $250 on October 31. True or False
Which one of the following equations represents
- Beginning Balance - Dividends + Net Income
- Beginning Balance +
Cash Inflows -Dividends - Beginning Balance - Dividends - Net Income
- None of the above.
Body & Soul Lotions reported cash payments for income taxes of $1,500, machinery purchase of $6,000 and cash receipts from sales of $9,500 in the month of June 2020. Net cash provided by financing activities is equal to $3,500. True or False
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