For each item below, indicate whether a debit (DR) or a credit (CR) applies. _____

For each item below, indicate whether a debit (DR) or a credit (CR) applies. _____ a. Decrease in Accounts Payable _____ b. Decrease in Land _____ c. Increase in Retained Earnings _____ d. Increase in Unearned Revenue _____ e. Decrease in Notes Payable _____ f. Increase in Building _____ g. Increase in Wages Expense _____ h. Decrease in Office Supplies _____ i. Increase in Service Revenue _____ j. Increase in Common Stock

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ekkarill92 answered 2 years ago

For each item listed below, indicate whether it involves a: a. permanent difference.

For each item listed below, indicate whether it involves a:a. permanent difference.b. temporary difference that will result in future deductible amounts (giving rise to deferred tax assets).c. temporary difference that will result in future taxable amounts (giving rise to deferred tax liabilities).____ 1. Rent is collected in advance from a tenant. Rent is taxable when received.____ 2. Warranty costs are accrued at the time of sale for accounting purposes, but are not deductible until paid for income tax purposes.____ 3....

Indicate whether Paid-in Capital in Excess of Par is a debit or credit account and whether...

Indicate whether Paid-in Capital in Excess of Par is a debit or credit account and whether it is closed or not closed each period. Select one: a. Debit, closed b. Debit, not closed c. Credit, closed d. Credit, not closed The coupon (stated) rate of interest is used to determine: Select one: a. The discount or premium recorded when the bond is issued. b. The amount of cash interest the bond issuer pays to the investor on the interest payment...

1. For each item below, indicate whether it involves: (1) A temporary difference that will result...

1. For each item below, indicate whether it involves: (1) A temporary difference that will result in future deductible amounts and, therefore, will usually give rise to a deferred income tax asset. (2) A temporary difference that will result in future taxable amounts and, therefore, will usually give rise to a deferred income tax liability. Use the appropriate number to indicate your answer for each. Answer (a) For some assets, straight-line depreciation is used for tax purposes while double-declining balance...

For each of the following accounts, signify DEBIT or CREDIT to indicate the normal balance of...

For each of the following accounts, signify DEBIT or CREDIT to indicate the normal balance of the account. 1 Accounts recievable Multiple Choice Answer Options: 2 Credit card expense a. Credit 3 bad debt expense b. Debit 4 allowance for doubtful debts 5 Notes receivable (due in 180 days) 6 interest revenue 7 depreciation expense 8 building 9 equipment 10 accumulated depreciation 11 Loss of disposal of equipment 12 Gain on disposal of equipment 13 Sales revenue 14 Patent 15...

1. Identify whether each of the following is a debit or a credit in the country...

1. Identify whether each of the following is a debit or a credit in the country of Freedonia’s BOP and indicate where the item would be classified. a. Freedonian firms export $250 million worth of goods. b. Freedonian citizen’s purchase $50 million worth of tickets on US Airways flights. c. A Freedonian firm purchases a shoe factory in Mexico for $30 million. d. Freedonia receives $5 million in foreign aid from the United States. e. Freedonian citizens deposit $15 million...

Listed below are ten separate situations. For each item indicate whether the difference is (1) temporary...

Listed below are ten separate situations. For each item indicate whether the difference is (1) temporary creating a deferred tax asset (DTA) or a deferred tax liability (DTL) or (2) permanent by marking an X in the appropriate column. ITEM Temporary - DTA Temporary - DTL PERMANENT Pension fund contributions are less than pension expense for the current year, resulting in a pension liability on the company’s balance sheet. Dividend revenue recognized for accounting while a portion is deductible for...

Listed below are costs found in various organizations. Required: For each cost item, indicate whether it...

Listed below are costs found in various organizations. Required: For each cost item, indicate whether it would be variable or fixed with respect to the number of units produced and sold; and then whether it would be a selling cost, an administrative cost, or a manufacturing cost. If it is a manufacturing cost, indicate whether it is a direct cost or an indirect cost with respect to units of product. Manufacturing Cost Cost Item Variable or Fixed Selling Cost Admin....

For each item listed below, indicate whether you feel it relates to financial or managerial accounting....

For each item listed below, indicate whether you feel it relates to financial or managerial accounting. Explain your reasoning behind your answer for each item. a. Projected net income for next quarter by division b. Defective goods produced as a percentage of all goods produced c. Income statement for the most current year, prepared in accordance with U.S. GAAP. d. Monthly sales broken down by geographic region e. Production department budget for the next quarter. f. Balance sheet at the...

In the table below, indicate whether the item is included or excluded from the calculation of...

In the table below, indicate whether the item is included or excluded from the calculation of GDP. Some items may count negatively. Explain your answer, and in your explanation, if the item is included in GDP, please state whether the item counts in consumer expenditures (C), investment (I), government spending (G) or Net Exports (NX). Item Include/Exclude And Where (C, I, G, NX) Reason for Inclusion/Exclusion Jason McNamara’s purchase of a 1958 Edsel produced by Ford motor company from Mary...

ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1...

ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 7,200 units, 4/5 completed 12,528 31 Direct materials, 129,600 units 168,480 181,008 31 Direct labor 49,490 230,498 31 Factory overhead 27,838 258,336 31 Goods finished, 131,400 units 249,372 8,964 31 Bal. ? units, 3/5 completed 8,964 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent...

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