Question
In: Accounting
7) Which of the following types of accounts typically have a “Credit” balance? a. Assets, liabilities...
7) Which of the following types of accounts typically have a “Credit” balance?
a. Assets, liabilities
b. Liabilities, expenses
c. Revenue, liabilities
d. Capital stock, assets
8) Which of the following describes the “classification” and the “normal balance” of the Fee
Revenue account?
a. Asset, credit
b. Liability, credit
c. Retained Earnings, debit
d. Revenue, credit
9) Amounts ($$) that a business is owed “from” its customers are referred to as:
a. Accounts Receivables
b. Equities
c. Stockholders’ Equity
d. Liabilities
10) When should the balance sheet be prepared?
a. before the income statement and the owner’s equity statement
b. before the income statement and after the owner’s equity statement
c. after the income statement and the owner’s equity statement
d. after the income statement and before the owner’s equity statement
Solutions
Expert Solution
7) Correct Option is C. Revenue and liabilities
Revenue, Capital Stock and liabilities account has credit Balance.
Asset and expense has debit balance.
Hence the correct option is c.
8)
Correct option is D. Revenue, Credit
Fee Revenue Account represents the revenue earned during the period and revenue account should have a credit balance.
9)
Customers are the Accounts Receivable.
So the amount that a business is owed from it's customers are referred to as Accounts Receivable.
Hence the correct option is A.
10)
Correct option is D.
Balance Sheet is prepared after the preparation of Income Statement and before the.Owners equity statement
ekkarill92 answered 2 years agoRelated Solutions
Balance Sheet (in $ millions) Assets Liabilities and Stockholders' Equity Cash ...................................... $ 7 Accounts payable ............$20 Accounts...
Balance Sheet
(in $ millions)
Assets Liabilities and Stockholders'
Equity
Cash ...................................... $
7 Accounts payable ............$20
Accounts receivable ............ 25
Accrued wages .................7
Inventory .............................. 28
Accrued taxes .................. 13
Current assets ................... $80
Current liabilities .......... $40
Fixed assets
......................... 25
Notes payable ..................15
Common stock .................20
Retained earnings ............ 30
Total Assets ...........................$105 Total liabilities
and stockholders’ equity .......$105
If the firm’s sales for last year were $100 million, and the
balance sheet at year-end is similar in percentage of sales to that
of...
A firm has the following balance sheet: Assets Liabilities and Equity Cash $ 5,000 Accounts payable...
A firm has the following balance sheet:
Assets
Liabilities and Equity
Cash
$
5,000
Accounts payable
$
5,000
Accounts receivable
153,000
Long-term debt
109,000
Inventory
89,000
Common stock ($8 par;
32,000
4,000 shares outstanding)
Plant and equipment
190,000
Additional paid-in capital
148,000
Retained earnings
143,000
$437,000
$437,000
Construct a new balance sheet showing the impact of a
four-for-one split. If the current market price of the stock is
$55, what is the price after the split? Round the par value...
A firm has the following balance sheet: Assets Liabilities and Equity Cash $ 5,000 Accounts payable...
A firm has the following balance sheet:
Assets
Liabilities and Equity
Cash
$
5,000
Accounts payable
$
5,000
Accounts receivable
158,000
Long-term debt
111,000
Inventory
72,500
Common stock ($9 par;
31,500
3,500 shares outstanding)
Plant and equipment
210,000
Additional paid-in capital
150,000
Retained earnings
148,000
$445,500
$445,500
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Indicate which of the following current assets and current liabilities are operating accounts (O) and thus...
Indicate which of the following current assets and current
liabilities are operating accounts (O) and thus included in the
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which are cash (C), investing (I), or financing (F) accounts. (a)
Accounts payable
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(d) Marketable securities
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Adjusting entries for unearned items typically include which of the following related types of accounts:
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the following related types of accounts:Revenue and Liability accountsRevenue and Asset accountsExpense and Liability accountsExpense and Asset accountsQUESTION 12Before making adjusting entries you should:Close permanent accountsPrepare a Trial BalanceClose temporary accountsPrepare a balance sheetQUESTION 13To record adjusting journal entries in QuickBooks, select:Company Center > Journal Entry iconAccountant Menu > Make General Journal EntriesBanking section of the Home Page > Journal Entry iconCompany section of the Home Page > Journal Entry...
Which of the following accounts are normally reported as NONCURRENT liabilities on a classified balance sheet?...
Which of the following accounts are normally reported as
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REVISION EXERCISES ACCOUNTS CLASSIFICATION AND NORMAL BALANCE OF ACCOUNTS NAME: Accounts name Assets/Liabilities/Equity/income/Expense normal balance (DR/CR)...
REVISION EXERCISES
ACCOUNTS CLASSIFICATION AND NORMAL BALANCE OF
ACCOUNTS
NAME:
Accounts name
Assets/Liabilities/Equity/income/Expense
normal balance
(DR/CR)
1
Cash at Bank
2
Loan Payable
3
Interest payable
4
Salaries expense
5
Prepaid insurance
6
Accounts receivable
7
Office equipment
8
Accumulated depreciation-office equipment
9
Advertising expense
10
Depreciation expense-office equipment
11
Electricity expense
12
Land
13
Salaries payable
14
Building
15
Accumulated depreciation-building
16
Goodwill
17
Sales revenue
18
Interest income
19
Marketing expenses
20
Inventory
21
Allowance for doubtful debts...
You are the owner of Third Bank, which currently has the following balance sheet: Assets Liabilities...
You are the owner of Third Bank, which currently has the
following balance sheet:
Assets
Liabilities
Reserves
$175
Deposits
$1,250
Loans
$1,800
Bank
Capital
$725
Assume a 10% reserve requirement. If there is a sudden
withdrawal of deposits of $100:
What problem does this create for you as the bank owner? Briefly
explain what options are available to you to deal with the
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Which of these options are you most...
Which of the following groups contain only accounts that normally have credit balances? Accounts Receivable and...
Which of the following groups contain only accounts that
normally have credit balances?
Accounts Receivable and Fees Income
b. Salaries Expense
and Accounts Payable
c. Fees Income
and Notes Payable
d. Accounts Payable and
Equipment
The Chef Manager received a vendor shipment on the last day of
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inventory. What should be done to make sure the financials are
correctly stated?
Nothing
Adjust the ending inventory
Adjust the ending inventory and process the...
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