Cash and Sales a. \text{CABOT CORPORATION Balance Sheet December 31, 2017}\\ d. Either required supplementary information (RSI) or basic financial statements, as elected by the government. Which of the following is an adjusting entry that should be made by the company? Salaries and Wages Expense and Salaries and Wages Payable (3) Dallas Company loaned $10,000 to Ewing Company on December 1, 2019. no journal entries are required for the reconciling items on the bank side because ___________. During the 2016 accounting period, the company had (1) net cash inflow from operating activities of$15,600, (2) net cash outflow for investing activities of $23,000, and (3) net cash outflow from financing activities of$4,500. A A) Revenue is the total amount received for selling a good or service. (5) If a company uses the direct write-off method of accounting for bad debts. -Revenue is reported when the company is paid by the customer. A) Revenues decrease equity, so a revenue account's normal balance is a credit balance. C B This means that the ending balance of the, 37) In reviewing the T-account for Accounts Payable, you find that the beginning balance is zero, the total. preparing all adjusting entries. Before placing a purchase order, a department should check that available appropriations are sufficient to cover the cost of the item being ordered. C Which of the following statements describes the effect that adjusting entries may have on liabilities? At the end of the accounting period, a physical count of office supplies revealed $900 still on hand. d. If revenues are greater than expenses, the company has net income and retained earnings decreases Effect: the substitution effect On December 31, 2019, Reinhardt prepared closing entries. D.The same tax revenue is raised regardless of whether the government collects the tax from consumers or producers. $1,200. They would record it as a credit to revenue and debit to cash on April 30. $20,000 B. D c. If revenues are less than expenses, the company has a net loss and contributed capital increases to balance off the loss. 1. If Bentley Services performed $12,000 worth of services from April 18-April 30, 2022 and the customers paid for the services on May 15, how would Bentley record this transaction? A debt that a business owes is called __________. LP B. Public Safety. Which of the following best identifies when an encumbrance is recorded? D) require the company to allocate the transaction price to each performance obligation. B Which of the following statements is true about revenue? An adjusting entry for accrued expenses involves: (Select all that apply.). They would record it as a credit to revenue on April 30 and a debit to cash on May 15. Which of the following has an asset-expense relationship? us gaap permits an averaging of exchange rates in order to facilitate the translation process and prescribes a specific approach for companies to use. C d. Insufficient information to determine the effect. $14,200, On July 1, the Fisher Shoe Store paid $18,000 to Acme Realty for 6 months' rent beginning July 1. A) assets are something of value the business owns or controls. The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting U.S. federal taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law.It is an agency of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the . Basic Concepts For each of the following statements, indicate whether it is true, false, or uncertain. 3. D The employees of Leichester Services, Inc. worked the last two weeks of December, 2016. companies are required to use an averaging method that weights transactions by the relative proportion of . (3) In December 2019, Swanstrom Inc. receives a cash payment of $3,500 for services performed in December 2019 and a cash payment of $4,500 for services to be performed in January 2020. understate assets, net income, and stockholders' equity. As a result of operations, Maple Leaf's net income for the most recent fiscal year will be ________ by Income from space rented to a not-for-profit organization. D QP Corp. has a beginning retained earnings balance of $16,000. C) Revenues increase equity, so a revenue account's normal balance is a debit balance. Imagine if you c (3) Hurd Inc. prepays rent every 3 months on March 1, June 1, September 1, and December 1. Yes, it is possible for a firm to do both. On August 1, 2019, a firm prepaid $53,520 for 2 years' rent of an office building. Norbert Inc. delivered goods and services during December. $$ D Interest Expense $825 Adam Corporation uses the cash-basis of accounting. Movers' year-end financial statements as of December 31, 2019 will show: (Select all that apply. Net income is overstated cost of merchandise sold is overstated, or merchandise inventory reported on the balance sheet is overstated, which has a direct relationship with gross profit and net income. A Maple Leaf's employees earn a normal weekly wage of $18,000 during a five-day work week. A A 5. Inadequate competition b. Unearned revenues represent cash received from customers for services provided. 6. 8. 1. Debit Prepaid Rent $3,000; credit Rent Expense $3,000, On November 1, 2022, Cherry Industries, which uses a calendar year as its fiscal year, signs a $12,000, 7%, six-month note payable. C D Payment is expected during the first week of January. A) Revenues decrease equity, so a revenue account's normal balance is a credit balance. B. Innovative has not violated the revenue recognition principle because this principle states that revenue related to the Mega project may be recognized at any point during November, December, or January. Tow assingments only 100 words. (5) When should the net method be used to record sales revenue? 2- Which of the following causes a . Credit Cash $12,420 "2022 was a D Jones Financial Services, Inc. performed accounting services for a client in December. Interest Expense $91.67 debit Supplies Expense $2,100; credit Supplies $2,100 a. D C (Select all that apply. A (5) Which one of the following best describes the allowance for doubtful accounts? A The curve shows an inverse relationship between . overstated; $5,325. C Which of the following is an example of an accrual? A What effect will these errors have on Unique's balance sheet for the month, assuming all other account balances listed on that sheet are correct? Which of the following is true about closing entries: a. Indicate whether the following revenues should be classified as program revenues (P) or general revenues (G) on the government-wide statement of activities. A prepayment that is originally recorded as an asset will be ______. When should Mainzel recognize the related revenue using accrual accounting? which of the following accounts decreases with a credit? ), ________________ revenue arises when a business receives cash in one period, but does not provide all of the related goods or services until a later period. b. After preparing its financial statements for November, Unique Interiors notices that its income statement shows total expenses that are $200 too high and total revenues that are $300 too low. 7. In fact, any attempts to engage in earnings management practices of any kind automatically decrease a firm's quality of earnings. a. c. When legislative authority has been granted to spend resources. which of the following statements is true? c. Budgetary Fund Balance.
YearRevenue
18.53
210.84
312.98
414.11
516.31
617.21
718.37
818.45
918.40
1018.43
Suppliers can provide at most $1200\ \mathrm{lb}$ of corn and at most $1000\ \mathrm{lb}$ of hops per month. A. Answer 2. You selected C : understate assets, net income, and stockholders' equity. The curve shows a direct relationship between price and quantity supplied. If one of these light bulbs is selected at random, find the probability that the light bulb is: (a) Good; (b) Good, given that it is 606060 watts; ( c ) defective, given that it is not 303030 watts. Which of the following statements is TRUE of revenues? 6. B. the amount of revenues for which goods or services were provided during the current period, but not collected during the period. It was determined that $2,200 of the Prepaid Insurance had expired. 7. A. Accounts Receivable. Gold Dome Report - Legislative Day 22. product has been delivered after $6,000 cash is received; $4,500 cash is paid for next quarter's insurance for property. (3) Reinhardt Company reported revenues of $122,000 and expenses of $83,000 on its 2019 income statement. assets, liabilities, equity are _____________ accounts.

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