chapter 2 practice quiz
at the end of the first month of operations for slomo delivery service the business had the following accounts: accounts receivable 11350, prepaid insurance 400 equipment 26200 and cash 21650 on the same date, slomo owed the following credits Simpson supply company 17000 Allen office equipment 14500. the total amount of liabilities are
17000
At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,180; Prepaid Insurance, $480; Equipment, $36,000 and Cash, $40,550. On the same date, SloMo owed the following creditors: Simpson Supply Company, $11,800; Allen Office Equipment, $9,400.
21200
Total assets of Douglas Fuhr Furniture Co. are $31,000 and the total liabilities are $9500. What is the amount of the owner's equity?
21500
at the end of the first month of operations for jacksons catering service, the business had the following accounts, cash 21000 prepaid rent 500 equipment 7500 and accounts payable 4000 by the end of the month. jacksons had earned 32000 of revenues and used 1800 of utilities expenses 4000 of rent expense and 3600 of salaries expenses. calculate the net income to be reported by the company for the first month
22600
At the end of its first year of operations, Shapiro's Consulting Services reported net income of $27,000. They also had account balances of: Cash, $16,000; Office Supplies, $3,200, Equipment, $24,000 and Accounts Receivable, $8,000. The owner's total investment for this first year was $15,000 and the owner withdrew $2,000 for personal use. Calculate the ending balance to be reported on the Statement of Owner's Equity in the Owner's Capital account.
40000
total assets of douglass fuhr furniture co. are 84000 and the total liabilities are 37000. what is the amount of the owners equality
47000
at the end of the first month of operations for slomo delivery service the business had the following accounts: accounts receivable 11350, prepaid insurance 400 equipment 26200 and cash 21650 on the same date, slomo owed the following credits Simpson supply company 17000 Allen office equipment 14500. the total assets for the company are
59600
At the end of the first month of operations for SloMo Delivery Service, the business had the following accounts: Accounts Receivable, $1,180; Prepaid Insurance, $480; Equipment, $36,000 and Cash, $40,550. On the same date, SloMo owed the following creditors: Simpson Supply Company, $11,800; Allen Office Equipment, $9,400.
78210
an income statement is all of the following except
a statement of revenues less withdrawals and expenses
identify the account below that is classified as an asset account and would appear on the left side of the accounting equations
accounts receivable
revenue by definition is
amounts earned from the sale of goods or services
the rent paid for future months is a
asset
when equipment is purchased on credit
assets and liabilities increase
when the owners writes a company check to pay the companies electric bill
assets and owners equality decrease
when the owner invests equipment in a business
assets and owners equality increase
when the owner withdraws cash for personal use
assets decrease and owners equality decreases
if a business receives 5000 on account from clients who owed money for services perviously billed identify the effect on the accounting equation
assets remain the same and owners equality remains the same
Given the options below, identify the correct accounting equation formula.
assets=liabilities+ owners equity
which of the following equations properly represents the fundamental accounting equation?
assets=liabilities+owner's equity
the statement of financial position is another term for which financial statement
balance sheet
which financial statement is a representation of the accounting equation
balance sheet
which financial statement is reported as a specific date
balance sheet
the statement of owners equality is calculated as follows
beginning capital+net income-withdrawals+additional investments=ending capital
the owners investment or equity in a business is called
capital
examples of assets are
cash and accounts receivable
if a business issued a check for 1000 to pay for two months rent in advance, what is the effect on the firms assets liabilities and owners equality
cash will decrease
The Balance Sheet heading includes each of the following except:
firms address
Choose the option below that reflects the correct order in which to prepare the three financial statements
income statement statement of owners equity balance sheet
ginger yale ice company receives money from a customer on account. recording this transaction will
increase cash
amounts that a business must pay in the future are known as
liabilities
The balance sheet shows each of the following except the:
net income of the business
when equipment is purchased for cash
one asset increases and another asset decreases
Identify the type of accounts that would appear on a firm's income statement
revenues and expenses
if the income statement covered a six month period ending on november 30 2019,the third line of the income statement heading would read
six-month period ended november 30 2019
the income statement shows
the amount of net income or net loss
assets and liabilities are reported on
the balance sheet
owners equality is
the financial interest of the owners of a business
the balance sheet shows
the financial position of a business at a given time
the financial statement that is prepared first is
the income statement
which of the following is an example of an expense
the payment of the monthly utility bill
the income statement shows
the results of perations for a period of time
if a business issues a check for 100 to purchase office supplies, what is the effect on the accounting equation
total assess will remain the same
a net loss results
when expenses are greater than revenue