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