ACCT WCJC

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Charlie's Chocolates Inc.'s stockholders made investments of $50,000 and dividends of $20,000. The company has revenues of $83,000 and expenses of $64,000. Calculate its net income.

$19,000.

Use the following information as of December 31 to determine equity. CASH - 57,000 BUILDINGS - 175,000 EQUIPMENT - 206,000 LIABILITIES - 141,000

$297,000

A company's balance sheet shows: cash $22,000, accounts receivable $16,000, office equipment $50,000, and accounts payable $17,000. What is the amount of stockholders' equity?

$71,000.

Determine the net income of a company for which of the following information is available for the month of July. EPLOYE SALARIES EXPENSE - 180,000 INTEREST EXPENSE- 10,000 RENT EXPENSE - 20,000 CONSULTING REVENUE - 400,000

190,000

Identify the account below that is classified as an asset in a company's chart of accounts:

Accounts Receivable

Identify the accounts that would normally have balances in the debit column of a business's trial balance.

Assets and expenses.

Alpha Company has assets of $600,000, liabilities of $250,000, and equity of $350,000. It buys office equipment on credit for $75,000. What would be the effects of this transaction on the accounting equation?

Assets increase by $75,000 and liabilities increase by $75,000.

Accounts payable appear on which of the following statements?

Balance sheet.

Marsha Bogswell is the owner of Bogswell Legal Services, Inc. Which accounting principle requires Marsha to keep her personal financial information separate from the financial information of Bogswell Legal Services, Inc.?

Business entity assumption.

A debit:

Is the left-hand side of a T-account.

If Houston Company billed a client for $10,000 of consulting work completed, the accounts receivable asset increases by $10,000 and:

Revenue increases $10,000

All of the following are asset accounts except:

Supplies expense.

A balance sheet lists:

The types and amounts of assets, liabilities, and equity of a business as of a specific date.

Select the account below that normally has a credit balance.

Wages Payable

Accounts Receivable

asset, debit

Notes Receivable

asset, debit

Prepaid Insurance

asset, debit

cash

asset, debit

equipment

asset, debit

land

asset, debit

prepaid expenses

asset, debit

supplies

asset, debit

assets accounts

cash land buildings equipment supplies accounts received notes received prepaid accounts

equity accounts

common stock + dividends - revenues + expenses -

expenses and dividends do what?

decrease equity

common stock

equity, credit

Dividends

equity, debit

Insurance Expense

expense, debit

Rent Expense

expense, debit

Salaries Expense

expense, debit

auto expense

expense, debit

supplies expense

expense, debit

revenue and common stock do what?

increase equity

Notes Payable

liability, credit

Salaries Payable

liability, credit

Wages Payable

liability, credit

accounts payable

liability, credit

liability accounts

notes payable unearned revenue accused liabilities accounts payable

Fees Revenue

revenue, credit

fees earned

revenue, credit

sales commission revenue

revenue, credit


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