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which situation indicates a net lass within the income statement section of the worksheet?

total debits exceed total credits

Which of the following statements is correct?

Accounts payable is increased with a credit.

The revenue recognition principle requires

revenue to be recorded only after the business has satisfied its performance obligation.

Which of the following accounts is a liability?

unearned revenue

Adjusting the accounts is the process of

updating the accounts at the end of the period

Chloe Michaels plans on opening Chloe Michaels Floral Designs. She is considering the various types of business organizations and wishes to organize her business with unlimited life and wants owners of the business to not be held personally liable for the​ business's debts.​ Additionally, Chloe wants the business to be a separate taxable entity. Which type of business organization will meet​ Chloe's needs​ best?

​Chloe's needs will best be met by organizing a corporation.

At the end of a recent year, National Cleaning Service, a full-service house and office cleaning service, had total assets of $6,180 and equity of $2,880. How much were National Cleaning Service's liabilities?

$3,300

Atlas fitness gains a client who prepays 600% for a package of six physical training sessions. Atlas fitness collects the $600 in advance and will provide training later. After four training sessions, what should Atlas Fitness report on its income statement assuming it uses the accrual basis accounting method?

Service revenue = (600/6) * 4 = 400

Assume Jefferson Cleaning Service had net income of $595 for the year. Jefferson Cleaning Service's beginning and ending total assets were $4545 and $4205, respectively. Calculate Jefferson cleaning service's return on assets for the year.

13.6%

Village Laundry reported assets of $950 and equity of $700. What is Village's debt ratio?

26%

Which of the following is true of accrual basis accounting and cash basis accounting?

Accrual accounting records revenue only when it is earned.

Assume that Global Cleaning Service performed cleaning services for a department store on account for $180, How would this transaction affect Global Cleaning Service's accounting equation?

Increase both assets and equity by $180

Which sequence correctly summarized the accounting process?

Jouranlize transactions, post to the accounts, prepare a trial balance.

Pixel Copies recorded a cash collection on account by debiting Cash and crediting accounts payable. What will the trial balance show for this error?

Liabilities are overstated

Consider the overall effects on Aroma Cleaning Service from selling and performing services on account for $7,770 and paying expenses totaling $3,570. What is Aroma Cleaning Service's net income or net loss?

Net income of $4,200

Which of the following is an example of deferral adjusting entry

Recording the usage of office supplies during the period.

Exeter is a building contractor on the Gulf Coast. After losing a number of big​ lawsuits, it was facing its first annual net loss as the end of the year approached. The​ owner, Hank​ Snow, was under intense pressure from the​ company's creditors to report positive net income for the year.​ However, he knew that the​ controller, Alice​ Li, had arranged a​ short-term bank loan of​ $10,000 to cover a temporary shortfall of cash. He told Alice to record the incoming cash as​ "construction revenue" instead of a loan. That would nudge the​ company's income into positive territory for the​ year, and​ then, he​ said, the entry could be corrected in January when the loan was repaid.

The Net Income would be overstated and Liabilities would be understated. This action would make the company appear to be in better shape financially than it really​ is, possibly leading me to put myself at more risk by extending credit to the company.

The adjusted trial balance shows

account balances after adjustments.

which of teh follwoing accounts is not closed

accumulated depreciation

which of the following accounts would be included in the property, plant and equipment category of the classified balance sheet?

accumulated depreciation

The detailed record of the changes in a particular asset, liability, or owner's equity is called

an account

A&D window cleaning performed 450 of services but has not yet billed customers for the month. if A&D fails to record the adjusting entry. what is the impact on the financial statements?

balance sheet: assets understated, equity understated income statement: revenues understated

which of the following accounts may appear on a post closing trial balance

cash, salaries payable, and owner, capital

Accounting is the information system that

communicates the results do decision makers, process information into reports, measures business activity

The left sound of an account is used to record which of the following?

debits

The balance sheet reports the

financial position on a specific date

For each user of accounting information, identify if the user would use financial accounting or managerial accounting.

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Suppose you are starting a​ business, Wholly​ Shirts, to imprint logos on​ T-shirts. In organizing the business and setting up its accounting​ records, you take your information to a CPA to prepare financial statements for the bank. Name the organization that governs the majority of the guidelines that the CPA will use to prepare financial statements for Wholly Shirts. What are those guidelines​ called?

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You would like to start a cellular telephone equipment service business. You are considering organizing the business as a sole proprietorship. Identify the advantages and disadvantages of owning a sole proprietorship

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Michael McNamee is the proprietor of a property management​ company, Apartment​ Exchange, near the campus of Penscola State College. The business has cash of​ $8,000 and furniture that cost​ $9,000 and has a market value of​ $13,000. The business debts include accounts payable of​ $6,000. Michael's personal home is valued at​ $400,000, and his personal bank account has a balance of​ $1,200. Identify the principle or assumption that best matches the​ situation

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Consider the following accounting terms and definitions, and match each term to the definition:

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Jason's Overhead Doors reports the following financial information:

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Great Wall Chinese Cuisine started 2018 with total assets of $21,000 and total liabilities of $12,000. At the end of 2018, Great Wall's total assets stood at $28,000 and total liabilities were $8,000.

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Tiny Town Kennel earns service revenue by caring for pets of customers. Tiny Town Kennel is organized as a sole proprietorship and owned by Earle Martin. During the past month, Tiny Town Kennel has the following transactions.

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As the manager of Papa Sean's restaurant, you must deal with a variety of business transactions. Give an example of a transaction that has each of the following effects on the accounting equation:

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The analysis of the first eight transactions of advanced accounting service follows. Describe each transaction.

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Starbucks Corporation is the premier​ roaster, marketer, and retailer of specialty coffee in the​ world, operating in 68 countries. Starbucks generates revenues through​ company-operated stores, licensed​ stores, and consumer packaged goods. In​ 2015, revenues from​ company-operated stores accounted for​ 79% of total revenues. Starbucks states that its retail objective is to be the leading retailer and brand of coffee and tea by selling the finest quality​ coffee, tea, and related products. In​ addition, the company strives to provide the Starbucks Experience by exemplifying superior customer service and providing clean and​ well-maintained stores. Part of this experience involves providing free internet service to customers while they are enjoying their food and beverages.

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Main Street home had the following cash transactions for the month ended march 31, 2018.

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For each​ transaction, identify the appropriate section on the statement of cash flows to report the transaction. Choose​ from: Cash flows from operating activities​ (O), Cash flows from investing activities​ (I), Cash flows from financing activities​ (F), or Is not reported on the statement of cash flows​ (X). If reported on the​ statement, decide whether the transaction should be shown as a positive cash flow​ (+) or a negative cash flow ​(dash ​): ​(If the transaction is not reported on the statement of cash​ flows, select an​ "X" in the first column and leave the second column​ blank.)

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Presented here are the accounts of pembroek booking company for the year ended december 31, 2018.

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Snap photography works weddings and prom type parties. The balance of Wyatt, Capital was %12000 at December 31, 2017. At December 31, 2018, the business's accounting records show these balances:

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The bookkeeper of Green Grass Landscaping prepared the​ company's balance sheet while the accountant was ill. The balance sheet contains numerous errors. In​ particular, the bookkeeper knew that the balance sheet should​ balance, so he plugged in the​ owner's equity amount needed to achieve this balance. The​ owner's equity is incorrect. All other amounts are​ correct, but some are out of place or should not be included in this statement. Prepare a corrected balance sheet. ​(If a box is not used in the table leave the box​ empty; do not select a label or enter a​ zero.)

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Use the following information, calculate the return on assets (ROA)

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For each account, identify if the change would be recorded as debit or credit.

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Calculated the accounts payable balance.

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Consider the following accounts:

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Your business purchased office supplies $2500 on account. This journal entry to record this transaction is as follows:

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Sedlor properties purchased office supplies on account for $800. Which journal entry records the payment on account of those office supplies?

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Post a $2500 purchase of office supplies on account appears as follows:

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ERM Consulting Services had the following transactions for themonth November. Journalize the transactions and include an explanation with each entry.

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Part of the​ Fry's Electronics, Inc.​'s experience involves providing technical support to its customers. This includes​ in-home installations of electronics and also computer support at their retail store locations.

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Assume that the weekly payroll of the off the runway boutique is 370. December 31, end of the year, falls on tuesday, and off the runway will pay its empoyee on Friday for the full week. What adjusting entry will off the runway make on tuesday, decemmber 31?

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for each account listed, identify the category that it would appear on a classified balance sheet.

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what do closing entries accomplish?

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the steps of the accounting cycle are presented below. identify the correct order of the steps.

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for each account listed, identify whether the account would be included on a post closing trial balance.

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review the steps in the accounting cycle and answer the following questions:

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A worksheet

is an internal document that helps summarize data for the preparation of financial statements.

which of the following steps of the accounting cycle is not completed at the end of the period

journalize transactions as they occur.

assets are listed on the balance sheet in order of their

liquidity

chapter 4 closing accounts

question 10

chapter4 worksheet

question 5

worksheet

questions 23 to 24