ACCT WCJC
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
