Homework Answers
Question 5
Answer: decrease assets and liabilities by $ 120,000
Explanation
While purchasing a building by paying cash, cash account will be credited. Cash is an asset and therefore it is decreases. If we obtaining a mortgage, then cash will be debited and similarly, mortgage will be credited
Since, mortgage is a liability, therefore, it should be credited.
Question 6
Answer: $ 225,000
Explanation
Total assets = owner's equity + total liabilities
= $ 135,000 + 90,000
=$ 225,000
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Question 5 (1 point) Purchasing a building for $150,000 by paying cash of $30,000 and obtaining...
Purchasing a building for $120,000 by paying cash of $30,000 and obtaining a mortgage for $90,000...
Purchasing a building for $120,000 by paying cash of $30,000 and obtaining a mortgage for $90,000 would: O A. decrease assets and decrease liabilities by $30,000 O B. increase assets and increase liabilities by $90,000 OC. increase liabilities by $30,000 O D. increase owner's equity by $90,000
Q1-5 Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is...
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
Question 3 (1 point) One of the disadvantages of a proprietorship is that there is unlimited...
Question 3 (1 point) One of the disadvantages of a proprietorship is that there is unlimited liability for the owner True False Question 4 (1 point) A withdrawal of cash for personal use by an owner would: O decrease total assets and decrease owner's equity decrease total assets and increase owner's equity u increase total assets and decrease owner's equity increase owner's equity and increase liabilities
Question 15 0/1 pts A company purchased a building worth $500,000 by paying $50,000 in cash...
Question 15 0/1 pts A company purchased a building worth $500,000 by paying $50,000 in cash and acquiring a bank loan for the remainder. The effect on the accounting equation is: Increase in assets and liabilities by $500,000 Decrease in assets and liabilities by $50,000 Increase in assets and liabilities by $450,000 Decrease in assets and liabilities by $450,000
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020...
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments...
ne Le Question 5 (1 point) Use the following data to determine the total dollar amount...
ne Le Question 5 (1 point) Use the following data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31, 2017 $ $ 210,000 30,000 240.000 $480,000 195,000 150,000 165,000 90,000 255.000 270,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities Cash Accounts receivable Inventory Prepaid insurance Stock investments Land Building Less: Accumulated depreciation Trademarks Total assets $315,000 $360,000 750.000 $1.110,000 (60.000) 255.000 Common stock Retained eaming...
#1 of 3 Liabilities and owner's equity of a company are $150,000 and $30,000, respectively. Determine...
#1 of 3 Liabilities and owner's equity of a company are $150,000 and $30,000, respectively. Determine assets using the accounting equation. Owner's equity can best be defined as
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000...
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
1. Compute the missing amount in the accounting equation for each entity from the financial information...
1. Compute the missing amount in the accounting equation for each entity from the financial information presented: Assets Liabilities 40,000 $ Nice Cuts $ Equity 31,000 42,000 Love Drycleaners Holly Maids 90,000 111,000 47,000 2. Star Nursery started 2018 with total assets of S14,000 and total liabilities of $9,000. At the end of 2018, Star Nursery's total assets stood at $19,000 and total liabilities were $11,000. Requirements 1. Did the stockholders' equity of Star Nursery increase or decrease during 2018?...
Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable...
Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1.100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments is a) $0. b) $585,000. c) $725,000. d) $185.000
Purchasing a building for $120,000 by paying cash of $30,000 and obtaining a mortgage for $90,000 would: O A. decrease assets and decrease liabilities by $30,000 O B. increase assets and increase liabilities by $90,000 OC. increase liabilities by $30,000 O D. increase owner's equity by $90,000
Q1-5
Multiple Choice Questions (20 points) Circle the right answer 1) Which of the following is the CORRECT accounting equation? A) Assets + Liabilities - Owners' equity B) Assets - Liabilities + Owners' equity C) Assets + Revenue - Owners' equity D) Assets + Revenue Liabilities + Expenses 2) Owner's equity is $150,000 and total liabilities are $90,000. Total assets would be: A) $300.000 B) S180,000. C) $60,000. D) $240,000 150, 900 90,000 3) A business settles a liability by...
Question 3 (1 point) One of the disadvantages of a proprietorship is that there is unlimited liability for the owner True False Question 4 (1 point) A withdrawal of cash for personal use by an owner would: O decrease total assets and decrease owner's equity decrease total assets and increase owner's equity u increase total assets and decrease owner's equity increase owner's equity and increase liabilities
Question 15 0/1 pts A company purchased a building worth $500,000 by paying $50,000 in cash and acquiring a bank loan for the remainder. The effect on the accounting equation is: Increase in assets and liabilities by $500,000 Decrease in assets and liabilities by $50,000 Increase in assets and liabilities by $450,000 Decrease in assets and liabilities by $450,000
The following information is for Qwik Auto Supplies: Qwik Auto Supplies Balance Sheet December 31, 2020 Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1,100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments...
ne Le Question 5 (1 point) Use the following data to determine the total dollar amount of assets to be classified as current assets. Koonce Office Supplies Balance Sheet December 31, 2017 $ $ 210,000 30,000 240.000 $480,000 195,000 150,000 165,000 90,000 255.000 270,000 Accounts payable Salaries and wages payable Mortgage payable Total liabilities Cash Accounts receivable Inventory Prepaid insurance Stock investments Land Building Less: Accumulated depreciation Trademarks Total assets $315,000 $360,000 750.000 $1.110,000 (60.000) 255.000 Common stock Retained eaming...
#1 of 3 Liabilities and owner's equity of a company are $150,000 and $30,000, respectively. Determine assets using the accounting equation. Owner's equity can best be defined as
Cash Prepaid Insurance $ 25,000 40,000 Accounts Payable Salaries and Wages Payable Mortgage Payable $ 60,000 25,000 85,000 Total Liabilities 170,000 Accounts 50,000 Receivable Inventory 80,000 Land Held for 75,000 Investment Land 120,000 Building $110,000 Less Accumulated Depreciation (20,000) 90,000 Trademark 70,000 Total Assets $550,000 Owner's Capital 380,000 Total Liabilities and Owner's $550,000 Equity The total dollar amount of liabilities to be classified as current liabilities is O a) $60,000 Ob) $85,000. Oc) $25,000 d) $170,000.
1. Compute the missing amount in the accounting equation for each entity from the financial information presented: Assets Liabilities 40,000 $ Nice Cuts $ Equity 31,000 42,000 Love Drycleaners Holly Maids 90,000 111,000 47,000 2. Star Nursery started 2018 with total assets of S14,000 and total liabilities of $9,000. At the end of 2018, Star Nursery's total assets stood at $19,000 and total liabilities were $11,000. Requirements 1. Did the stockholders' equity of Star Nursery increase or decrease during 2018?...
Cash $ 45,000 Accounts Payable 140,000 60,000 Prepaid Insurance 80,000 Salaries and Wages Payable Mortgage Payable 150,000 Total Liabilities 350,000 Accounts 110,000 Receivable Inventory 140,000 Land Held for 185,000 Investment Land 250,000 Building $200,000 Less Accumulated Depreciation (50,000) 150,000 Trademark 140,000 Total Assets $1.100,000 Owner's Capital 750,000 Total Liabilities and Owner's $1,100,000 Equity The total dollar amount of assets to be classified as investments is a) $0. b) $585,000. c) $725,000. d) $185.000
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