(Part 1)If cash decreases by $10,000 during the year, accounts receivable increases by $5,000, and liabilities...
(Part 1)If cash decreases by $10,000 during the year, accounts
receivable increases by $5,000, and liabilities decrease by $5,000,
what is the change in shareholders’ equity?
a.Shareholders’ Equity will increase by $5,000.
b.Shareholder’s Equity will increase by $10,000.
c.Shareholders’ Equity will decrease by $5,000.
d.Shareholders’ Equity will not change.
(Part 2 )Which one of the actions listed below does not affect
the current ratio?
a.Accounts receivable are paid in cash.
b.Notes payable are paid off with cash.
c.Long-term debt is paid with cash.
d.Accounts payable increases
Homework Answers
Ans. 1. D. Shareholders equity will not change.
2. A. Accounts receivable are paid in Cash - This would not change the current ratio.
Best of Luck !! Keep Chegging !!
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(Part 1)If cash decreases by $10,000 during the year, accounts
receivable increases by $5,000, and liabilities...
Increases and decreases in various types of accounts are listed below. In each case, indicate by...
Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit. (a) (b) Recorded As Normal Balance 1. Increase in Common Stock 2. Increase in Dividends 3. Decrease in Accounts Receivable 4. Increase in Note Payable 5. Increase in Accounts Payable...
Problem 1/15 minutes): Increases and decreases in various types of accounts are listed below. In each...
Problem 1/15 minutes): Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit. Please answer Assignment 1 in your assignment workbook. Recorded As Normal Balance (2) (3) (5) (6) (7) (8) (9) (10) Increase in Dennis Demano, Capital Increase in...
Receipt of cash before a good is provided or service is performed 1- increases an asset...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
Identify whether each of the following items increases or decreases cash flow: Increase in inventory Increase...
Identify whether each of the following items increases or decreases cash flow: Increase in inventory Increase in short-term notes payable Decrease in prepaid expenses Amortization expense Decrease in accounts receivable Decrease in accounts payable Decrease in inventory Increase in long-term investments Dividend payment
When reporting accounts receivable, the amount reported should be ________. A) the accounts receivable collected during...
When reporting accounts receivable, the amount reported should be ________. A) the accounts receivable collected during the period B) the amount of accounts receivable that a company expects to collect C) the accounts receivable charged for the current month D) the amount of accounts receivable minus credit card expense Net accounts receivable are ________. A) accounts receivable plus the allowance for uncollectible accounts B) accounts receivable minus the allowance for uncollectible accounts C) accounts receivable minus bad debts expense D)...
The Young Company has the following assets and liabilities: ASSETS Cash $35,000 Accounts receivable 15,000 Inventory...
The Young Company has the following assets and liabilities: ASSETS Cash $35,000 Accounts receivable 15,000 Inventory 30,000 Equipment 50,000 LIABILITIES Current portion of long-term debt 10,000 Accounts payable 2,000 Long-term debt 25,000 Determine the quick ratio (rounded to one decimal point). 13.0 4.2 6.7 3.5
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes...
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Did the Current Ratio increase or decrease from last year to this year? PETE'S POTATO &...
Did the Current Ratio increase or decrease from
last year to this year?
PETE'S POTATO & PASTA, INC BALANCE SHEET ENDING DECEMBER 31st This year Last year ASSETS Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20,000 60,000 Fixed assets Plants and mach inery Less depreciation 20,000 -12,000 -10,000 8,000 2,000 88,000 20,000 Land 8,000 1,500 Intangible Assets TOTAL ASSETS 79,500 LIABILITIES and SHAREHOLDERS' EQUITY Liabilities 20,000 15,500 Accounts payable...
Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash...
Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock Cash received from sale of equipment Depreciation expense Gain on sale of equipment Inventory decrease Net income Prepaid expenses increase Average current liabilities $13,500 6,000 4,500 9,000 33,000 22,500 43.500 135,000 90,000 52,500 25,500 43,500 6,000 19,500...
Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit. (a) (b) Recorded As Normal Balance 1. Increase in Common Stock 2. Increase in Dividends 3. Decrease in Accounts Receivable 4. Increase in Note Payable 5. Increase in Accounts Payable...
Problem 1/15 minutes): Increases and decreases in various types of accounts are listed below. In each case, indicate by "Dr." or "Cr." (a) whether the change in the account would be recorded as a debit or a credit and (b) whether the normal balance of the account is a debit or a credit. Please answer Assignment 1 in your assignment workbook. Recorded As Normal Balance (2) (3) (5) (6) (7) (8) (9) (10) Increase in Dennis Demano, Capital Increase in...
Receipt of cash before a good is provided or service is
performed
1-
increases an asset and increases a revenue.
decreases a liability and increases Shareholders’ Equity.
decreases a revenue and increases Shareholders’ Equity.
increases an asset and increases a liability.
2-
Payment of a dividend
increases Expenses and decreases Cash.
decreases Cash and increases Shareholders’ Equity.
decreases Cash and decreases Retained Earnings.
increases Retained Earnings and increases Expenses.
3-
Accounting systems should record
all economic events.
events that result...
9. Diana, owner, withdrew $5,000 cash from the business A. Assets Increase; Liabilities Increase B. Assets Increase; Equity Increases C. Assets Increase; Assets Decrease D. Liabilities Increase; Equity Decreases E. None of the above 10. Paid utility bill received in transaction (7) above A. Assets Increase; Liabilities Increase B. Assets Decrease; Equity Decreases C. Assets Increase; Equity Increases D. Liabilities Increase; Equity Decreases E. None of the above
Identify whether each of the following items increases or decreases cash flow: Increase in inventory Increase in short-term notes payable Decrease in prepaid expenses Amortization expense Decrease in accounts receivable Decrease in accounts payable Decrease in inventory Increase in long-term investments Dividend payment
Assets Current Assets Cash Accounts receivable Liabilities and Stockholders' Equity Current liabilities Accounts payable 640,000 Notes payable to banks 120,000 150,000 ($ less Accrued wages allowance for doubtful accounts of $10,000) 1,170,000 80,000 1,190,000 Inventory Taxes Owed Total current liabilities Long-term debt 1,620,000 $ 020, TO Total current assets Land Plant and equipment ($2,330,000 less accumulated depreciation 1,400,000 4,610,000 Stockholders' equity Common stock ($1 par, 610,000 shares authorized, 580,000 outstanding) Retained earnings Total stockholders' equity $ Total liabilities and equity...
Did the Current Ratio increase or decrease from
last year to this year?
PETE'S POTATO & PASTA, INC BALANCE SHEET ENDING DECEMBER 31st This year Last year ASSETS Current assets Cash and cash equivalents Accounts receivable Inventory Total current assets 10,000 35,000 25,000 70,000 10,000 30,000 20,000 60,000 Fixed assets Plants and mach inery Less depreciation 20,000 -12,000 -10,000 8,000 2,000 88,000 20,000 Land 8,000 1,500 Intangible Assets TOTAL ASSETS 79,500 LIABILITIES and SHAREHOLDERS' EQUITY Liabilities 20,000 15,500 Accounts payable...
Accounts payable increase Accounts receivable increase Accrued liabilities decrease Amortization expense Cash balance, January 1 Cash balance, December 31 Cash paid as dividends Cash paid to purchase land Cash paid to retire bonds payable at par Cash received from issuance of common stock Cash received from sale of equipment Depreciation expense Gain on sale of equipment Inventory decrease Net income Prepaid expenses increase Average current liabilities $13,500 6,000 4,500 9,000 33,000 22,500 43.500 135,000 90,000 52,500 25,500 43,500 6,000 19,500...
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