Sue Lee paid $1,200 for her employees' salaries. This transaction would a. increase assets and decrease owner's equity. Ob. decrease assets and decrease owner's equity. c. decrease assets and decrease liabilities. d. increase assets and increase liabilities.
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- A debit to the FICA Taxes Payable accounta. results in an increase in the cash account of the employer.b. results in a decrease in the liabilities of the employer.c. would have no corresponding credit.d. results in an increase in the operating expenses of the employee.16. If the amount of net income for the current period exceeds the amount of owner's withdrawals, there will be a(n): a. decrease in the cash account b. increase in the owner's capital account decrease in the owner's capital account d. increase in the cash account C.Write a memo to your supervisor explaining in your own words the concept of amortization as it is used in accounting. DATE: TO: FROM: SUBJECT: Supervisor (Student Name) The concept of amortization In business, property, plant, and equipment wears out as it is used to create expenses leaving less and less of the assef's benefits for the future. Throughout the asset's life, accountants gradually transfer part of the to an expense account called
- Which if the following is not an inclusion in gross income? a. Payment for lost salaries b. Payment for loss of earning capacity c. Recovery of bad debts previously written off d. Moral damages31.When a net loss has occurred, Income Summary is: a. debited and owner’s capital is credited b. credited and owner’s capital is debited. c. debited and owner’s drawing is credited. d. credited and owner’s drawing is debited.Which of the following will affect net income? O O Writing off an Account Receivable. Estimating bad debts at the end of the year Re-establishing and collection of an account that was previously written off. O All of the above transactions will affect net income.
- Can you please explain why "A business owner removes supplies that are worth $1,200 from the company stockroom. She intends to take them home for personal use. What effect will this have on the company's Net Income? " No effect no Net Income. I would have chose Net Income decrease. Because Supplies, once used up needs to be expensed. So expenses reduce revenue. So the revenue is being reduced, causing the overall Net Income to reduce.7. Indicate which of the following losses or expenses would be included in calculating a net operating loss by placing a check mark on the appropriate line. A. A short-term capital loss that resulted from selling stock B. Net business loss from a sole proprietorship C. A casualty loss involving a personal residence that resulted from a Presidentially declared disaster D. Loss from selling 1244 stock E. Deductible contributions made to a traditional IRA account F. Loss in selling business equipment G. Charitable donations claimed as itemized deductions 8. If a net operating loss is carried forward to a future return, the deduction would be allowed only as a deduction from AGI (an itemized deduction). True FalseIDENTIFY THE EFFECT OF THE FOLLOWING TRANSACTION TO THE RISK OF MATERIAL MISSTATEMENT TO FINANCIAL STATEMENTS. The employees of the company are being paid on a weekly basis. Does it have a: A. INCREASE effect B. DECREASE effect C. NO EFFECT effect
- 1. If you paid partially settle accounts does it increase/decrease the assets? 2. If you paid salaries of employees does it decrease the assets and increase salaries expense?There is a decrease in equity and decrease in asset in the business. Which transaction might have occurred? a. The owner withdrew cash from the business to buy a gift to his friend b. The owner purchased car to be used in the business c. The Owner received a gift from his friend d. The Owner paid the monthly salaried to the employees.Which of the following is deductible as interest on Schedule A? a.Subscriptions to professional publications. b.Unreimbursed business expenses. c.Charitable contributions. d.Investment expenses. e.Gambling losses to the extent of gambling winnings.