FNSACC321-322-421 Quiz 13 part 2 of 2

Accounts with normal credit balances include   Question 13 options:   Assets and liabilities   Revenues and expenses   Liabilities and revenues   Revenues and assets

Greg Thomas purchased one-half of lan Hamilton's interest in the Freidman and Hamilton partnership for $35,250. Prior to the investment, land was revalued to a market value of $146,000 from a book value of $88,000. Adam Freidman and lan Hamilton share net income equally. Hamilton had a capital balance of $27,800 prior to these transactions. Required: a. On December 31, provide the journal entry for the revaluation of land.* b. On December 31, provide the journal entry to admit Thomas.*

The income statement is drawn up from the figures in the _________________ Select one: a. Accounts Receivable ledger b. Accounts payable ledger c. Trial Balance d. Cash Flow Statement

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Top-Value Corporation has 242,000 shares of $30 par common stock outstanding. On September 2, Top-Value Corporation declared a 2% stock dividend to be issued November 30 to stockholders of record on October 3. The market price of the stock was $55 per share on September 2. Required: Journalize the entries required on September 2, October 3, and November 30. If no entry is required, simply skip to the next transaction. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered.

need answer for this account questions

100) Trial Balance is prepared to check accuracy of A. Ledger account balances B.Balance sheet balances c.Income statement balances D.Cash flow statement balances

Use the following information from XYZ Company's balance sheet to answer the next six questions: Assets a. b. c. d. a. b. 30. C. d. Cash........ Marketable Securities Accounts Receivable Inventory........ Property and Equipment. Accumulated Depreciation. Total Assets a. b. c. d. Liabilities and Stockholders' Equity Accounts Payable. Notes Payable (current). Mortgage Payable (long-term). Bonds Payable (long-term). Common Stock, $50 Par.. The average number of common stock shares outstanding during the year was 840 shares. Net earnings for the year were $6,300. 25. XYZ's current ratio is 6.0 to 1. 5.5 to 1. 26. XYZ's quick (acid-test) ratio is 4.0 to 1. 4.5 to 1. 3.5 to 1. 3.0 to 1. Paid-in Capital in Excess of Par......... Retained Earnings............ Total Liabilities, and Stockholders' Equity 4.0 to 1. 4.5 to 1. ***** 27. XYZ's earnings per share is $7.50 per share. $7.00 per share. $0.13 per share. $6,300 per share. 28. XYZ's return on assets is a. 6.9% b. 7.9% C. 14.6% d. 23.4% 29.…

When recording the chart of accounts, the field you use to classify financial statement accounts is called : Select one A. Account description B. Account type C. Active designation D. Account ID

Recognise the correct category in the Classified Balance Sheet for the given accounts: Patents Answer 1Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Account Receivable Answer 2Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Note Payable Answer 3Choose...Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity Salaries & Wages Payable Answer 4 Long-term LiabilitiesCurrent LiabilitiesCurrent AssetsNone of answersIntangible AssetsOwner's EquityEquity

6.The assignor's equity in assigned accounts that is required to be disclosed in the notes to the financial statements is equal to the   a. Accounts receivable assigned balance b. Bank loan balance c. Excess of the accounts receivable assigned balance over the bank loan balance d. Excess of the bank loan balance over the accounts receivable assigned balance.

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I need questions 28, 29, and 30

Identify how each of the following separate transactions through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total cq- A1 P1 uity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating ac- tivities, cash flows from investing activities, and cash flows from financing activities. 2 3 4 5 6 7 8 9 10 Transaction Owner invests $800 cash in business in exchange for stock Purchases $100 of supplies on credit Buys equipment for $400 cash Provides services for $900 cash Pays $400 cash for rent…

Question 5 Confirmations of individual account receivable balances direct with debtors will normally provide evidence regarding:     Collectability     Ownership of balances confirmed     Existence of balances confirmed     Internal control over balances confirmed

Under which of the following categories would Accounts Receivable​ appear?     A. long−term assets   B. current assets   C. long−term liabilities   D. current liabilities