TRANSACTIONS DEBIT CREDIT 1.Cash is increased 2. Capital is increased 3.Rent expense in increased 4. Equipment is increased 5. Service Income is increased 6. Prepaid Rent is increased 7. Accounts Receivable is increased 8. Accounts Payable is increased 9. Cash is decreased 10.Capital is decreased 11. Rent expense is decreased 12. Equipment is decreased 13.Service Income is decreased 14. Accounts receivable is decreased 15. Accounts payable is decreased

TRANSACTIONS DEBIT CREDIT 1.Cash is increased 2. Capital is increased 3.Rent expense in increased 4. Equipment is increased 5. Service Income is increased 6. Prepaid Rent is increased 7. Accounts Receivable is increased 8. Accounts Payable is increased 9. Cash is decreased 10.Capital is decreased 11. Rent expense is decreased 12. Equipment is decreased 13.Service Income is decreased 14. Accounts receivable is decreased 15. Accounts payable is decreased

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 7E: Describe a transaction that resulted in the following changes in accounts: a. Rent Expense is...

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Ivanhoe Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit IVANHOE LTD. Income Statement Year Ended September 30, 2021 Additional information: 1. 2. $ 100,000 25,000 (35,000 ) $574,000 329,000 245,000 90,000 155,000 38,750 $116,250 Accounts receivable decreased by $15.400 during the year. Inventory increased by $6900 duri
Rent Expense is increased by $1,050, and Cash is decreased by $1,050. Advertising Expense is increased by $835, and Accounts Payable is increased by $835. Accounts Receivable is increased by $372, and Service Income is increased by $372. Cash is decreased by $410, and C. Tryon, Drawing, is increased by $410. Equipment is increased by $1,850, Cash is decreased by $850, and Accounts Payable is increased by $1,000. Cash is increased by $1,650, and Accounts Receivable is decreased by $1,650.
Describe a transaction that resulted in the following changes in accounts: a. Rent Expense is increased by 1,050, and Cash is decreased by 1,050. b. Advertising Expense is increased by 835, and Accounts Payable is increased by 835. c. Accounts Receivable is increased by 372, and Service Income is increased by 372. d. Cash is decreased by 410, and C. Tryon, Drawing, is increased by 410. e. Equipment is increased by 1,850, Cash is decreased by 850, and Accounts Payable is increased by 1,000. f. Cash is increased by 1,650, and Accounts Receivable is decreased by 1,650.
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If accounts receivable increase by R500, inventory increases by R200 and accounts payable increase by R400, net working capital would ... Select one: decrease by R300. a. b. increase by R700. C. increase by R300. Od. remain unchanged. Clear my choice
If accounts receivable increase by R500, inventory increases by R200 and accounts payable increase by R400, net working capital would... Select one: decrease by R300. a. b. increase by R700. C. increase by R300. O d. remain unchanged. Clear my choice
I uploaded pictures for problem 17-4B. I am trying to figure out the 3. Quick Ratio 4. Accounts receivable turnover 5. Number of days' sales in receivables 6. Inventory turnover 7. Number of days' sales in inventory 8. Ratio of Fixed Assets to long-term Liabilities 9. Ratio of Liabilities to Stockholders Equity 10. Times interest earned 11. Asset Turnover 13. Return on Stockholders Equity 14. Return on Common Stockhholders Equity 15. Earnings per share on Common stock 16. Price Earnings Ratio 17. Dividends per share of Common Stock 18. Dividend yield
Assume that the company has a current ratio of 1.2. Now which of the above actions would improve this ratio. Which of the following actions would improve (i.e., increase) this ratio?• Use cash to pay off current liabilities.• Collect some of the current accounts receivable.• Use cash to pay off some long-term debt.• Purchase additional inventory on credit (i.e., accounts payable).• Sell some of the existing inventory at cost.
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Refer to table above, a 6 percent increase in the value of assets Select one: a. will result in a 300 percent increase in owner’s equity. b. will reduce liabilities by 6 percent. c. will reduce liabilities by 10 percent. d. will result in a 300 percent decrease in owner’s equity.
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