What is the total equity of the Ackerman Limousine Service? 2. What is the total amount of Mikasa Ackerman's claims against the total assets of the business?

Q: Which of the following is an example of Expense of a business? a. accounts payable. b. cash. c.…

A:

Q: Owner's Equity is the total amount of money and other things invested by owners when they start the…

A: The owner’s equity is shown in the balance sheet of the company along with assets and liabilities.

Q: Which one of these is actually a liability? Which one of these is actually a liability?…

A: In business you have main two things one is assets and other are liabilities. Assets are sources of…

Q: When an owner of a proprietary business withdraws cash from the business to pay for personal…

A: According to the accounting formula, a company's total assets equal the sum of its liabilities and…

Q: 1. Why is important for a loan officer to determine the net worth of an individual or business…

A: “Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The requires that a business' financial records are kept separately from the owner's financial…

A: The concept business is an activity of selling, buying, producing their product to the customers for…

Q: Provide the best words to describe each of the statements below According to this principle the book…

A: The books of the account is a type of the book that records all the transaction of the company. It…

Q: Why does sole proprietor need a financial statement

A: A sole proprietorship usually referred to as a sole trader, is an unincorporated business with one…

Q: Why did the loan officer ask your brother whether he used the accrual basis of accounting for…

A: The reason to ask whether he used the accrual basis of accounting for revenues and expenses may be :…

Q: The expense recognition principle relates

A: Expense recognition is based on accrual and matching concept where accrual concept states that…

Q: f the following would NOT affect owner's equity? • a cash receipt from a customer in payment of…

A: Owners Equity indicates the company's net worth or book value and acts as a measure of its financial…

Q: The owner's contributions and withdrawals are reported on the income statement. True. False.

A: The income statement is a part of the financial statement. It includes all the revenue and expenses.…

Q: Which of the following is an example of liability of a business? a. prepaid insurance. b. cash. c.…

A: UNEARNED REVENUE : It is the revenue received in advance by a person or company before the delivery…

Q: What amount should Makayla report as profit or loss from business? You may refer to her partially…

A: Profit and loss statement: A Profit and loss statement or income statement is one of the important…

Q: How are expenses recognized in accoun

A: Expenses are recognized in accounting through the process of expense recognition or matching…

Q: A receivable is an: Select one: a. amount to be received from individuals or companies in the…

A: Answer: Account receivable is an amount to be received from individuals or companies in the future…

Q: Define what is accounting? How accounting used in our daily activities? What is the nature of…

A: Accounting is the process of documenting, analysing, summarising, and conveying financial…

Q: The primary financial statements prepared for a sole proprietorship are the income statement,…

A: Solution: There are 4 main financial statements: 1. Income Statement 2. Statement of changes in…

Q: 1. Property owned by an individual? A. Liability B. Asset C. Property D. Net Worth 2.Examples of…

A: The balance sheet is one of the three fundamental financial statements and is key to both financial…

Q: It represents the cash or other assets withdrawn from the business by the owner for the personal…

A: Dividends are distribution of profits of a company to its shareholders. Hence, option C is wrong.

Q: Assets = Liabilities + (Owner, Capital - Owner, Withdrawal + Revenues - Expenses) 2.    What is a…

A: The question is related to Basic of Accounting and details are given.  Since you have posted a…

Q: If the owner of a company pays an amount of interest on a personal loan that he uses to begin his…

A: A personal loan is money borrowed by an individual for any purpose. These are unsecured loans given…

Q: 38) 38) A receivable occurs when a business, A) loans money to another party B) sells goods or…

A: Accounts payable and Accounts receivable are two sides of the same coin. Whereas accounts payable…

Q: On the Balance Sheet, in what order do the accounts appear, and why? What does this have to do with…

A: Order of Accounts on the Balance SheetOn the Balance Sheet, accounts appear in the following…

Q: In the field of accounting, "owner's equity" refers to:   Question 5 options:   An owner's…

A: Introduction: Business entity concept: According to this owner and the business are two separate…

Q: What happens when the personal expenses of a business owner are added to the business expenses?

A: Business expense is the expense of the business while personal expense is the expense of the owner…

Q: Which among the following transactions would have n equity? O a. Drawings made by the owner O b.…

A: Solution: "Purchase of supplies on credit" would have no effect on Equity. This is because supplies…

Q: What is the account used to record amounts withdrawn for personal use (not for business use) by an…

A: revenue: Revenue is used for recording the earnings of the business. capital: Capital is the…

Q: Where could you find the total amount of assets, liabilities, and owners’ equity for The Hershey…

A: Financial statements are the source which gives all the reports of company's financial information.

Q: What is accounting and how does it help you manage your personal finances?

A: Accounting is process which includes evaluation, summarizing, analysing, posting and reporting the…

Q: Owner's equity can be increased through a. withdrawals by the owner O b. investments by the owner O…

A: The question is based on the concept of Accounting Theory.

Q: Q.1 Late Corporation is in the business of producing furniture, previously the company has had a…

A: The objective of the question is to prepare a statement of cost of goods manufactured, an income…

Q: What two transaction types decrease owner's equity? liabilities and revenue O expenses and…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: efine what is accounting? How accounting used in our daily activities? What is the nature of…

A: Accounting has emerged as a subject for students that can be used in wide range of activities, say…

Q: 38. Which term refers to the obligations of the business?

A: Obligations mean the liabilities of the business. Obligations will lead to outflow of the resources…

Q: reditors are interested on how the business managed its assets to generate revenues. True or false

A: Creditor means the person who has sold goods on credit to the company and still to be paid.

Q: Why is the Equity of an owner shown in the Liabilities and not in the Assets on a companies…

A: Lets understand the basics. Financial statement is divided into main three types of heads which are,…