COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
4th Edition
ISBN: 9781260255157
Author: Haddock
Publisher: MCG CUSTOM
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Chapter 2, Problem 1.6SRA
To determine
Calculate the amount of supplies by using
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Which one of the following accounts is unlikely to ever be seperately disclosed in the income
statement?
O A. Cost of sales
O B. Bad debts
O C. Interest on current bank account
O D. Depreciation
When preparing the statement of financial position of LBM Ltd, which line item does not fall under current assets?
Select one:
a. Dividends payable
b. Trade and other receivables, which can be shown separately or as one amount, includes debtors less provision for credit losses, bills receivable and income arrears
c. Inventories (this includes merchandise and consumables such as stationery, packing and cleaning materials)
d. Prepayments
It is an amount owed to suppliers for goods purchased or services performed on credit.
a.
Outstanding expenses
b.
Accounts payable
c.
Unearned revenues
d.
Bank overdrafts
Chapter 2 Solutions
COLLEGE ACCOUNTING (LL)W/ACCESS>CUSTOM<
Ch. 2 - What is a business transaction?Ch. 2 - Prob. 1.2SRQCh. 2 - Prob. 1.3SRQCh. 2 - Prob. 1.4SRECh. 2 - Prob. 1.5SRECh. 2 - Prob. 1.6SRACh. 2 - Prob. 2.1SRQCh. 2 - Prob. 2.2SRQCh. 2 - What information is included in the financial...Ch. 2 - Prob. 2.4SRE
Ch. 2 - Prob. 2.5SRECh. 2 - Prob. 2.6SRACh. 2 - Prob. 1CSRCh. 2 - Prob. 2CSRCh. 2 - Prob. 3CSRCh. 2 - Prob. 4CSRCh. 2 - Prob. 5CSRCh. 2 - Prob. 1DQCh. 2 - Prob. 2DQCh. 2 - Prob. 3DQCh. 2 - Prob. 4DQCh. 2 - Describe the effects of each of the following...Ch. 2 - What is the fundamental accounting equation?Ch. 2 - Prob. 7DQCh. 2 - Prob. 8DQCh. 2 - Prob. 9DQCh. 2 - Prob. 10DQCh. 2 - Prob. 11DQCh. 2 - Prob. 12DQCh. 2 - Prob. 1ECh. 2 - Prob. 2ECh. 2 - Prob. 3ECh. 2 - Prob. 4ECh. 2 - Prob. 5ECh. 2 - Computing net income or net loss. The Computer...Ch. 2 - Prob. 7ECh. 2 - Prob. 8ECh. 2 - Prob. 9ECh. 2 - Preparing a statement of owners equity and a...Ch. 2 - Analyzing the effects of transactions on the...Ch. 2 - Prob. 2PACh. 2 - Prob. 3PACh. 2 - The following equation shows the transactions of...Ch. 2 - Prob. 1PBCh. 2 - Prob. 2PBCh. 2 - Prob. 3PBCh. 2 - Prob. 4PBCh. 2 - The following account balances are for William...Ch. 2 - Richard Harris opened a gym and fitness studio...Ch. 2 - Prob. 1MFCh. 2 - Prob. 2MFCh. 2 - Prob. 3MFCh. 2 - How does an accounting system help managers...Ch. 2 - Prob. 1ED
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- (b) Assuming that the exchange of Assets A and B lacks commercial substance, record the exchange for both Tamarisk, Inc. and Vaughn, Inc. in accordance with generally accepted accounting principles. (Do not round intermediate calculations. Round final answer to O decimal places e.g. 58,971. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Tamarisk, Inc.'s Books Debit Credit Vaughn, Inc.'s Books eTextbook and Mediaarrow_forwardWhat is the impact on the accounting equation when an accounts receivable is collected? A. both sides increase B. both sides decrease C. only the Asset side changes D. the total of neither side changesarrow_forwardDetermine the classification accounts as to asset, liability and equity. If asset or liability determine if it is current or non current Account title SFP classification 1.Accrued rent 2. Marketable securities 3. Deferred income 4. Notes due to suppliers 5. Precollected rent 6. Investment in real estate 7. Notes due from customers 8. Franchise 9. Bad debts 10. Amortization- franchise 11. Patentsarrow_forward
- 1. Which of the following is not a financial instrument? a. accounts receivable b. accrued utilities payable c. cash d. advances to suppliers 2. Which of the following is not a financial asset? a. investment in bonds b. investment in held for trading securities c. prepaid income tax d. interest receivable 3. Which of the following is a financial liability? a. income tax payable b. unearned revenue c. warranty obligation d. lease liabilityarrow_forwardThe consignee maintains an account called Consignment In. The following transactions will require a debit to this account, except: a. Remittances to the consignor b. Consignee expenses c. Commissions of the consignee d. Consignee sales The primary difference between a balance sheet and an accounting statement of affairs is that a. owners’ equity is not considered in the statement of affairs. b. assets are arranged in a different sequence. c. liabilities are arranged in a different sequence. d. a balance sheet reflects book values, while a statement of affairs emphasizes realization values.arrow_forwardWhich of the following accounts are characterized as a "contra" account? (Select ALL that apply) O Equipment O Deferred Revenue OAccumulated Depreciation O Accounts Payable O Depreciation Expense O Sales Allowances O Sales return O Allowance for Uncollectible A/R O Bad Debt Expense O Accounts Receivable O Notes Payable O Cost of Goods Sold ASUSarrow_forward
- Which of the following statements is not true about liabilities? a.Account titles of liabilities often include the term “payable.” b.Liabilities are debts owed to outsiders. c.Liabilities do not include wages owed to employees of the company. d.Cash received before a service is performed creates a liability.arrow_forwardWhat is the impact on the accounting equation when a payment of accountable payable is made? what is the impact on accounting equation when an account receivable is collected? what is the impact on the accounting equation when a sell occurs? what is the impact on the accounting equation when stock is issued, in exchange for assets? which of the following accounts is increased by a debit? which of the following camp do not increase with a debit entry? which of the following pairs increase with credit entries? which of the following pairs of accounts are impacted the same with debits and credits? which of the following count normally have a debit balance? what type of account is prepaid insurance?arrow_forwardWhich of the following statements regarding T accounts is accurate? the left side of the T account is the credit side T accounts are only used for assets and liabilities, but not owner's equity accounts T accounts are not used to analyze transactions quickly Or T accounts are not used to maintain financial recordsarrow_forward
- Which of the following accounts is not a permanent account? Select one: a. Utilities Expense b. Cash in Bank c. Accounts Payable d. Retained Earningsarrow_forwardA T-account (ledger account) does not have the word asset, liability or equity. How can you tell what kind of account it is?arrow_forward8. The timing of income from services can often be controlled through the use of: a.U.S. GAAP accounting. b.The cash method of accounting. c.Service accounting. d.The accrual method of accounting. e.IFRS accounting. 9. The primary purpose of the imputed interest rules is to prevent income shifting via interest-free loans. True Falsearrow_forward
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