EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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The accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets = Liabilities + Owner’s Equity
The resulting amount when total liabilities are subtracted from total
assets is known as
Select one:
O a. Total expenses
O b. Net income or net loss
Oc. Total revenue
O d. Owner's equity
1. Define the following: Assets Liabilities Owner's Equity Revenue Expenses2. Give the specific account titles for each.
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- The balance sheet lists which of the following? A. assets, liabilities, and owners equity B. revenues, expenses, gains, and losses C. assets, liabilities, and investments by owners D. revenues, expenses, gains, and distributions to ownersarrow_forward(See chart below for the account titles) Identify or classify the different account titles as to whether they belong to Assets, Liabilities, Owners' Equity Revenue or Expense of the busi- ness. Fill the amounts of the following SFP and SCI elements: Current Assets: _________ Noncurrent Assets:_______ Current Liabilities: ________ Noncurrent Liabilities: _______ Sales: ________ Expenses: ________ Net Income (Loss): ________arrow_forwardClassify the accounts listed below by matching the account name with one of the following financial statementsections in which the account would be reported:a. Current Assetsb. Fixed Assetsc. Intangible Assetsd. Current Liabilitye. Long-Term Liabilityf. Owners’ Equityg. Revenuesh. Operating Expensesi. Other Income/Expense____ 31. Buildings____ 32. Accumulated Depreciation - Buildings____ 33. Depreciation Expense____ 34. Trademarks____ 35. Amortization Expense____ 36. Repairs Expense____ 37. Land Improvements____ 38. Gain on sale of equipment____ 39. Loss on disposal of asset____ 40. Loss from Impaired Goodwillarrow_forward
- Which one of the following represents the expanded basic accounting equation? Assets = Liabilities + Owner's Capital + Owner's Drawings Revenue - Expenses. Assets + Owner's Drawings + Expenses = Liabilities + Owner's Capital + Revenues. Assets - Liabilities - Owner's Drawings = Owner's Capital + Revenues - Expenses. Assets = Revenues + Expenses - Liabilities.arrow_forwardWhich one of the following can the accounting equation can be rewritten as? A Assets + profit – drawings – liabilities = closing capital B Assets – liabilities – drawings = opening capital + profit C Assets – liabilities – opening capital + drawings = profit D Assets – profit – drawings = closing capital – liabilitiesarrow_forwardState the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing e. Revenue/Sales f. Expenses and Briefly explaining how revenue/sales, expenses and drawings affect owner’s capital/equity.arrow_forward
- Compute the following: A. Current Asset B. Non current asset C. Total asset D. Current liabilities E. Non current liabilities F. Total liabilities G. Equity H. Net income I. Total liabilities and equity J. Prepare a Statement of Financial Positionarrow_forwardWhich of the following is the correct formula for calculating rate of return on total assets? A. (Net income minus− Interest expense) / Average total asset B. Total equity / Total assets C. (Net income + Interest expense) / Average total assets D. (Net income minus− Interest expense) / Total assetsarrow_forwardThe accounting equation can be expressed as: 1. Assets + Liabilities = Owner’s equity 2. Owners equity- Asset = Liabilities 3. Assets = Liabilities- owners equity 4. Asssest - liabilities = owner’s equityarrow_forward
- Please compute for the following: 1. Total noncurrent assets 2. Total liabilities and shareholders' equityarrow_forwardRequirements: Compute for the following: a. Adjusted Current Assets b. Adjusted Noncurrent Assets c. Adjusted Liabilities d. Adjusted Equity e. Adjusted Profitarrow_forwardFrom othe basic accounting equation Assets = Liabilities + Owners Equity, where does uncollectible accounts belong?arrow_forward
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