Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Basic Finance Expert

problem1: Which of the following reflects payment of a utilities bill from the power company?

[A] Cash decrease; Utilities Expense decrease

[B] Cash decrease; Utilities Payable increase

[C] Utilities Expense increase; Cash decrease

[D] Utilities Payable decrease; Cash increase

problem2: Clinton Repair Shop sold Office Supplies, at cost, to a competitor, for cash. Find which of the following reflects the impact of this transaction?

[A] Cash increase; Office Supplies decrease

[B] Accounts Payable decrease; Office Supplies decrease

[C] Office Supplies increase; Cash decrease

[D] Office Supplies increase; Accounts Payable increase

problem3: A cash payment for Rented Equipment has the following impact on the affected accounts:

[A] Rented Equipment Expense increase; Accounts Payable increase

[B] Accounts Payable decrease; Rented Equipment Expense decrease

[C] Cash increase; Rented Equipment Expense decrease

[D] Rented Equipment Expense increase; Cash decrease

problem4: John Tortoro, M.D. billing for the month of January amounted to $85,000. Of this total, $60,000 was received in cash and the remainder is on account. Which of the following illustrates the impact on the accounting records?

[A] Cash increase $85,000; Fees Earned increase $85,000

[B] Fees Earned increase $85,000; Accounts Receivable increase $25,000; Cash increase $60,000

[C] Cash increase $60,000; Accounts Receivable decrease $25,000; Fees Earned increase $85,000

[D] Fees Earned increase $60,000; Accounts Receivable decrease $25,000; Cash increase $85,000

problem5: An owner's withdrawal of cash from the company for personal use impacts which of the following accounts?

[A] Accounts Payable decrease; Cash decrease

[B] Owner's drawing increase; Cash decrease.

[C] Wage Expense increase; Cash decrease

[D] Owner's Capital decrease; Cash increase

Basic Finance, Finance

  • Category:- Basic Finance
  • Reference No.:- M920884

Have any Question? 


Related Questions in Basic Finance

Does the estimated maximum preload threaten your bolts you

Does the estimated maximum preload threaten your bolts? You guess, since this is a conventional or typical joint, that the joint to bolt stiffness ratio is 5:1. You believe that the tensile loads applied to this joint in ...

1 how much should you pay for a bond that pays a coupon of

1. How much should you pay for a bond that pays a coupon of 7%? The bond has a par value of $1,000 and will mature in 8 years. ( Round to the nearest dollar) 2. Huan Zhang bought a 10-year bond that pays 8.25% compounded ...

Several stock valuation models were described in the

Several stock valuation models were described in the chapter, including zero-growth, constant growth, variable growth, free cash flow, book value, and P/E multiple models. Which of these do you believe would generate the ...

1 what do you see as the biggest challenges in conducting a

1. What do you see as the biggest challenges in conducting a brand audit? What steps would you take to overcome them? 2. Pick a brand. See if you can assemble a brand inventory for it.

Marks inc expect a dividend of 520 per share in one year

Marks, Inc., expect a dividend of $5.20 per share in one year from now. The rate of return is 13% and the growth rate is 6.8%. How much would you be willing to pay for Marks' stock today? If the current market price of M ...

Kids inc just purchased a 400000 machine to launch its

Kids Inc. just purchased a $400,000 machine to launch its 3-year project of toy car production. The machine will be fully depreciated to zero by the straight-line method over its five-year economic life, and will be sold ...

1 what is the novelty effect and how does it affect a

1. What is the novelty effect, and how does it affect a study's external validity? 2. Describe one way in which the experimenter may threaten the external validity of the results of a study. 3. How does sensitization thr ...

1 a firm is considering the purchase of a machine which

1. A firm is considering the purchase of a machine which would represent an investment of $32 million, and would be depreciated in a straight-line basis over 3 years. Sales are expected to be $12 million per year, and op ...

Retirement planningplease respond to the following

Retirement Planning Please respond to the following discussion topic. Post should be a minimum of 150 words in length. Project your Social Security benefits at the organization's website. Many retirement plans suggest th ...

1 distinguish between the four types of relational

1. Distinguish between the four types of relational collaborative arrangements. Provide an example of each. 2. What do you believe will be the impact of the Internet on market distribution by 2010? 3. What is a shippers ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Section onea in an atwood machine suppose two objects of

SECTION ONE (a) In an Atwood Machine, suppose two objects of unequal mass are hung vertically over a frictionless

Part 1you work in hr for a company that operates a factory

Part 1: You work in HR for a company that operates a factory manufacturing fiberglass. There are several hundred empl

Details on advanced accounting paperthis paper is intended

DETAILS ON ADVANCED ACCOUNTING PAPER This paper is intended for students to apply the theoretical knowledge around ac

Create a provider database and related reports and queries

Create a provider database and related reports and queries to capture contact information for potential PC component pro

Describe what you learned about the impact of economic

Describe what you learned about the impact of economic, social, and demographic trends affecting the US labor environmen