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

1 what is meant by availability in logistics customer

1. What is meant by availability in logistics customer service? Provide examples of the different ways to monitor a firm performance in availability. 2. Compare and contrast speed, consistency, and flexibility as operati ...

Why can forward rates be viewed as hedgeable rates consider

Why can forward rates be viewed as hedgeable rates? Consider the following yields to maturity: a. Graph the yield to maturity against the time to maturity. b. Is this yield curve consistent with any of the yield curve th ...

The stock of company a has a beta of 15 the return of

The stock of company A has a beta of 1.5. The return of market portfolio is 9% and the risk-free rate is1%. 1) According to the Capital Asset Pricing Model (CAPM), what is the expected return of this stock? 2) Assuming t ...

1 what kinds of organizations must consider disaster

1. What kinds of organizations must consider disaster preparedness? 2. What is the difference between mitigation and preparedness? 3. What are the steps involved in the preparedness cycle? 4. Name the ways that the Natio ...

As part of a hotel renovation program a company must choose

As part of a hotel renovation program, a company must choose between two grades of carpet to install. One grade costs $22 per square yard, and the other, $28. The costs of cleaning and maintaining the carpets are identic ...

1 what procedure is used in your state to handle a pledge

1. What procedure is used in your state to handle a pledge of collateral for a mortgage loan? 2. Explain the relationship and purpose of a promissory note and the two primary forms of security instruments. 3. In a forecl ...

A project is expected to create operating cash flows of

A project is expected to create operating cash flows of $29,000 a year for three years. The initial cost of the fixed assets is $60,000. These assets will be worthless at the end of the project. An additional $4,000 of n ...

1 what are order effects and how does counterbalancing help

1. What are order effects, and how does counterbalancing help us deal with them? 2. Distinguish between treatment, confound, and error variance. 3. Which is worse--confound variance or error variance? Why?

A columnist in the economist argues that the past ten years

A columnist in the Economist argues that: The past ten years have dealt a series of blows to efficient-market theory, the idea that asset prices accurately reflect all available information. In the late 1990s dot-com com ...

Given the following information on big brothers inc

Given the following information on Big Brothers, Inc. capital structure, compute the company's weighted average cost of capital (WACC). The company's marginal tax rate is 40%. Round the answer to two decimal places in pe ...

  • 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

WalMart Identification of theory and critical discussion

Drawing on the prescribed text and/or relevant academic literature, produce a paper which discusses the nature of group

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