ACC 100 Chapter 2: CACC100 Porter Chapter 2 - Student Copy.ppt

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peachdinosaur963

21 Mar 2013

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The right to receive money in the future is called a(n): account payable, account receivable, unearned revenue, none of the above. Cost of goods sold is a(n): asset, liability, revenue, expense, none of the above. The accounting equation may be expressed as: assets = shareholders" equity liabilities. Shareholders" equity = assets + liabilities: liabilities = shareholders" equity assets. Shareholders" equity = assets liabilities: none of the above. Started the year with total assets of ,000 and total liabilities of ,000. During the year the business recorded ,000 in car repair revenues, ,000 in expenses, and ,000 of dividends. Shareholders" equity at the end of the year was: To those willing to take the time to understand it. Representational faithfulness info that corresponds to an actual event. The information should not be slanted in any way. Relevant accounting information: is information that has been audited. A: must be reported within a short period of time.

Related Questions

10 Which group of accounts contains only those that normally have a credit balance? a. Notes payable, unearned revenue, share capital b. Revenue, accounts receivable, retained earnings C. Accounts payable, cost of goods sold, revenue d. Share capital. accounts payable, income tax expense e. None of the above The correct answer is 'a'.

Can anyone please help me do the ledger accounts for accounts receivable, accounts payable, sales revenue, raw materials,salaries and wages payable,cost of goods sold, work in process, salaries and wages expense, finished good, advertising expense, manufacturing overhead, depreciation expense, accumulated depreciation. General Journal
Date	Description	Debit	Credit
Dec 1 ,17	Raw material	$ 10,000
	Accounts payable		$ 10,000

5-Dec	Work in progress	$ 1,600
	raw material		$ 1,600

10-Dec	Work in progress	$ 150
	salaries and wages payable		$ 150

	Manufacturing overhead	$ 2,000
	salaries and wages payable		$ 2,000

	Salaries and wages expense	$ 3,000
	accounts payable		$ 3,000

15-Dec	Work in progress	$ 1,900
	raw material		$ 1,900

16-Dec	manufacturing overhead	$ 500
	account payable		$ 500

17-Dec	Advertising expense	$ 1,200
	accounts payable		$ 1,200


20-Dec	Manufacturing overhead	$ 150
	accuulated depreciation		$ 150

	Depreciation expense	$ 600
	accounts payable		$ 600

22-Dec	Work in progress	$ 1,800
	manufacturing overhead		$ 1,800

26-Dec	finished goods	$ 3,520
	work in progress		$ 3,520

28-Dec	accounts receivable	$ 15,000
	sales revenue		$ 15,000

	cost of goods sold	$ 3,520
	finished goods		$ 3,520

31-Dec	work in progress	$ 60
	salaries and wages payable		$ 60

	work in progress	$ 900
	manufacturing overhead		$ 900

	cost of goods sold	$ 50
	manufacturing overhead		$ 50

oliveraven401

Below is the adjusted account balances of the ACCT Store atyear-end on December 31, 2016.

Accounts Receivable $ 18,000

Cost of Goods Sold 100,000,000

Selling Expenses (includes depreciation) 35,000

Interest Expense 2,000

Accumulated DepreciationâBuilding 10,000

Sales Discounts 32,000

Merchandise Inventory 44,000

Administrative Expenses (includes depreciation) 27,000

Sales Revenue 109,15,1283

Accounts Payable 15,000

Interest Revenue 700

Instructions: Using the data above to prepare an incomestatement for the ACCT Store for the year ended December 31,2016.

ACCT STORE

Income Statement

For Year Ended December 31, 2016

amethystplatypus955

ACC 100 Chapter 2: CACC100 Porter Chapter 2 - Student Copy.ppt

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