ACCTG 211 Study Guide - Final Guide: Accrual, Retained Earnings, Accounts Payable

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turquoisegnu128

28 Sep 2018

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On monday, three regular customers forgot to bring their wallets with them and did not pay for their hot dogs (one per customer) until tuesday. This includes cash sales of ,000 and credit sales of ,000: cash. 105,000: on 11/30 mls corp. began negotiations for the purchase of a 1960 chevrolet for use in firm promotional activities. Mls corp. and the seller agreed on a sales price of ,000 on 12/10. The automobile is to be delivered on 12/15. Mls corp. will make the ,000 cash payment on 12/15. Select the appropriate entry for mls corp. on 11/30: automobile. If customers experience problems between regularly scheduled visits, reil makes service calls at no additional charge. Instead of paying monthly, customers may pay an annual fee of in advance. Assume that the note was properly recorded on 3/1 and that no entries have been made since then.

Related Questions

1. If beginning capital was $70,000, ending capital is $48,000, andthe owner's withdrawals were $21,000, the amount of net income ornet loss was (Points: 3)
net income of $42,000
net income of $17,000
net loss of $22,000
net loss of $1,000

2. If total assets decreased by $88,000 during a period of time andowner's equity increased by $65,000 during the same period, thenthe amount and direction (increase or decrease) of the period'schange in total liabilities is (Points: 3)
$23,000 increase
$88,000 decrease
$153,000 increase
$153,000 decrease

3. A business paid $7,000 to a creditor in payment of an amountowed. The effect of the transaction on the accounting equation wasto (Points: 3)
increase one asset, decrease another asset
decrease an asset, decrease a liability
increase an asset, increase a liability
increase an asset, increase owner's equity

4. The business entity concept means that (Points: 3)
the owner is part of the business entity
an entity is organized according to state or federal statutes
an entity is organized according to the rules set by the FASB
the entity is an individual economic unit for which data arerecorded, analyzed, and reported

5. The assets and liabilities of the company are $175,000 and$40,000, respectively. Owner's equity should equal (Points:3)
$215,000
$135,000
$175,000
$40,000

salmonelk344

1.A business pays off a note payable. What effect does this have on the accounting? equation? A. Assets? increase, Liabilities remain the? same, and? Stockholders' Equity increases. B. Assets? increase, Liabilities? decrease, and? Stockholders' Equity remains the same. C. Assets? decrease, Liabilities remain the? same, and? Stockholders' Equity increases. D. Assets? decrease, Liabilities? decrease, and? Stockholders' Equity remains the same

If Total Assets remain the same and Total? Stockholders' Equity? increases, Liabilities? will:

increase by the same amount.

decrease by the same amount.

increase by a different amount.

remain the same.

The Income Statement is used to? report:

the financial position for a specific period.

results of operations for a specific date.

the financial position on a specific date.

results of operations for a specific period.

The Balance Sheet is used to? report:

results of operations for a specific period.

the financial position for a specific period.

the financial position on a specific date.

results of operations for a specific date.

redfly679

The realizationprinciple indicates that revenue usually should be recorded inthe accounting records:

Question 1 options:

A)	when cash is collected from customers

B)	when goods are sold or services are rendered to customers

C)	at the end of the accounting period

D)	only when the revenue can be matched by an equal dollar amountof expenses

E)	both (b) and (d) are correct

Which of the following account(s) would be part ofworking capital?

Question 2 options:

A)	accounts payable

land

supplies

D)	retained earnings

E)	cost of goods sold

F)	two of the above accounts are part of working capital

G)	three of the above accounts are part of working capital

H)	four of the above accounts are part of working capital

I)	all of the above accounts are part of working capital

On May 17, Buckeye Corporation performed $800 ofservices for ABC Company, a customer. ABC paid for one-half ofthe
bill on May 17 and agreed to pay the remainder within 30 days. OnJune 9, ABC paid the remaining amount owed. Which
of the following journal entries would ABC Company make onJune 9?

Question 3 options:

A)	debit accounts receivable $400 and credit cash $400

B)	debit cash $400 and credit service revenue $400

C)	debit accounts payable $400 and credit service revenue$400

D)	debit cash $400 and credit accounts payable $400

E)	debit cash $400 and credit accounts receivable $400

F)	debit accounts payable $400 and credit cash $400

The following information is available for XYZ Company: January 1, 2003 December 31, 2003Assets $500,000 $700,000Liabilities $300,000 $400,000 Equity $200,000 $300,000
XYZ Company reported a net income of $50,000 during 2003.
XYZ Company's return on equity (ROE) for 2003 was equal to:

Fletcher, Inc. reported an ending notes payablebalance of $57,000. An examination of the notes payablet-account
revealed debits of $25,000 and credits of $39,000 during the year.The beginning notes payable balance for Fletcher,
Inc. was equal to:

Question 5 options:

A)	$71,000 credit

B)	$71,000 debit

C)	$43,000 debit

D)	$43,000 credit

E)	none of the above are correct

Indicate the effect each of the following transactions has onthe accounting equation (i.e., assets, liabilities, and equity).Enter the number corresponding to your answer in the box provided.Answer choices may be used once, more than once, or not atall.

Question 6 options:

	ABC Company performed $2,000 of delivery servicesfor a customer who agreed to pay next month
	ABC Company paid $2,000 cash to the bank; $1,800of this amount was the repayment of a bank loan and the other $200paid was interest
	ABC Company made the adjusting entry to accrueincome taxes owed but not yet paid
	ABC Company purchased equipment for $3,000cash

1.	assets increase; liabilities increase; equitydecrease
2.	assets decrease; liabilities decrease; equity noeffect
3.	assets increase; liabilities no effect; equityincrease
4.	assets no effect; liabilities no effect; equity noeffect
5.	assets no effect; liabilities increase; equitydecrease
6.	assets increase; liabilities increase; equityincrease
7.	assets increase; liabilities increase; equity noeffect
8.	assets no effect; liabilities decrease; equityincrease
9.	assets decrease; liabilities no effect; equitydecrease
10.	assets decrease; liabilities decrease; equitydecrease

tanmosquito645

ACCTG 211 Study Guide - Final Guide: Accrual, Retained Earnings, Accounts Payable

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