| | 400 | 2500 | 400 | Prepaid Insurance | 600 | | | 200 | 600 | 200 | Office Equipment | 5000 | | | | 5000 | 0 | Accumulated Depreciation | | | | 100 | | 100 | Notes Payable | | 5000 | | | | 5000 | Account Payable | | 2500 | | 120 | | 2620 | Salaries Payable | | | | 1400 | | 1400 | Unearned Revenue | | 1200 | 1200 | | 1200 | 1200 | C. R. Hill‚ Capital | | 10000 | | | | 10000 | C. R. Hill‚ Drawings | 500 | | | | 500 |
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
Question 1: (1) Ten multiple choice questions. When a firm’s investment decisions have different consequences for the value of equity and the value of debt‚ managers may take actions A) that benefit shareholders at the expense of debt holders. B) to decrease costs of distress. C) to reduce fixed costs. D) to increase debt values. (2) Which of the following is NOT an advantage of private debt over public debt? A) B) C) D) It does not dilute the ownership of the firm. It has to have interest
Premium Stock Stock market Bond
Introduction Action Standard Manufacturing Company is a producer of top quality lawnmowers‚ garden tractors‚ tillers‚ and implements. It was established in 1920 and is nationally known‚ having growth steadily. In 2005‚ it made a decision to embark on a rapid expansion program to take the advantage of the growing market for all purpose tractor/lawnmowers/snow blower machines. So the product line expansion led to increase in assets of approximately 50% in both 2006 and 2007. Dianne Covington‚ financial
Premium Accounts receivable Generally Accepted Accounting Principles Balance sheet
Select one: a. decrease the asset computers‚ increase the asset cash‚ decrease the liability accounts payable. b. increase the asset computers‚ increase the asset cash‚ decrease the liability accounts payable. c. increase the asset computers‚ decrease the asset cash‚ increase the liability accounts payable. d. increase the asset computers‚ decrease the asset cash‚ decrease the liability accounts payable. Question 2 Complete Mark 1.00 out of 1.00 Flag question Question text If only one side of a $100
Premium Accounts receivable Generally Accepted Accounting Principles Balance sheet
DISCLAIMER The Suggested Answers hosted in the website do not constitute the basis for evaluation of the students’ answers in the examination. The answers are prepared by the Faculty of the Board of Studies with a view to assist the students in their education. While due care is taken in preparation of the answers‚ if any errors or omissions are noticed‚ the same may be brought to the attention of the Director of Studies. The Council of the Institute is not in anyway responsible for the
Premium Cash flow Net present value Time value of money
9 Paid $250 of salaries to an employee. Salary expense 250 Cash 250 (Paid salary expense for xx/xx/xxxx 14 Acquired a new computer for $3‚200 on account. Computer equipment 3‚200 Accounts payable 3‚200 (Purchased computer on account) 20 Collected $800 from Jason Ratchford for services provided on April 5. Cash 800
Premium Generally Accepted Accounting Principles Balance sheet Accounts receivable
THEME: ACCOUNTS PAYABLE By John W. Day‚ MBA ACCOUNTING TERM: Accounts Payable An account payable is normally an unsecured‚ non-interest bearing current liability‚ owed by the company to a vendor for the purchase of trade goods or services. FEATURE ARTICLE: Accounts Payable Accounting If you are a small business owner or manager and you are having trouble keeping track of all those outstanding bills that have to be paid each month‚ perhaps you need to set up an accounts payable system. Some small
Premium Accounts payable Accounts receivable Generally Accepted Accounting Principles
Coming for Accounts Payable in 2015 [New Corcentric Webinar] (1888 PressRelease) Corcentric’s latest Webinar details the big 2015 trends that will impact AP departments for the foreseeable future. McLean‚ VA - Corcentric‚ a leading provider of accounts payable automation and electronic invoicing software‚ announced that it will host a new Accounts Payable Webinar‚ "AP Trends for 2015: Are You Ready?" on Wednesday‚ November 19‚ 2014 at 2:00 PM ET/11:00 AM PT. The accounts payable landscape is changing
Premium Accounts receivable Invoice Accounts payable
company purchased equipment for $1‚000 cash and $4‚000 on account. 3. The company purchased supplies for $750 cash. 4. The company receives $4‚100 in cash revenue and $5‚400 in accounts receivable. 5. The company paid $1‚500 cash for accounts payable. 6. The company paid a $2‚000 dividend. 7. The company paid $800 cash for rent. 8. The company received a payment for accounts receivable. 9. The company paid its employees’ salaries in the amount of $3‚000. 10. The company paid their utility
Premium Accounts receivable Generally Accepted Accounting Principles Revenue
Original Work please INTEGRATED CASE APPLICATION –PINNACLE MANUFACTURING: PART II 9-37 (Objectives 9-7‚ 9-8) In Part I of the case‚ you performed preliminary analytical procedures for Pinnacle (pp. 245–247). The purpose of Part II is to identify factors influencing risks and the relationship of risks to audit evidence. During the planning phase of the audit‚ you met with Pinnacle’s management team and performed other planning activities. You encounter the following situations that you believe
Premium Auditing Accounts receivable Internal control