Question 1
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The effect on the accounting equation of the business buying a computer worth $900, paying $450 cash and owing $450 to be paid in 30 days' time is:
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
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If only one side of a $100 transaction is
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decreases assets and increases liabilities.
c. decreases assets and liabilities.
d. decreases assets and equity.
Question 5
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Which of these would be classed as a transaction on credit?
Select one:
a. Payment of salaries.
b. Sale of goods on account.
Question 6
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An example of a personal transaction would be:
Select one:
a. buying an iPad for the owner's children on a company credit card.
b. lunch paid for by the business.
c. an owner buying flowers with their own money.
d. the business hiring a personal assistant.
Question 7
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For the cash account to decrease and the profit to decrease, the transaction occurring could have been a/an:
Select one:
a. agreement with a supplier on the value of the next delivery.
b. purchase of a new printer for the owner's home computer.
c. payment of an electricity bill.
d. repayment of a loan.
Question 9
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An owner pays her private motor vehicle insurance from the business bank account. This is:
Select one:
a. none of the above.
b. a business event.
c. a business transaction.
Question 10
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Evidence that would not be of help in recording a transaction would be:
Select one:
a. an
In analyzing factors attributable to the change in a firm's operating income from one year to the next, which of the following effect(s) may be included in the price-recovery factor?
d) Break even sales change that would change the profits by the same amount as a reduction in price.
Q6. XYZ Ltd is a publicly listed company which has suffered from major sales declines, due to increased foreign completion, and has made a succession of losses over the past three years. During the year, its CEO resigned and was replaced by Chief Operating Officer (COO). The trial balance reveals that sales were $10,000,000 and the company made a loss of $500,000. At what level
6. MB4 Profit and Loss Account 2: A worked example of your solutions to your identified problems in P&L1
We would expect the maximum change to money supply to be higher in c than in a because of a
A company sells computers at a selling price of $1,800 each. Each computer has a 2 year warranty that covers replacement of defective parts. It is estimated that 2% of all computers sold will be under the warranty at an average cost of $150 each. During November the company sold 30,000 computers and 400 computers were serviced
(h) Redraw the previous cash flow diagram, assuming continuous cash flows for oil production and sales.
Webmasters.com has developed a powerful new server that would be used for corporations’ Internet activities. It would cost $10 million at Year 0 to buy the equipment necessary to manufacture the server. The project would require net working capital at the beginning of each year in an amount equal to 10% of the year's projected sales; for example, NWC0 = 10%(Sales1). The servers would sell for $24,000 per unit, and Webmasters believes that variable costs would amount to $17,500 per unit. After Year 1, the sales price and variable costs will increase at the inflation rate of 3%. The company’s
Name: ________________________________ Date: _________________ [1]BASIC BANK01 - BAT 003 Which of the following statements is true? A. An asset account is increased by a credit B. An expense account is increase by a credit C. A revenue account is decreased by a credit D. An equity account is decreased by a debit [2]BASIC BANK02 - BAT 010 The Income Summary account contains: A. Total revenues and total expenses for the year B. Total assets and total liabilities at year end C. Total revenues, expenses, assets, and liabilities
(b) Calculate by how much the proposed addition will either increase or reduce operating income. Show all work.
Since the net income reported in the statement of cash flows is transferred from the profit and loss account which is the difference between revenue and expenditures all of two types;
However, if the difference between the total sales and the total cash received (for the period ending December
Please note you have three assignments for this week. The case study, the weekly assignment and continue working on the final draft for the individual research project.
13. Janfer Book Store purchased a new automobile that cost $10,000, made a down payment of $3,000, and signed a note payable for the balance. The entry to record this transaction is:
I have included the firm's original income statement and balance sheet without the purchase and then with the machine purchase. I have assumed that the firm would use the $218,000 to reduce the bank loans balance for each year. This reduction of the bank loan balance will lower their three restrictive financial ratios.