Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

On february 3 smart company

12/11/2021 Client: muhammad11 Deadline: 2 Day

1- f a company receives $11,100 from the stockholders to establish a corporation, the effect on the accounting equation would be:

Assets decrease $11,100 and equity decreases $11,100.

Assets increase $11,100 and liabilities decrease $11,100.

Assets increase $11,100 and liabilities increase $11,100.

Liabilities increase $11,100 and equity decreases $11,100.

Assets increase $11,100 and equity increases $11,100.

2- If a company purchases equipment costing $3,800 on credit, the effect on the accounting equation would be:

Assets increase $3,800 and liabilities decrease $3,800.

Equity decreases $3,800 and liabilities increase $3,800.

Liabilities decrease $3,800 and assets increase $3,800.

Assets increase $3,800 and liabilities increase $3,800.

Equity increases $3,800 and liabilities decrease $3,800.

3- If equity is $389,000 and liabilities are $185,000, then assets equal:

$204,000.

$185,000.

$389,000.

$574,000.

$963,000.

4- On August 31 of the current year, the assets and liabilities of Gladstone, Inc. are as follows: Cash $31,500; Supplies, $730; Equipment, $11,100; Accounts Payable, $9,900. What is the amount of stockholders' equity as of August 31 of the current year?

$32,700

$33,430

$53,230

$11,230

$31,970

5- If the liabilities of a business increased $77,000 during a period of time and the Stockholders' Equity in the business decreased $31,000 during the same period, the assets of the business must have:

Decreased $108,000.

Decreased $46,000.

Increased $31,000.

Increased $46,000.

Increased $108,000.

6- If assets are $375,000 and equity is $125,000, then liabilities are:

$125,000.

$250,000.

$375,000.

$500,000.

$625,000.

7- If assets are $405,000 and equity is $140,000, then liabilities are:

$140,000.

$265,000.

$405,000.

$545,000.

$670,000.

8- Use the following information for Meeker Corp. to determine the amount of equity to report.

Cash

78,000

Buildings

129,500

Land

215,800

Liabilities

$135,000

$558,300.

$299,300.

$423,300.

$29,300.

$288,300.

9-Determine the net income of a company for which of the following information is available for the month of July.

Employee salaries expense

$196,000

Interest expense

26,000

Rent expense

36,000

Consulting revenue

464,000

$206,000.

$242,000.

$278,000.

$464,000.

$722,000.

10- Savvy Sightseeing had beginning equity of $89,000; revenues of $141,000, expenses of $82,000, and dividends to stockholders of $10,700. Calculate the ending equity.

$137,300.

$59,000.

$148,000.

$19,300.

$30,000.

11- Richard Redden contributed $83,000 in cash and land worth $156,000 to open a new business, RR Consulting, Inc. Which of the following general journal entries will RR Consulting, Inc. make to record this transaction?

Debit Assets $239,000; credit Common Stock $239,000.

Debit Cash and Land, $239,000; credit Common Stock $239,000.

Debit cash $83,000; debit land $156,000; credit Common Stock $239,000.

Debit Common Stock $239,000; credit cash $83,000; credit Land $156,000.

Debit Common Stock $239,000; credit Assets $239,000.

12-Able Graphics received a $460 utility bill for the current month's electricity. It is not due until the end of the next month which is when they intend to pay it. Which of the following general journal entries will Able Graphics make to record this transaction?

Utilities Expense

460

Cash

460

Cash

460

Utilities Expense

460

Utilities Expense

460

Accounts Payable

460

Accounts Payable

460

Utilities Expense

460

Utilities Payable

460

Cash

460

13-During the month of February, Victor Services had cash receipts of $8,000 and cash disbursements of $9,600. The February 28 cash balance was $2,800. What was the February 1 beginning cash balance?

$1,200.

$1,600.

$4,400.

$0.

$6,800.

14-During the month of March, Harley's Computer Services made purchases on account totaling $45,700. Also during the month of March, Harley was paid $11,300 by a customer for services to be provided in the future and paid $38,000 of cash on its accounts payable balance. If the balance in the accounts payable account at the beginning of March was $78,400, what is the balance in accounts payable at the end of March?

$86,100.

$97,400.

$7,700.

$74,800.

$6,000

15-Smiles Entertainment had the following accounts and balances at December 31:

Account

Debit

Credit

Cash

$10,700

Accounts Receivable

2,140

Prepaid Insurance

2,680

Supplies

1,140

Accounts Payable

$5,350

Common Stock

5,320

Service Revenue

7,700

Salaries Expense

570

Utilities Expense

1,140

Totals

$18,370

$18,370

16-Using the information in the table, calculate the company's reported net income for the period.

$1,240.

$4,210.

$4,850.

$11,240.

$5,990.

17-A bookkeeper has debited an account for $5,700 and credited a liability account for $3,100. Which of the following would be an incorrect way to complete the recording of this transaction:

Credit another asset account for $2,600.

Credit another liability account for $2,600.

Credit an expense account for $2,600.

Credit the Common Stock account for $2,600.

Debit another asset account for $2,600.

18- Ralph Pine Consulting received its telephone bill in the amount of $530, and immediately paid it. Pine's general journal entry to record this transaction will include a:

Debit to Telephone Expenses for $530.

Credit to Accounts payable for $530.

Debit to Cash for $530.

Credit to Telephone Expenses for $530.

Debit to Accounts payable for $530.

19-Wiley Consulting purchased $7,700 worth of supplies and paid cash immediately. Which of the following general journal entries will Wiley Consulting make to record this transaction?

Accounts Payable

7,700

Supplies

7,700

Cash

7,700

Supplies

7,700

Supplies

7,700

Cash

7,700

Supplies

7,700

Accounts Payable

7,700

Supplies Expense

7,700

Accounts Payable

7,700

20- Trimble Graphic Design receives $1,550 from a client billed in a previous month for services provided. Which of the following general journal entries will Trimble Graphic Design make to record this transaction?

Cash

1,550

Accounts Receivable

1,550

Cash

1,550

Unearned Design Revenue

1,550

Accounts Receivable

1,550

Unearned Design Revenue

1,550

Cash

1,550

Design Revenue

1,550

Accounts Receivable

1,550

Cash

1,550

21- Mary Martin, the owner of Martin Consulting, Inc., started the business by investing $65,000 cash. Identify the general journal entry below that Martin Consulting, Inc. will make to record the transaction.

Cash

65,000

Common stock

65,000

Common stock

65,000

Cash

65,000

Investments

65,000

Cash

65,000

Investments

65,000

Common stock

65,000

Cash

65,000

Increased Equity

65,000

22- A company purchased $3,800 of merchandise on July 5 with terms 1/10, n/30. On July 7, it returned $420 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equals:

$420.

$3,342.

$3,346.

$3,380.

$3,800

23- A company has sales of $409,200 and its gross profit is $172,700. Its cost of goods sold equals:

$(236,500).

$409,200.

$172,700.

$236,500.

$581,900.

24- Cushman Company, Inc. had $832,000 in net sales, $364,000 in gross profit, and $208,000 in operating expenses. Cost of goods sold equals:

$260,000.

$676,000.

$156,000.

$468,000.

$624,000.

25- A company purchased $10,200 of merchandise on June 15 with terms of 3/10, n/45, and FOB shipping point. The freight charge was $600. On June 20, it returned $960 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it is entitled to. The cash paid on June 24 equals:

$9,224.

$10,460.

$10,800.

$10,560.

$9,563.

26- A company purchased $9,700 of merchandise on June 15 with terms of 3/10, n/45. On June 20, it returned $485 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals:

$8,939.

$9,409.

$9,700.

$9,215.

$8,987.

27-Cushman Company, Inc. had $842,000 in sales, sales discounts of $12,630, sales returns and allowances of $18,945, cost of goods sold of $399,950, and $289,650 in operating expenses. Gross profit equals:

$810,425.

$120,825.

$410,475.

$423,105.

$429,420.

28- Prentice Company, Inc. had cash sales of $95,450, credit sales of $84,150, sales returns and allowances of $2,175, and sales discounts of $3,950. Prentice’s net sales for this period equal:

$95,450.

$173,475.

$175,650

$177,425.

$179,600.

29- On February 3, Smart Company sold merchandise in the amount of $4,600 to Truman Company, with credit terms of 3/10, n/30. The cost of the items sold is $3,175. Smart uses the perpetual inventory system. Truman pays the invoice on February 8, and takes the appropriate discount. The journal entry that Smart makes on February 8 is:

Cash

3,175

Accounts receivable

3,175

Cash

4,600

Accounts receivable

4,600

Cash

4,520

Sales discounts

80

Accounts receivable

4,600

Cash

3,095

Accounts receivable

3,095

Cash

4,462

Sales discounts

138

Accounts receivable

4,600

30- Garza Company had sales of $155,000, sales discounts of $2,325, and sales returns of $3,720. Garza Company's net sales equals:

$6,045.

$148,955.

$152,675.

$155,000.

$161,045.

31- A company has sales of $403,800 and its gross profit is $170,300. Its cost of goods sold equals:

$(233,500).

$403,800.

$170,300.

$233,500.

$574,100.

32- A company has sales of $715,400 and cost of goods sold of $286,400 Its gross profit equals:

$142,600.

$715,400.

$286,400.

$429,000.

$1,001,800.

Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Professional Accountant
Accounting & Finance Mentor
Professional Coursework Help
Pro Writer
Fatimah Syeda
WRITING LAND
Writer Writer Name Offer Chat
Professional Accountant

ONLINE

Professional Accountant

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$35 Chat With Writer
Accounting & Finance Mentor

ONLINE

Accounting & Finance Mentor

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$25 Chat With Writer
Professional Coursework Help

ONLINE

Professional Coursework Help

I find your project quite stimulating and related to my profession. I can surely contribute you with your project.

$21 Chat With Writer
Pro Writer

ONLINE

Pro Writer

I will provide you with the well organized and well research papers from different primary and secondary sources will write the content that will support your points.

$46 Chat With Writer
Fatimah Syeda

ONLINE

Fatimah Syeda

I have done dissertations, thesis, reports related to these topics, and I cover all the CHAPTERS accordingly and provide proper updates on the project.

$34 Chat With Writer
WRITING LAND

ONLINE

WRITING LAND

I have assisted scholars, business persons, startups, entrepreneurs, marketers, managers etc in their, pitches, presentations, market research, business plans etc.

$32 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Lutron seetouch keypad spec - Midtronics exp 1050 software update - Fill in - Tuberculosis screening - How does aspect affect vegetation - Quantum dot display ppt - Break even load factor formula - Business Intelligence - Communication - Dd form 1351 2 reimbursable expenses - Beauty and the beast archetypes - Consignment identifier or numerical link - Chapter 10 scarlet letter quotes - Crescent pure case study marketing research - Statistics concepts and controversies 9th edition exercise answers - Devil in the white city sparknotes part 3 - Ecovia stop the violence don t text and drive - The spirit of zen sam van schaik - Crystal glassware company has the following standards and flexible-budget data. - Example of a research critique apa format - Last meeting gwen harwood analysis - 215 oldaker street devonport - Hansson private label case - Roy vagelos attacks river blindness - Elements of business letter - Microsoft excel cost estimate template - Nursing pharmacology case study examples - Articulating your philosophy of nursing - The editing technique of joining together two shots is called - The green thumb gardener worksheet answers - Certificate iv in professional writing and editing rmit - Critique Customer Service Research Article. - Responsible accountable consulted informed - Ethos in the gettysburg address - Project - INTERNSHIP - Eng 102/ Podcast - 1399 princes highway heathcote nsw - What cannot be inferred from kanban board mcq - Cold desert human impact - The developing person through childhood and adolescence 11th edition published - Sir joseph hotung net worth - Business launch - Academic writing - Civil Rights Act... - How to solve arcsin by hand - The lion the witch and the wardrobe essay - Kal sangra houses for sale - Soluble and insoluble ionic compounds - Assignment 1: Creating and Communicating a Security Strategy - To calculate gdp by the expenditure method one must add - Daniell cell half equations - Point line plane worksheet - Avondale heights footy club - 2 pages excluding citations - WATCH A VIDEO - Premature menopause gp notebook - What criteria concerning moral judgments should we agree with - Purnell model - Walden university nursing specialty comparison matrix - Discussion Responses - J3 - A candy bar manufacturer is interested in trying - Scheme of analysis of simple salts - Queensland kindergarten learning guideline - Urgent 1 - Competency based recruitment and selection ppt - Netafim arkal disc filter - Digital logic design exam - Particle theory of matter grade 7 - Reflective essay on effective communication - Marketing real people real choices study guide - The forest city - Why did the pilgrims owe squanto gratitude - Privilege power and difference chapter 7 summary - Http insider anadarko com pages default aspx - Sociology - Violence - Origins reflection powerpoint - Augmentin duo forte side effects - Patient education - Factors affecting lattice enthalpy - Immigration Law - Smyths glasgow fort website - Hris needs assessment - What happened with tilikum - Stock order book viewer - Percy jackson the lightning thief chapter 1 - Ecological footprint lab - NEED IN 15 HOURS or LESS - Rigor mortis case study - Unit VII Mini Project - Ethic - Na2co3 + h2o ionic equation - Assignment - Okubo's farm and greenhouses inc - Pad foundation advantages and disadvantages - I ve been waiting for this day to come - Sports in society issues and controversies 11th edition pdf free - General aseptic fields are managed critically