Entries by mary WAMBUGU

On July 1, 20X1, a company borrows $100,000 on a 5% note, due in one year. Assume accrued interest was recorded on December 31. What accounts would be impacted at the time of repayment of the note and interest on June 30, 20X2?

August 28, 2019 in /by

14. (Multiple Choice)On July 1, 20X1, a company borrows $100,000 on a 5% note, due in one year.  Assume accrued interest was recorded on December 31.  What accounts would be impacted at the time of repayment of the note and interest on June 30, 20X2? A.   Interest Expense, by $5,000. B.   Notes Payable, by $105,000. […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

Jordan erroneously credited a liability account rather than a revenue account. Therefore: A. total assets are not affected. B. expenses are understated. C. ending stockholders’ equity will be overstated. D. liabilities are understated.. E. None of these.

August 28, 2019 in /by

18. (Multiple Choice)Jordan erroneously credited a liability account rather than a revenue account.  Therefore: A.   total assets are not affected. B.   expenses are understated. C.   ending stockholders’ equity will be overstated. D.   liabilities are understated.. E.   None of these. 20. (Multiple Choice) Purchasing an item of equipment for cash will cause total assets, total liabilities, […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

(True or False) The investment of cash by stockholders into a business is treated as a loan because the cash might be used for purchases of equipment, payment of expenses, or other business purposes. (Multiple Choice) The Income Summary account:

August 28, 2019 in /by

(True or False) The investment of cash by stockholders into a business is treated as a loan because the cash might be used for purchases of equipment, payment of expenses, or other business purposes. (Multiple Choice)The Income Summary account: will always have a credit balance. will appear on a company’s balance sheet. will receive entries […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"

If a large company fails, companies that rely on it for portions of their income might also be brought down, and a number jobs eliminated.

August 28, 2019 in /by

If a large company fails, companies that rely on it for portions of their income might also be brought down, and a number jobs eliminated. Therefore, if the cost of a bailout  is less than the cost of the failure to the economy, a government may decide a bailout is the most cost-effective solution. How would you […]

 

Looking for a Similar Assignment? Order now and Get 10% Discount! Use Coupon Code "Newclient"