One item is omitted in each of the following summaries of balance sheet and income statement data for three different sole proprietorships X Y and Z. Determine the amounts of the missing items identifying each proprietorship by letter. $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $ $\quad $$ \underline{\text { Proprietorship} }$ $\begin{array}{lrrr} &\underline{ \mathrm{X}} &\underline{ \mathrm{Y}} &\underline{ \mathrm{Z}} \\ \text { Beginning of the Year: }\\ \text { Assets } & \$ 390,000 & \$ 150,000 & \$ 215,000 \\ \quad \text { Liabilities } & 240,000 & 105,000 & 168,000 \\ \text { End of the Year: } & \\ \quad \text { Assets } & 450,000 & 175,000 & 195,000\\ \quad \text { Liabilities } & 275,000 & 90,000 & 170,000 \\ \text { During the Year: } & \\ \quad \text { Additional Investment by the owner } & \underline{? } &74,000 & 80,000 \\ \quad \text { Withdrawals by the owner } & 95,000 && 83,000 & \underline{? }\\ \text { Revenue } & 195,000 & ? & 185,000 \\ \text { Expenses } & 160,000 & 113,000 & 175,000 \end{array}$

The answer of One item is omitted in each of...

Exam 1: Accounting in Action

Listed below in alphabetical order are the balance sheet items of City Plaza Company at December 31 2016. Prepare a balance sheet and include a complete heading. Accounts Payable \ 24,000 Accounts Receivable 15,000 Buildings 51,000 Cash 7,000 Owner's Capital 102,000 Land 42,000 Equipment 11,000

Free

(Essay)

4.8/5

(83)

Question 1

Correct Answer:

Verified

$\begin{array}{c}\text { CITY PLAZA COMPANY }\\\text { Balance Sheet}\\\text { December 31, 2016}\\\\\begin{array}{lr}&\text { ASSETS }\\\text { Cash } && \$ 7,000 \\\text { Accounts receivable } && 15,000 \\\text { Land } && 42,000 \\\text { Buildings } & &51,000 \\\text { Equipment } && 11,000 \\\text { Total assets } && \$ 126,000\end{array}\end{array}$

$\begin{array}{lrr}& \text { LIABILITIES } \\\text { Accounts payable } && \$ 24,000 \\ \text { OWNER'S EQUITY } & &\\\text { Owner's capital } &&\underline{102,000} \\\text { Total liabilities and owner's equity } && {\$ 126.000} \end{array}$

Indicate in the space provided by each item whether it would appear on the Income Statement (IS) Balance Sheet (BS) or Owner's Equity Statement (OE):

Free

(Essay)

4.9/5

(86)

Question 2

Correct Answer:

Verified

A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the

Free

(Multiple Choice)

4.8/5

(75)

Question 3

Correct Answer:

Verified

The historical cost of an asset and its fair value are

(Multiple Choice)

4.8/5

(74)

Question 4

International standards are developed by the

(Multiple Choice)

5.0/5

(82)

Question 5

The fair value principle is applied for

(Multiple Choice)

5.0/5

(66)

Question 6

Net income for the period is determined by subtracting total expenses and drawings from total revenues.

(True/False)

4.8/5

(72)

Question 7

Prepare an income statement an owner's equity statement and a balance sheet for the accupuncture practice of Golda Bear from the items listed below for the month of September 2016. Owner's Capital, September 1 \ 47,000 Accounts payable 7,000 Equipment 35,000 Service revenue 28,000 Owner's Drawings 6,000 Insurance expense 4,500 Cash 3,000 Utilities expense 700 Supplies 4,800 Salaries and wages expense 9,000 Accounts receivable 14,000 Rent expense 5,000 GOLDA $Prepare an income statement an owner's equity statement and a balance sheet for the accupuncture practice of Golda Bear from the items listed below for the month of September 2016. \begin{array}{lr} \text { Owner's Capital, September } 1 & \$ 47,000 \\ \text { Accounts payable } & 7,000 \\ \text { Equipment } & 35,000 \\ \text { Service revenue } & 28,000 \\ \text { Owner's Drawings } & 6,000 \\ \text { Insurance expense } & 4,500 \\ \text { Cash } & 3,000 \\ \text { Utilities expense } & 700 \\ \text { Supplies } & 4,800 \\ \text { Salaries and wages expense } & 9,000 \\ \text { Accounts receivable } & 14,000 \\ \text { Rent expense } & 5,000 \end{array} GOLDA$ $Prepare an income statement an owner's equity statement and a balance sheet for the accupuncture practice of Golda Bear from the items listed below for the month of September 2016. \begin{array}{lr} \text { Owner's Capital, September } 1 & \$ 47,000 \\ \text { Accounts payable } & 7,000 \\ \text { Equipment } & 35,000 \\ \text { Service revenue } & 28,000 \\ \text { Owner's Drawings } & 6,000 \\ \text { Insurance expense } & 4,500 \\ \text { Cash } & 3,000 \\ \text { Utilities expense } & 700 \\ \text { Supplies } & 4,800 \\ \text { Salaries and wages expense } & 9,000 \\ \text { Accounts receivable } & 14,000 \\ \text { Rent expense } & 5,000 \end{array} GOLDA$

(Essay)

4.7/5

(90)

Question 8

The conceptual framework that underlies IFRS

(Multiple Choice)

4.9/5

(88)

Question 9

Financial information that is capable of making a difference in a decision is

(Multiple Choice)

5.0/5

(77)

Question 10

Private accountants are accountants who are not employees of business enterprises.

(True/False)

5.0/5

(84)

Question 11

For each of the following indicate whether the transaction increased (+) decreased (-) or had no effect (NE) on assets liabilities and owner's equity using the following format. Assets = Liabilities + Owner's Equity 1. Made an investment to start the business. 2. Billed customers for services performed. 3. Purchased equipment on account. 4. Withdrew cash for personal use. 5. Paid for equipment purchased in 3. above.

(Essay)

4.9/5

(92)

Question 12

U.S. standards are developed by the

(Multiple Choice)

4.8/5

(87)

Question 13

One item is omitted in each of the following summaries of balance sheet and income statement data for three different sole proprietorships X Y and Z. Determine the amounts of the missing items identifying each proprietorship by letter. $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\quad$ $\underline{\text { Proprietorship} }$ Beginning of the Year: Assets \ 390,000 \ 150,000 \ 215,000 Liabilities 240,000 105,000 168,000 End of the Year: Assets 450,000 175,000 195,000 Liabilities 275,000 90,000 170,000 During the Year: Additional Investment by the owner 74,000 80,000 Withdrawals by the owner 95,000 83,000 Revenue 195,000 ? 185,000 Expenses 160,000 113,000 175,000

(Essay)

4.9/5

(85)

Question 14

Tesla Car Cleaning has the following accounts: Accounts Receivable Notes Payable Accounts Payable Owner's Capital Cash Owner's Drawing Supplies Equipment Identify which items are (1) Assets (2) Liabilities (3) Owner's Equity

(Essay)

4.8/5

(102)

Question 15

Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2016 Holly Enterprises and Cat Stevens. Beginning of year: Total assets \ 98,000 \ 129,000 Total liabilities 60,000 () Total owner's equity () 85,000 End of year: Total assets 160,000 180,000 Total liabilities 100,000 50,000 Total owner's equity 60,000 130,000 Changes during year in owner's equity Additional investment () 25,000 Drawings 25,000 (d) Total revenues 215,000 100,000 Total expenses 185,000 65,000 Determine the missing amounts.

(Essay)

4.8/5

(76)

Question 16

Owner's equity is decreased by all of the following except

(Multiple Choice)

4.8/5

(80)

Question 17

Identifying is the process of keeping a chronological diary of events measured in dollars and cents.

(True/False)

4.9/5

(68)

Question 18

Match the following definitions and terms

Amounts due from customers

Accounts receivable

Amounts owed to suppliers for goods and services purchased

Creditor

Amounts owed to bank

Accounts payable

Correct Answer:

Verified

Amounts due from customers

Amounts owed to suppliers for goods and services purchased

Amounts owed to bank

Party to whom money is owed

(Matching)

4.7/5

(72)

Question 19

IFRS compared to GAAP tends to be more

(Multiple Choice)

4.8/5

(93)

Question 20

Showing 1 - 20 of 240

Exam 1: Accounting in Action

Listed below in alphabetical order are the balance sheet items of City Plaza Company at December 31 2016. Prepare a balance sheet and include a complete heading. Accounts Payable \ 24,000 Accounts Receivable 15,000 Buildings 51,000 Cash 7,000 Owner's Capital 102,000 Land 42,000 Equipment 11,000

Indicate in the space provided by each item whether it would appear on the Income Statement (IS) Balance Sheet (BS) or Owner's Equity Statement (OE):

A basic assumption of accounting that requires activities of an entity be kept separate from the activities of its owner is referred to as the

The historical cost of an asset and its fair value are

International standards are developed by the

The fair value principle is applied for

Net income for the period is determined by subtracting total expenses and drawings from total revenues.

The conceptual framework that underlies IFRS

Financial information that is capable of making a difference in a decision is

Private accountants are accountants who are not employees of business enterprises.

U.S. standards are developed by the

Tesla Car Cleaning has the following accounts: Accounts Receivable Notes Payable Accounts Payable Owner's Capital Cash Owner's Drawing Supplies Equipment Identify which items are (1) Assets (2) Liabilities (3) Owner's Equity

Owner's equity is decreased by all of the following except

Identifying is the process of keeping a chronological diary of events measured in dollars and cents.

IFRS compared to GAAP tends to be more

The Recording Process

Adjusting the Accounts

Completing the Accounting Cycle

Accounting for Merchandising Operations

Inventories

Accounting Information Systems

Fraud, Internal Control, and Cash

Accounting for Receivables

Plant Assets, Natural Resources, and Intangible Assets

Current Liabilities and Payroll Accounting

Accounting for Partnerships

Corporations: Organization and Capital Stock Transactions

Corporations: Dividends, Retained Earnings, and Income Reporting

Long-Term Liabilities

Investments

Statement of Cash Flows

Financial Statement Analysis

Managerial Accounting

Job Order Costing

Process Costing

Cost-Volume-Profit

Budgetary Planning

Budgetary Control and Responsibility Accounting

Standard Costs and Balanced Scorecard

Incremental Analysis and Capital Budgeting

Time Value of Money

Filters