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ale4655 [162]
3 years ago
10

Brief Exercise 186 For the items listed below, indicate whether the item is an asset, liability, or stockholders' equity item. 1

. Rent Expense 2. Equipment 3. Accounts Payable 4. Common Stock 5. Insurance Expense 6. Cash 7. Accounts Receivable 8. Retained Earnings 9. Service Revenue 10. Notes Payable
Business
1 answer:
Snezhnost [94]3 years ago
3 0

Answer:

Explanation:

The Statement of stockholder equity includes the common stock and the retained earnings that could be used to determine the ending balance by considering the revenues, expenses accounts

While the balance sheet records the company's assets, liabilities, and shareholder equity

So, the categorization is shown below:

1. Rent Expense = Owner equity

2. Equipment = Fixed asset

3. Accounts Payable = Current liabilities

4. Common Stock = Owner equity

5. Insurance Expense = Owner equity

6. Cash = Current assets

7. Accounts Receivable  = Current assets

8. Retained Earnings = Owner equity

9. Service Revenue = Owner equity

10. Notes Payable = Liabilities

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The type of account and normal balance of unearned consulting fees is revenue, credit liability, credit liability, debit expense
alexdok [17]
The unearned consulting revenues are liabilities. A liability, in accounting terms, is an obligation and is found in the balance sheets of companies or businesses. When a company does transactions with other individuals or companies usually they owe amounts to creditors for the goods or services the company acquires. In another sense, a liability is a source of the company’s assets. They can also be considered as claims against the company’s assets. A liability may also include those amounts received by the company in advance of future services. Liabilities include accounts payable, notes payable, salaries payable, interest payable, bonds payable, accrued expenses payable, etc. Their normal balance is credit.
3 0
3 years ago
Exercise 6-16 Kaleta Company reports the following for the month of June. Date Explanation Units Unit Cost Total Cost June 1 Inv
Irina18 [472]

Answer:

Cost of goods available for sale=$1,640

Explanation:

To calculate the cost of goods available for sale, we need to first calculate the available units of inventory;

Available inventory=Inventory purchased-inventory sold

where;

Inventory purchased are as follows;

On June 1>>>>>purchased 410 units each at $8

On June 12>>>>purchased 820 units each at $9

On June 23>>>>purchased 615 units each at $10

Total inventory purchased=(410+820+615)=1,845 units

Inventory sold are as follows;

On June 15>>>>sold 902 units each at $11

On June 27>>>>sold 738 units each at $12

Total inventory sold=(902+738)=1,640 units

Available inventory=(1,845-1,640)=205 units

The cost of goods sold can be expressed as;

Cost of goods available for sale=Cost per unit×number of units

where;

Number of units of inventory=205

Cost per unit=least cost per unit=$8

replacing;

Cost of goods available for sale=(8×205)=1,640

Cost of goods available for sale=$1,640

8 0
3 years ago
A _______ can illustrate your achievements that are difficult to display in a cover letter or resume.
alexira [117]

Answer: portfolio

Explanation:

7 0
3 years ago
10. Uneven cash flows A series of cash flows may not always necessarily be an annuity. Cash flows can also be uneven and variabl
GaryK [48]

Answer:

$1,155,478

Explanation:

Present value is the sum of discounted cash flows

Present value can be found using a financial calculator

Cash flow in year 1 = $100,000

Cash flow in year 2 =  $20,000

Cash flow in year 3 = $480,000

Cash flow in year 4 = $450,000

Cash flow in year 5 = $550,000

I = 9%

Present value = $1,155,478

To find the PV using a financial calculator:

1. Input the cash flow values by pressing the CF button. After inputting the value, press enter and the arrow facing a downward direction.

2. after inputting all the cash flows, press the NPV button, input the value for I, press enter and the arrow facing a downward direction.  

3. Press compute  

5 0
3 years ago
Which of the following statements is true of copyright? There are different copyright rules for pre and post 1978 works. Congres
Lera25 [3.4K]

Answer:

Correct option is (a), Different copyright rules for pre and post 1978 works

Explanation:

Copyright is a right given exclusively a person who has created a new work and reproduce it for a stipulated time. It is granted for a stipulated time period.

For all creations after 1978, copyright is granted for the years that the creator live and seventy years after his life.

For creations before 1978, that were not published, same rules are applicable as of post 1978 period. However, for works published before 1978, copyright was granted for total 95 years that is divided between 28 years from the date of registration of work and renewed for 67 years on expiry.

So copyright rules differ for works published pre and post 1978.

8 0
3 years ago
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