Answer:
Assets = Liabilities + Equity
1) services on account
+35,000 (A/R) + 35,000 Service revenue
2) collection of 27,000
-27,000 (A/R)
+27,000 (cash)
net effect of zero
3) acquisition of equipment through promissory note
+20,000 (equipment +20,000(note payable)
4) -3,500(cash) - 3,500 utlities expense
Explanation:
Asset will be affected when cash, equivalent of cash, or right or property than can be used to produce cashflow is acquired or used
Liabilities is affected whe nwe take debt like in #3
Equity when the company generated revenue or expenses.
It will also be affected when investment fro mowners are made.
Answer:
A. FIFO
Explanation:
FIFO, which is First-in, First-Out is a method used for calculating the cost of goods sold whereby the oldest goods in the company's or organization's industry are assumed to be sold first. It gives thesame results under both the periodic system and perpetual inventory system. So, in FIFO, goods acquired first are sold, leaving the most recent cost in the balance sheet. It also costs actual flow of goods in most businesses.
Explanation:
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Answer:
The correct answer is letter "A": Are amounts owed to suppliers for products and/or services purchased on credit.
Explanation:
Accounts Payable is the amount of the total invoices currently awaiting payment by the company. These invoices are from suppliers of products and services that have recently been delivered. They are usually due within 15, 30 or 45 days after receiving the invoice from the vendor.
Answer:
Which of the following are examples of variable cost?
hourly employees