Question

From the following list, choose the accounts that you would find on a Balance Sheet. Accounts...

From the following list, choose the accounts that you would find on a Balance Sheet. Accounts Receivable Cash Current Portion due of Long Term Debt Rent Expense Revenue Equity

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

All the assets, liabilities and equity appear on a balance sheet

Hence, from the given items:

Accounts Receivable: Being amount due from debtors is an asset and hence, will appear on the Balance Sheet

Cash: Cash being an asset will appear on the Balance Sheet

Current portion due of Long Term Debt: Being Current Liability will appear on the Balance Sheet

Rent Expense: Rent is an expense and hence is a part of Profit and Loss and will not appear on a Balance Sheet. Had it been outstanding rent, it would have been a liability and would have been a part of Balance Sheet

Revenue: revenue is the amount earned and is a part of Profit and Loss and will not appear on the Balance Sheet

Equity: Equity is a part of Balance Sheet

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
eBook Problem 9-02 Given the following information, construct the firm’s balance sheet: Cash and cash equivalents...
eBook Problem 9-02 Given the following information, construct the firm’s balance sheet: Cash and cash equivalents $ 730,000 Accumulated depreciation on plant and equipment 660,000 Plant and equipment 4,200,000 Accrued wages 330,000 Long-term debt 4,430,000 Inventory 7,170,000 Accounts receivable 3,980,000 Preferred stock 440,000 Retained earnings 8,530,000 Land 2,230,000 Accounts payable 1,540,000 Taxes due 150,000 Common stock $ 16 par Common shares outstanding 115,000 Current portion of long-term debt $ 390,000 Round your answers to the nearest dollar. Corporation X Balance...
The following is a listing of some of the balance sheet accounts and all of the...
The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Northview Company as they appear on the company’s adjusted trial balance. Accounts Payable $ 11,000 Accounts Receivable 21,000 Inventory 22,000 Advertising Expense 17,000 Cost of Goods Sold 129,000 Delivery Expense 7,000 Income Tax Expense 3,900 Insurance Expense 1,000 Rent Expense 16,000 Sales Revenue 260,000 Sales Discounts 10,000 Sales Returns & Allowances 34,000 Income from Operations would be:
The following is a listing of some of the balance sheet accounts and all of the...
The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company’s adjusted trial balance.   Accounts Payable $ 18,000   Accounts Receivable   30,000   Inventory   23,800   Advertising Expense   21,500   Cost of Goods Sold   165,000   Delivery Expense   7,900   Income Tax Expense   3,700   Insurance Expense   1,000   Rent Expense   19,600   Sales Revenue   350,000   Sales Discounts   9,100   Sales Returns and Allowances   47,500 Net income would be Income from Operations would...
The balance sheet for Shaver Corporation reported the following: cash, $12,500; short-term investments, $17,500; net accounts...
The balance sheet for Shaver Corporation reported the following: cash, $12,500; short-term investments, $17,500; net accounts receivable, $50,000; inventories, $55,000; prepaids, $17,500; equipment, $103,000; current liabilities, $55,000; notes payable (long-term), $85,000; total stockholders’ equity, $115,500; net income, $4,820; interest expense, $7,400; income before income taxes, $9,780. Compute Shaver’s debt-to-assets ratio and times interest earned ratio.
Use the accrual basis of accounting for the following chart of accounts: Balance Sheet Accounts Cash...
Use the accrual basis of accounting for the following chart of accounts: Balance Sheet Accounts Cash Petty cash Accounts receivable Prepaids Equipment Accumulated depreciation Accounts payable Accrued liabilities Income Statement Accounts Revenue Insurance expense Hydro expense Depreciation expense For the transactions listed below indicate the account that should be debited and credited: Description Debit Account Credit Account Receive invoice to pre-pay insurance premium for 1 year Prepaids Cash Amortise 1-month of above prepaid insurance Insurance expense Prepaids Issue invoice to...
Which accounts are reported on a balance sheet? Cash Accounts Receivable J. Z. Capital Fees Earned...
Which accounts are reported on a balance sheet? Cash Accounts Receivable J. Z. Capital Fees Earned All the following are temporary accounts except Rent Expense Cash Income Summary Fees Earned Diaz, Drawing Interest Revenue You have a loan from TD Bank. Interest is $20 per month on the loan. For you, this is an example of an accrued revenue. True False An adjusting entry shows a debit to Insurance Expense. The credit would be to Cash. True False Recording supplies...
Requirement 1. Fill in the missing numbers from the following simple balance sheet for Jones Company....
Requirement 1. Fill in the missing numbers from the following simple balance sheet for Jones Company. Assets Liabilities and Stockholders’ Equity Cash Accounts payable $10,000 Accounts receivable 11,000 Long-term debt Plant and equipment 70,000 Stockholders' equity $59,000 Total assets $110,000 Total Liabilities and stockholders' equity
Consider the following balance sheet: BestCare HMO Balance Sheet June 30, 2011 (in thousands) Assets Current...
Consider the following balance sheet: BestCare HMO Balance Sheet June 30, 2011 (in thousands) Assets Current Assets: Cash                                        $2,737 Net premiums receivable        821 Supplies                                  387 Total current assets    $3,945 Net property and equipment             $5,924 Total assets                                         $9,869 Liabilities and Net Assets Accounts payable—medical Services                                   $2,145 Accrued expenses                               929 Notes payable                                     382             Total current liabilities            $3,456 Long-term debt                                   $4,295 Total liabilities                        $7,751 Net assets—unrestricted (equity)                                   $2,118 Total liabilities and net Assets                                     $9,869 Consider the following financial statements...
The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts payable...
The following list of accounts is from the adjusted trial balance for Monty Corporation: Accounts payable $128,640 Equipment $907,200 Accounts receivable 179,520 Income tax expense 58,560 Accumulated depreciation—buildings 94,080 Insurance expense 112,320 Accumulated depreciation—equipment 217,920 Inventory 222,720 Advertising expenses 107,520 Land 1,056,000 Buildings 410,880 Loan payable (due in 2 years) 1,872,000 Cash 68,160 Prepaid expenses 27,840 Common shares 220,800 Property tax payable 17,280 Cost of goods sold 1,069,440 Refund liability 20,160 Deferred revenue 30,720 Salaries expense 744,960 Depreciation expense 180,480...
The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities,...
The current asset section of the Excalibur Tire Company’s balance sheet consists of cash, marketable securities, accounts receivable, and inventory. The December 31, 2021, balance sheet revealed the following: Inventory $ 1,010,000 Total assets $ 3,600,000 Current ratio 2.20 Acid-test ratio 1.20 Debt to equity ratio 1.5 Required: Determine the following 2021 balance sheet items: current assets shareholders equity long term assets long term liabilites
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT