Waiting for answer This question has not been answered yet. You can hire a professional tutor to get the answer.

QUESTION

1-At the beginning of the year, ABC Company's liabilities equal $105,000. During the year, assets increased by $20,000 and at the end of the year...

1-At the beginning of the year, ABC Company's liabilities equal $105,000. During the year, assets increased by $20,000 and at the end of the year assets equal $250,000. Liabilities increase by $35,000 during the year. Calculate the amount of equity at the beginning of the year.

$230,000

$140,000

$110,000

$170,000

$125,000

2-At the beginning of the year, ABC Company's liabilities equal $75,000. During the year, assets increased by $80,000 and at the end of the year assets equal $250,000. Liabilities decrease by $25,000 during the year. Calculate the amount of equity at the end of the year.

$50,000

$95,000

$105,000

$170,000

$200,000

3-On January 31, Harrington Corporation, a consulting company, had accounts receivable in the amount of $10,000, During February, payments from customers on account totaled $5,000. At the end of February, Harrington had accounts receivable in the amount of $12,000. What was the amount of consulting services provided to customers on credit during the month of February?

$2,000

$3,000

$7,000

$27,000

Cannot be determined

4-n July 12, Ron Truro (owner of Truro Excavating) completed work for a customer on account in the amount of $4,300. The journal entry necessary to record this transaction is:

debit Account Payable for $4,300; credit Service Revenue for $4,300

debit Account Receivable for $4,300; credit Unearned Revenue for $4,300

debit Service Revenue for $4,300; credit Account Receivable for $4,300

debit Account Receivable for $4,300; credit Service Revenue for $4,300

debit Service Revenue for $4,300; credit Account Payable for $4,300

5-On July 30, Ron Truro (owner of Truro Excavating) received an advance payment from a customer in the amount of $5,000; the work will be completed in August. The journal entry necessary to record this transaction is:

debit Cash for $5,000; credit Unearned Revenue for $5,000

debit Service Revenue for $5,000; credit Cash for $5,000

debit Unearned Revenue for $5,000; credit Cash for $5,000

debit Cash for $5,000; credit Service Revenue for $5,000

debit Account Receivable for $5,000; credit Unearned Revenue for $5,000

6-GAAP is based on

the accrual basis

both the cash basis and the accrual basis

the cash basis

neither the cash basis nor the accrual basis

Show more
LEARN MORE EFFECTIVELY AND GET BETTER GRADES!
Ask a Question