You are watching: When expenses exceed revenues, which of the following is true?
Which of the complying with is not among the three develops of organization organization?a. Corporationsb. Partnershipsc. Proprietorshipsd. Investors
Jack and also Jill form a partnership. Jack operation the company in new York, if Jill vacations in Hawaii. During the time Jill is far from the business, Jack boosts the fan of the organization by $20,000. I beg your pardon of the adhering to statements is true regarding this debt?a. Only Jack is personally liable because that the debt, due to the fact that he has actually been the regulating partner throughout that time.b. Just Jill is personally liable for the debt of the business, since Jack has actually been working and she has not.c. Both Jack and Jill space personally liable for the organization debt.d. Neither Jack nor Jill is personally liable because that the organization debt, since the cooperation is a different legal entity.
Which the the complying with would not be thought about an internal user of accounting data for the Xanadu Company?a. President of the companyb. Manufacturing managerc. Merchandise list clerkd. President of the employees" labor union
Which of the following outside groups uses bookkeeping information to determine whether the firm can salary its obligations?a. Investor in typical stockb. Marketing managersc. Creditorsd. Cook Financial Officer
The liability produced by a service when that purchases coffee beans and coffee cups on credit from suppliers is termed a(n)a. Account payable.b. Account receivable.c. Revenue.d. Expense.
82. I m sorry of the following activities involves collecting the necessary funds to support the business?a. Operatingb. Investingc. Financingd. Delivering
Which activities involve getting the resources to operation the business?a. Deliveringb. Financingc. Investingd. Operating
Jackson firm recorded the following cash transactions because that the year:Paid $135,000 because that salaries.Paid $60,000 to purchase office equipment.Paid $15,000 because that utilities.Paid $6,000 in dividends.Collected $275,000 from customers.What was Jackson"s network cash provided by operating activities?a. $125,000b. $65,000c. $140,000d. $119,000
When prices exceed revenues, which of the following is true?a. A network loss resultsb. A net income resultsc. Assets equal liabilitiesd. Assets space increased
Which of the following is an asset?a. Mortgage payableb. Investmentsc. Usual stockd. Retained earnings
103. Dividends are reported on thea. Revenue statement.b. Retained income statement.c. Balance sheet.d. Earnings statement and balance sheet.
Jimmy"s repair Shop began the year with complete assets the $300,000 and total legal responsibility of $240,000. Throughout the year the organization recorded $630,000 in revenues, $330,000 in expenses, and dividends that $60,000. Stockholders" equity at the finish of the year wasa. $360,000.b. $300,000.c. $240,000.d. $270,000.
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BSolution: ($300,000 -$240,000) +($630,000 - $330,000) - $60,000 =$300,000
Which the the adhering to is not a satisfactory declare of the bookkeeping equation?a. Assets = Stockholders" same - Liabilitiesb. Legacy = legal responsibility + Stockholders" Equityc. Legacy - liabilities = Stockholders" Equityd. Heritage - Stockholders" equity = Liabilities
The accountancy equation might be express asa. Assets = Stockholders" same - Liabilities.b. Assets = legal responsibility + Stockholders" Equity.c. Heritage + legal responsibility = Stockholders" Equity.d. Heritage + Stockholders" equity = Liabilities.
132. If complete liabilities raised by $90,000 and stockholders" equity enhanced by $30,000 throughout a period of time, then complete assets must adjust by what amount and also direction during that exact same period?a. $120,000 decreaseb. $120,000 increasec. $150,000 increased. $180,000 increase
161. Marvin services Corporation had the following accounts and also balances:Accounts payable $30,000 equipment $35,000Accounts union 5,000 land 35,000Buildings ? Unearned organization revenue 10,000Cash 15,000 total stockholders" equity ?If the balance that the buildings account was $70,000 and also $5,000 of account Payable to be paid in cash, what would be the balance of the total stockholders" equity?a. $135,000b. $120,000c. $170,000d. $130,000
BSolution: ($5,000 +$70,000 + $10,000 + $35,000 +$35,000) - ($25,000 + $10,000) =$120,000 - <(A/P bal - A/P pd.) + un. Ser. Rev.>
163. Marvin services Corporation had actually the complying with accounts and balances:Accounts payable $30,000 devices $35,000Accounts union 5,000 soil 35,000Buildings ? Unearned organization revenue 10,000Cash 15,000 complete stockholders" same ?If complete stockholder"s equity to be $95,000, what would be the balance of the structures Account?a. $35,000b. $135,000c. $145,000d. $45,000
DSolution: ($30,000 + $10,000 + $95,000) - ($5,000 + $15,000 + $35,000 + $35,000) =$45,000(A/P + un. Ser. Rev. + tot. St eq.) - (A/R + cash + equip. + land)
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