Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume
Question:
Indicate what impact the following adjustments have on the accounting equation, Assets = Liabilities + Equity (assume normal balances).
Transcribed Image Text:
A. Unearned Fees adjusted from $7,000 to $5,000 Recorded depreciation expense of $12,000 Prepaid Insurance adjusted from $18,500 to $6,300 D. Supplies account balance $500, actual count $220 B. C. Impact 1 Impact 2
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (10 reviews)
A Unearned Fees adjusted from 7000 to 5000 Impact 1 Assets decrease by 2000 Impact 2 Equi...View the full answer
Answered By
Hande Dereli
Enthusiastic tutor, skilled in ACT and SAT tutoring. Raised one student's score on the SATs from 1100 combined to 1400. Graduated with a 3.9 GPA from Davidson College and led a popular peer tutoring group for three years. Scored in the top 0.06% in the nation on the SATs. The real reason I'm the one to help you nail the test? Results. Clients invariably praise my ability to listen and communicate in a low-stress, fun way. I think it's that great interaction that lets me raise retest SAT scores an average of 300 points.
0.00
0 Reviews
10+ Question Solved
Related Book For
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Question Posted:
Related Video
The accounting equation is a formula that shows the sum of a company\\\'s liabilities and shareholders\\\' equity are equal to its total assets (Assets = Liabilities + Equity). The clear-cut relationship between a company\\\'s liabilities, assets, and equity is the backbone of double-entry bookkeeping.
Students also viewed these Business questions
-
Indicate what impact the following adjustments have on the accounting equation: Assets = Liabilities + Equity (assume normal balances). A. B. C. D. Unearned Rent adjusted from $15,000 to $9,500...
-
(a) Why is the MD&A section of the annual report useful to the financial analyst? What types of information can be found in this section? (b) Using the excerpts from the MD&A of the Biolase,...
-
The CFO of First Things Computing, Inc. (FTC) prepared the following balance sheet as of December 31, 2016. For the sake of simplicity, assume that FTC does not incur income tax expense. Thus, the...
-
Repeat the instructions of Exercise 1 for Graph the function Then discuss, in detail, limits, one-sided limits, continuity, and one-sided continuity of at x = -1, 0, and 1. Are any of the...
-
What are the implications of Malkiel's bond price theorems to bond investors? Which two bond variables are of major importance in assessing bond price changes?
-
Dimensionless combinations of quantities (commonly called dimensionless parameters) play an important role in fluid mechanics. Make up five possible dimensionless parameters by using combinations of...
-
A workers income of \($32\) represents the 15th percentile of the incomes. What percentage of workers earns more than \($32\)?
-
Mark's Bowling Alley's adjusted trial balance as of December 31, 2018, is presented below: Requirements 1. Prepare the closing entries for Mark's Bowling Alley. 2. Prepare a post-closing trial...
-
Craig and Marc Kielburger are brothers and founders of the groups Free the Children and Leaders Today . Their book describes how they became involved with helping others on a large scale. They weave...
-
Whitestone Company produces two subassemblies, JR-14 and RM-13, used in manufacturing trucks. The company is currently using an absorption costing system that applies overhead based on direct-labor...
-
Reviewing insurance policies revealed that a single policy was purchased on March 1, for one year's coverage, in the amount of $9,000. There was no previous balance in the Prepaid Insurance account...
-
Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed...
-
A belt of negligible mass passes between cylinders A and B and is pulled to the right with a force P. Cylinders A and B weigh, respectively, 5 and 20 lb. The shaft of cylinder A is free to slide in a...
-
How does the sacrifice ratio measure the costs of disinflation? Use the expectations-augmented Phillips curve to explain how expectations can reduce the costs of disinflation.
-
After seven years of decreasing and steadily low interest rates, the Federal Reserve Bank decided in December 2015 to make a policy change and increase the Federal Fund Rate. Assuming that all other...
-
Consider the theoretical impact of a trade war, with increased tariffs imposed by all major countries in the world. Suppose that the trade war's main effect is to reduce the benefits of comparative...
-
Are people's inflation forecasts rational? To investigate this question, go to the website of the Federal Reserve Bank of Philadelphia at www.philadelphiafed.org. Find the webpages for Research and...
-
An economy has the following \(A D\) and \(A S\) curves. \[ \begin{array}{ll} A D \text { curve } & Y=400+25(M / P) . \\ A S \text { curve } & Y=Y_{f}+15\left(P-P^{e} ight) . \end{array} \] Here,...
-
What is draft and why is it used?
-
A simple random sample of 220 university students were asked what pasta they usually order and with which sauce. The preferences of these respondents are summarised below: Sauce Bolognese Pasta...
-
Illinois Company is a medium-sized company that makes dresses. During the month of June, 8,575 dresses were made. All material purchases were used to make the dresses. The company had this...
-
Ellis Companys labor information for September is as follows: A. Compute the standard direct labor rate per hour. B. Compute the direct labor time variance. C. Compute the standard direct labor rate...
-
This variance is the difference involving spending more or using more than the standard amount. A. Favorable variance B. Unfavorable variance C. No variance D. Variance
-
1. How many degrees Celsius does the temperature decrease when there is a 45.8F decrease in temperature? 2. For each 1.00F change in temperature what is the corresponding change in degrees Celsius?...
-
A proton (mass of 1.67 x 10-27 kg) is moving at 1.25 x 106 m/s directly toward a stationary helium nucleus (mass 6.64 x 10-27 kg). After a head-on elastic collision, what is the velocity of the...
-
The December 31, Year 4, balance sheet for Vernon Corporation is presented here. These are the only accounts on Vernon's balan sheet. Amounts indicated by question marks (?) can be calculated using...
Study smarter with the SolutionInn App