Classify the following accounts as real (permanent) or nominal (temporary) and indicate with an X whether the
Question:
Classify the following accounts as real (permanent) or nominal (temporary) and indicate with an X whether the account is closed. Also indicate the financial statement in which each account will appear. The Building account is given as anexample.
Transcribed Image Text:
Closed Income Account Title Real Nominl Yes No Statement Balance Sheet 0. Example Building a. Prepaid Insurance b. Accounts Payable c. Wages Payable d. Services Revenue e. Rent Expense E Supplies Expense g. Accum. Depr., Equipment
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
CLOSED INCOME BALANCE ACCOUNT TITLE REAL NOMINAL STAT...View the full answer
Answered By
Poonam Chaudhary
I have 15 month+ Teaching Experience
5.00+
2+ Reviews
10+ Question Solved
Related Book For
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille
Question Posted:
Students also viewed these Accounting questions
-
Indicate with an "X" whether each account total should be extended to the Income Statement Debit or Credit or to the Balance Sheet Debit or Credit columns on the worksheet. Income Statement Debit...
-
Indicate with an "X" whether each account total should be extended to the Income Statement Debit or Credit or to the Balance Sheet Debit or Credit columns on the worksheet. Balance Sheet Debit Income...
-
Classify the following accounts as current assets, noncurrent assets, current liabilities, noncurrent liabilities, contributed capital, or accumulated other comprehensive income. Balance Sheet...
-
Another liability that employers have is that of unemployment insurance. Class, let's talk about this a little more. At what levels are unemployment liabilities incurred? What are some additional...
-
U.S.-based TaxusMinimus, Inc. (symbol TM) is reviewing the performance of its overseas operations in Serbia and the Cayman Islands. Each foreign subsidiary earns the equivalent of $100,000 in...
-
A college student frequents one of two coffee houses on campus, choosing Starbucks 70% of the time and Peet's 30% of the time. Regardless of where she goes, she buys a cafe mocha on 60% of her...
-
The equilibrium criterion of a chemical reaction can be expressed as (a) \((d G)_{T, P}=1\) (b) \((d G)_{T, P}=-1\) (c) \((d G)_{T, P}=0\) (d) \((d G)_{T, P}=\infty\).
-
Trattner Company had a beginning inventory on January 1 of 100 units of Product SXL at a cost of $20 per unit. During the year, purchases were: Mar. 15 300 units at $23 Sept. 4 ... 290 units at $28...
-
Blossom Corp. will pay dividends of $5.00, $6.25. $4.75, and $3.00 in the next four years. Thereafter, management expects the dividend growth rate to be constant at 5 percent. If the required rate of...
-
In Year1, Monsons first year of business, Monson reported $460,000 of pretax book (GAAP) income. Key line items follow: GAAP (book income) Revenue 660,000 Other expenses (150,000) Depreciation...
-
What are interim financial statements? Why would a business want to prepare them?
-
The ledger accounts after adjusting entries for Cortez Services are presented below. a. Journalize the following closing entries and number as steps 1 through 4. b. What is the new balance of J....
-
Perform association rule analysis on the positive COVID-19 tests. Which attributes of the patients tend to be present simultaneously for those patients who tested positive for COVID-19? Cluster the...
-
You often see competing businesses set up right next to their competitors. For example, you might see a CVS right across the street from a Walgreens. Is this rational behavior from a game theory...
-
What are the cash needs of Amazon? What is the value of the Amazon's cash and cash equivalents? What type of receivables does Amazon have? For your Evaluation of Current Assets, present industry...
-
Maher Corporation, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold...
-
Modern Artifacts can produce keepsakes that will be sold for $70 each. Nondepreciation fixed costs are $2,000 per year, and variable costs are $35 per unit. The initial investment of $4,000 will be...
-
Vintage Company reports the following information. Direct materials Direct labor Units produced Variable overhead Fixed overhead $9.70 per unit $ 19.70 per unit 17,000 units $ 9.70 per unit $ 130,900...
-
The highest recorded climatic temperature is 329 K in Death Valley, California. Express the temperature in degrees Fahrenheit.
-
Economic feasibility is an important guideline in designing cost accounting systems. Do you agree? Explain.
-
Emma Lu obtained registration to practise as a naturopath, and spent the month of July 2019 setting up her business E. Lu, Naturopath. Emma prepared a new balance sheet after each transaction which...
-
The simplified balance sheet and income statement for a company appear below. Balance Sheet December 31, 20ÃÃ Income Statement For the Year Ended December 31, 20ÃÃ Net...
-
A single-step income statement appears below. Present the information in a multistep income statement, and indicate what insights can be obtained from the multistep form as opposed to the single-step...
-
Ramos Nursery Company's single-step income statements for 20x8 and 20x7 follow. Ramos Nursery Company Income Statements For the Years Ended April 30, 20x8 and 20x7 Required 1. From the information...
-
what ways do gender, race, ethnicity, and other intersecting identities intersect to shape patterns of privilege, discrimination, and social marginalization within complex social systems ?
-
Calculate the following ratios for the most current fiscal year company. Liquidity ratios: Working capital Current ratio Acid-test (quick) ratio Efficiency ratios: Accounts Receivable turmover...
-
This lab involved 3 different types of differential stains(capsule staining, endospore staining, and flagellar staining) If you were infected with bacteria that contained one of the 3 structures...
Study smarter with the SolutionInn App