Explain why owner's equity increases by revenues and decreases by expenses.
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 62% (8 reviews)
Revenues are the amounts of benefits that the business has earned and expenses are ...View the full answer
Answered By
Mary Boke
As an online tutor with over seven years of experience and a PhD in Education, I have had the opportunity to work with a wide range of students from diverse backgrounds. My experience in education has allowed me to develop a deep understanding of how students learn and the various approaches that can be used to facilitate their learning. I believe in creating a positive and inclusive learning environment that encourages students to ask questions and engage with the material. I work closely with my students to understand their individual learning styles, strengths, and challenges to tailor my approach accordingly. I also place a strong emphasis on building strong relationships with my students, which fosters trust and creates a supportive learning environment. Overall, my goal as an online tutor is to help students achieve their academic goals and develop a lifelong love of learning. I believe that education is a transformative experience that has the power to change lives, and I am committed to helping my students realize their full potential.
5.00+
4+ Reviews
21+ Question Solved
Related Book For
Principles Of Accounting
ISBN: 9780077300456
1st Edition
Authors: Robert Libby, Patricia Libby, Fred Phillips, Stacey Whitecotton
Question Posted:
Students also viewed these Accounting questions
-
A list of effects on the accounting equation follows. 1. Increases an asset and increases a liability. 2. Increases an asset and increases owner's equity. 3. Decreases an asset and decreases a...
-
Curtis Hamilton started a new business and completed these transactions during December. Dec. 1 Curtis Hamilton transferred $56,000 cash from a personal savings account to a checking account in the...
-
Swender Excavating Co., owned by Patrick Swender, began operations in July and completed these transactions during that first month of operations. July 1 P. Swender invested $60,000 cash in the...
-
All adiabatic temperature changes occur as a result of a. changes in the absolute humidity of the air. b. expansion or compression of the air. c. changes is specific humidity d. the addition or...
-
What is the World Bank? What is its role in the world economy?
-
Select the correct answer for each of the following questions. 1. Growth in the complexity of the U.S. business environment a. Has led to increased use of partnerships to avoid legal liability. b....
-
Pileri Industries shipped goods to Consolidated Industries, Inc., via a common carrier. The goods were lost in transit. Pileri claimed that the sale was a shipment contract, thus putting the risk of...
-
The following are misstatements that might be found in the client's year-end cash balance (assume that the balance sheet date is June 30): 1. The outstanding checks on the June 30 bank reconciliation...
-
On a private flight with capacity for 150 people, $800,000 per person is charged, plus $25,000 for each unsold seat on the plane. How many people must travel on the plane and what will be the price...
-
Suppose that the evolving star is the same size as our Sun at the start of the animation. The white dwarf, meanwhile, is only about as large as the Eartheven though it may have two-thirds or...
-
When is revenue typically recognized under accrual basis accounting?
-
Mostert Music Company had the following transactions in March: a. Sold music lessons to customers for $10,000; received $6,000 in cash and the rest on account. b. Paid $600 in wages for the month. c....
-
Use the Ratio Test to determine whether the series is convergent or divergent. 8 n=1 n 5"
-
The Fussballer Company, which is headquartered in the U.S., is considering a three-year project in Germany that requires an initial investment of 1.2 million in fixed assets (note: all values are in...
-
Imagine you have $100,000 to invest in a 10-stock portfolio. Below, list each stock, the amount of money you are putting in the stock, and the stock's beta. Use different weights for each stock (i.e....
-
Previously in our course, we noted that accounting practices for financial accounting in the U.S. (the domain of the FASB and the SEC) are often not the same as accounting practices for income tax...
-
31. While anti-globalists blame globalization for financial crises such as the East Asian crisis in 1997-1998 or the global financial crisis in 2007-2009, crises are caused by a set of factors...
-
ZZ, Inc. acquired 39% of Davis Company's common stock for $300,000 on January 1, 2018. During 2018, Davis Company reported a net income of $180,000 and paid dividends totaling $30,000. For 2019,...
-
Use the nums array to answer. The array was declared using the int nums[4] = {10, 5, 7, 2}; statement. The x and total variables are int variables and are initialized to 0. The avg variable is a...
-
The executor of Gina Purcells estate has recorded the following information: Assets discovered at death (at fair value): Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ....
-
Two of the largest chains grocery stores in the United States are Albertson's, Inc., and the Great Atlantic & Pacific Tea Company (A&P). In a recent fiscal year, Albertson's had a net income of $765...
-
Refer to CVS Corporations annual report in the Supplement to Chapter 5 to answer the following questions. 1. Consolidated balance sheets: a. Did the amount of working capital increase or decrease...
-
Compare the financial performance of CVS and Southwest Airlines Co. on the basis of liquidity and profitability for 2008 and 2007. Use the following ratios: working capita, current ratio, debt to...
-
You have a new accountant. Where would you go to invite your accountant to your company file?
-
How will you record this transaction? a. What happens to your total assets if you buy a car in cash?
-
Panama Company prepared the following flexible overhead budget where PH is process hour. Identify the overhead cost per PH for indirect labor, maintenance. Also identify the overhead cost of 12,000...
Study smarter with the SolutionInn App