User Account

All Pages

Show the total effects on the company assets

Assignment Help Accounting Basics
Reference no: EM131734943

Question: The Billerica Company engaged in the following transactions with its customers in July. July 1: provided services to customers who agreed to pay $2,400 by August 1. July 8: received $2,900 from customers serviced in May. July 20: received $2,600 from customers for services to be provided to them in August. July 27: provided additional services to customers and received $4,000.

Show the total effects on the Company's assets, liabilities, and stockholders' equity resulting from its July cash transactions.

a. Assets increase by $11,900, liabilities increase by $2,600, and stockholders' equity increases by $9,300.

b. Assets increase by $6,600, liabilities increase by $2,600, and stockholders' equity increases by $4,000.

c. Assets increase by $9,000 and stockholders' equity increases by $9,000.

d. Assets increase by $9,000, liabilities increase by $5,000, and stockholders' equity increases by $4,000.

Reference no: EM131734943

Questions Cloud

Discusses a number of quality initiatives designed : The book discusses a number of quality initiatives designed to help the company produce higher quality goods more efficiently.
What is the break-even point in units : Bergman Inc. has the following product information available: Sales price $20 per unit Variable costs $9 per unit Fixed costs $18,590 Units produced.
Demand forecasting and capacity planning : What are the ultimate implications for demand forecasting and capacity planning in relation to Customer Service?
Why do we examine a selection test reliability and validity : What is a learning organization? Why do we examine a selection test's reliability and validity?
Show the total effects on the company assets : The Billerica Company engaged in the following transactions with its customers in July. July 1: provided services to customers who agreed to pay $2,400.
Employment or a former place of employment : What are some physical hazards working in clinical lab current place of employment or a former place of employment?
What do you think is the main idea we should take away : What DO YOU THINK is the main idea we should take away from your interpretation of the material I give you, including the lectures and the readings?
Importance of an action item : Please describe the importance of an action item/action registry approach to conducting team meetings and keeping a project on track.
Nurse-staffing plan for memorial hospital : Explain the alrternattives available to Darlene Fry as she develops a nurse-staffing plan for Memorial Hospital. How does each alternative plan

Reviews

Write a Review

Accounting Basics Questions & Answers

  Disposing of a plant asset

What carrying amount should these assets reflect for year-end financial statements to be prepared on January 10, 2010?

  Reconciliation of fund financial statement

Reconciliation of Fund Financial Statement to Government-wide Financial Statement The following information is available for Candelwood City for the year ended December 31, 2017: The net change in total governmental fund balances was $(289,200)

  Provide an overview of the transactions completed

Provide an overview of the budget, including decisions your team made. If the budget was an individual assignment, how would it be different? What decisions would you have made differently from your team and why?

  Dentify depreciation methods used moyle company

dentify depreciation methods used Moyle Co. acquired a machine on January 1, 2013, at a cost of $800,000. The machine is expected to have a five year useful life, with a salvage value of $50,000.

  What do you predict will be the total cost of factory rent

Listed here are the total costs associated with the 2011 production of 10,000 Blu-ray Discs (BDs) manufactured by Hip-Hop. The BDs sell for $15 each.

  What gain and net reduction in retained earnings

1) Pierson Corporation owned 10,000 shares of Hunter Corporation. These shares were purchased in 2011 for $90,000. On November 15, 2015, Pierson declared a property dividend of one share of Hunter for every ten shares of Pierson held by a stock..

  Preparation of a work sheet, financial statements

All adjustments affect one balance sheet account and on income statement account. For each of these situations,  Preparation of a Work Sheet, Financial Statements, and Adjusting and Closing Entries.

  Compute the amount received for the bonds

Prepare an amortization schedule. Enter data in the schedule for only the first two interest periods. Use the effective interest rate method - Compute the amount received for the bonds.

  Selecting a for-profit organization of interest you will

selecting a for-profit organization of interest you will research an unusual or conflicting accounting principle that

  Describe the relationship between npv and irr

Complete the Capital Budgeting Case with your Learming Team. The assignment instructions are available in the University of Phoenix Material: Capital Budgeting Case.

  Rand company sells fine collectible statues and has

rand company sells fine collectible statues and has implemented activity-based costing. costs in the shipping

  Cory bryant runs a courier service in downtown phoenix he

cory bryant runs a courier service in downtown phoenix. he charges clients 0.59 per mile driven. cory has determined

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd