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1. A credit to an asset account was posted to a revenue account. This error would cause: a.assets to be overstated. b.Revenue to be overstated. c.expenses to be overstated. d.Both A and C are correct. 2. A debit to an asset account was posted to a liability account. This error would cause: a.liabilities to be overstated. b.capital to be overstated. c.assets to be understated. d.None of the above are correct. 3. What would be the effect on accounts if the business provided services to a customer on account? a.An asset would be debited and Capital credited. b.An asset would be debited and an expense credited. c.An asset would be debited and revenue credited. d.Capital would be debited and revenue credited. 4. What is X-cel Company's net income or net loss if it had Revenue of $1,800, Salary Expense of $500, Utility Expense of $250, and Withdrawals of $1,000 during October? a.$1,050 net loss b.$1,050 net income c.$50 net income d.$50 net loss 5. The owner of Wolverines R Us paid his personal MasterCard bill using a company check. The correct entry to record the transaction is: a.credit Cash; debit Supplies Expense. b.credit Cash; debit Withdrawals. c.credit Cash; debit Capital. d.credit Cash; debit Accounts Receivable.
assume that the current ratio for arch company is 3.5 its acid-test ratio is 2.0 and its working capital is 390000.
aberge companys manufacturing overhead is 40 of its total conversion costs. if direct labor is 88200 and if direct
1 large corporation acquired and placed in service the following 100 business-use alerts. large did not elect sec. 179
transaction analysis results in the development of a journal entry. in the start-up of a business the owner contributes
sunset boards is a small company that manufactures and sells surfboards in malibu. tad marks the founder of the company
For the month of October, Pratt Corporation predicts total cash collections to be $1 million. Also for October, Pratt Corporation estimates its beginning cash balance will be $50,000 and that it will borrow cash in the amount of $70,000. If Pratt ..
Prepare the manufacturing staffs calculations for the three alternatives: In addition to reducing costs, the new technology proposed for the greenfield plant would increase rnanufacturing flexibility, which would enable eTI to respond more quic..
Show the theoretical understanding of the above stated issues, defining them and using references where required - how the companies are managing their Risk, Short Term Financial Policy,
Assume that the chance of loss is 3 percent for two different fleets of trucks. Explain how it is possible that objective risk for both fleets can be different, even though the chance of loss is identical.
lindon company is the exclusive distributor for an automotive product that sells for 50.00 per unit and has a cm ratio
Compare and contrast GAAP and income tax accounting. Describe how they are similar and why there are differences.
Would the results have been different if a proper risk management programme was in place? What are the public relations implications for the college?
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