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Solutions Manual For Financial Accounting 10th Edition ByRobert Libby 9781259964947 ALL Chapters .
The definition of revenues includes which of the following statements?
a) Revenues are creditor's claims against the company.
b) Revenues increase equity
c) Revenues are the sales of products or services to customers by a business
d) Revenues are resources owned or controlled by a company - ANSWER: b & c
Bakery Company receives its utility bill of $800 for the month and pays it immediately. Record this
transaction in the accounting equation - ANSWER: Increase expenses and decrease cash
Expenses - ANSWER: Decrease equity and are the cost of assets or services used to earn revenue
Revenues - ANSWER: Increase equity and are the assets earned from a company's earning activities
Withdrawals - ANSWER: Decrease equity and are the assets removed from the company for personal
use
Investments - ANSWER: Increase equity and are assets an owner puts into the business
Given the list of accounts below, identify which of them would appear on a balance sheet:
Utilities Expense, Rent Expense, Equipment, Cash, Rental Revenue, Accounts Payable, Retained
Earnings, Supplies - ANSWER: Equipment, Cash, Accounts Payable, Retained Earnings, Supplies
Which of the following correctly depicts the accounting equation? - ANSWER: Assets = Liabilities +
Equity
To record the purchase of supplies for cash, the correct entry into the accounting equation would
include an increase to _________ and a decrease to ________. - ANSWER: supplies; cash
Jackson's Catering Company provided cookies worth $3,000 to the local college. The college paid
immediately. Record this transaction in Jackson's Catering Company accounting equation by: -
ANSWER: Increasing cash; increasing revenues
Johna's Plant Nursery pays the salaries of its two employees. How will this transaction affect the
accounting equation? - ANSWER: Salaries expense will be increased; Equity will be decreased
Given the following list of accounts, identify which are classified as assets:
Wages Payable, Land, Dividends, Building, Cash, Accounts Receivable, Common Stock, Supplies -
ANSWER: Land, Building, Cash, Accounts Receivable, Supplies
On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. The
remainder of the bill went on account. To record this transaction on 6/25: Supplies would be
increased by $_______; Cash would be decreased by $______; and Accounts Payable would be
increased by $_______. - ANSWER: 1,000; 400; 600
Owner investments cause a(n) _______ in equity and are entered directly in the _________ account. -
ANSWER: Increase; common stock
Which statement(s) below define(s) an asset?
a) Resources controlled by the business
b) An amount owed to an owner
c) An amount owed
, d) An amount owed to a creditor
e) Resources with future benefits - ANSWER: a, c, e
How would you characterize a company's Accounts Receivable account? - ANSWER: It is an asset
account
Public Accounting - ANSWER: This area of accounting includes offering tax advice services and auditing
services
Private Accounting - ANSWER: This area of accounting is where employees work for a business
Both public and private accounting - ANSWER: Accounting specialists in the this area of accounting are
highly regarded
Dividends cause a(n) ______ in equity and are recorded directly in the __________ account. -
ANSWER: decrease; dividends
What is the most accurate definition of dividends? - ANSWER: The outflow of resources such as cash
and other assets to stockholders Or Distributions of cash or other assets to stockholders
Select the account that would be decreased if the owner of H Hair Salon Company decides to pay $40
cash dividends to its shareholders. - ANSWER: Cash
The four major types of transactions that effect equity in a business are.... - ANSWER: revenues,
expenses, common stock, and dividends
Which of the following statements explain how the accounting equation applies to businesses? -
ANSWER: -The equation reflects that the total of what a business owns at any point in time will equal
the total of what it owes creditors and owners
-The equation applies to all monetary business transactions
-The equation states the Assets = Liabilities + Equity
-The relation of assets, liabilities and equity is reflected in the equation
Define equity. - ANSWER: Equity refers to the claims of the business's owners on the assets of a
business
The expanded accounting equation is defined as: - ANSWER: Assets = Liabilities + Common Stock +
Revenues - Expenses - Dividends
When recording transactions into the accounting equation, which of the following statements are
correct?
a) cash must always equal Owner's Equity
b) the accounting equation must always remain in balance
c) at least two accounts will be affected when recording a transaction
d) after recording the transaction, total assets will always equal total liabilities plus equity
e) expenses are listed on the right side of the accounting equation and will increase the equity
account - ANSWER: b, c, d
Define a liability. - ANSWER: -A creditor's claims against the assets of a business
-The company obligations to provide assets, products, or services to others
-An amount owed to a creditor
Define owner investments. - ANSWER: Cash or other assets an owner puts into the business
Describe the effect of expenses on equity. - ANSWER: Expenses cause equity to decrease
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