questions?
29) d
30) b
31) a
32) a
- What Are The Explanations For The Answers To These Questions 29 D 30 B 31 A 32 A 1 (71.89 KiB) Viewed 39 times
What are the explanations for the answers to these questions? 29) d 30) b 31) a 32) a
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What are the explanations for the answers to these questions? 29) d 30) b 31) a 32) a
What are the explanations for the answers to these
questions?
29) d
30) b
31) a
32) a
29. Comstock Corp. provided consulting services and billed the client $2,500. No cash was received. As a result of this event, a. assets remained unchanged. b. nothing was recorded since no cash was received. c. only assets increased by $2,500. d. both assets and equity increased by $2,500. 30. Gremlin Corp. received a bill from the utility company. Gremlin plans to pay the bill next month. As a result of receiving the bill, Gremlin a. records nothing. b. increases liabilities and decreases stockholders' equity. c. increases liabilities and assets. d. increases liabilities only. 31. Otto services a car on August 31 and notifies the customer to pickup the auto. The customer picks up the vehicle on September 1 and mails the payment to Otto on September 5. Otto receives the check in the mail on September 6. When should Otto record revenue in the accounting records? a. August 31 b. September 1 c. September 5 d. September 6 32. On January 1, 2017, Minja Company bought equipment for $36,000. Minja depreciates equipment at $500 per month. The equipment's replacement cost (used) on December 31 is $32,000; its purchase cost (new) is $37,000. Minja should report a book value of equipment at 12/31/17 of: a. $30,000. b. $31,000. c. $32,000. d. $36,000.
questions?
29) d
30) b
31) a
32) a
29. Comstock Corp. provided consulting services and billed the client $2,500. No cash was received. As a result of this event, a. assets remained unchanged. b. nothing was recorded since no cash was received. c. only assets increased by $2,500. d. both assets and equity increased by $2,500. 30. Gremlin Corp. received a bill from the utility company. Gremlin plans to pay the bill next month. As a result of receiving the bill, Gremlin a. records nothing. b. increases liabilities and decreases stockholders' equity. c. increases liabilities and assets. d. increases liabilities only. 31. Otto services a car on August 31 and notifies the customer to pickup the auto. The customer picks up the vehicle on September 1 and mails the payment to Otto on September 5. Otto receives the check in the mail on September 6. When should Otto record revenue in the accounting records? a. August 31 b. September 1 c. September 5 d. September 6 32. On January 1, 2017, Minja Company bought equipment for $36,000. Minja depreciates equipment at $500 per month. The equipment's replacement cost (used) on December 31 is $32,000; its purchase cost (new) is $37,000. Minja should report a book value of equipment at 12/31/17 of: a. $30,000. b. $31,000. c. $32,000. d. $36,000.