What must balance with assets on the balance sheet?
A. liabilities and owner's equity
B. net worth and owner's equity
C. capital and owner's equity
D. liabilities net profit
Answer: A
You might also like to view...
The terms "due process" and "equal protection" mean the same thing
a. True b. False Indicate whether the statement is true or false
A signature on a negotiable instrument cannot be made by a device, such as a rubber stamp or a thumbprint
Indicate whether the statement is true or false
The accounts with identification letters for Orly Delivery Services are listed below.LetterAccount TitleLetterAccount TitleACashIOrly, DrawingBAccounts ReceivableJDelivery Fee IncomeCSuppliesKAdvertising ExpenseDPrepaid RentLEquipment Repairs ExpenseEDelivery EquipmentMRent ExpenseFOffice EquipmentNSalaries ExpenseGAccounts PayableOUtilities ExpenseHOrly, Capital??During the current month, the company completed the transactions listed below. Indicate the appropriate journal entry that needs to be recorded for each transaction by providing the account letter and amount. Some entries may need more than one debit and/or more than one credit. The first transaction is completed as an example. ??DebitCredit?TransactionLetterAmountLetterAmountA.The owner invested $25,000 cash in the
businessA$25,000H$25,000B.Purchased delivery equipment on account $16,500.????C.Performed delivery services for $6,200 cash????D.Issued check for $7,200 to pay the rent for six months????E.Issued check for $360 to purchase supplies ????F.Issued check for $4,000 in partial payment of the delivery equipment purchased in 'B' above????G. Purchased an advertisement space in the local newspaper for $600 for one month???? What will be an ideal response?
Panama Shirt Designs is a defendant in litigation involving an employee accident in its manufacturing plant. For each of the following scenarios, determine the appropriate way to report the situation. Explain your reasoning and record any necessary entry.1.The likelihood of a loss occurring is probable and the estimated loss is $650,000.2.The likelihood of a loss occurring is probable and the loss is estimated to be in the range of $500,000 to $800,000.3.The likelihood of a loss occurring is reasonably possible and the estimated loss is $650,000.4.The likelihood of a loss occurring is remote, while the estimated potential loss is $650,000.
What will be an ideal response?