HOMEWORK,QUIZZES AND DISCUSSIONS.

1.Collection of a $740 Accounts Receivable A. decreases a liability $740; increases stockholders’ equity $740. B. increases an asset $740; decreases an asset $7.40. C. increases an asset $740; decreases … Read more

Q1 Here is financial information for Sage Hill Inc. December 31, 2022 December 31, 2021 Current assets $109,277 $93,800 Plant assets (net) 403,396 353,300 Current liabilities 102,450 68,300 Long-term liabilities … Read more

Q1 Carol Steven and Ruth borrowed $23,143 on a 7-month, 79% note from Gem State Bank to open their business, Sheridan’s Coffee House. The money was borrowed on June 1, … Read more

Q1 The following expenditures relating to plant assets were made by Glenn Company during the first 2 month Indicate the account each expenditure would increase.     1.Paid $7,000 of … Read more

Q1 This information relates to Sunland Co. 1.On April 5, purchased merchandise from Blossom Company for $26,600 on account. 2.On April 7, purchased equipment on account for $28,200. 3.On April … Read more

Q1 The following control procedures are used in Keaton Company for over-the-counter cash receipts. For each procedure, explain the weakness in internal control and identify the control principle that is … Read more

Q1 Identify the accounting concept that describes each situation below. (a) Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost … Read more

  Q1 Identify the accounting assumption or principle that is described below. Belief that a company will remain in operation for the foreseeable future. Indicates that personal and business recordkeeping … Read more