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Financial Accounting Fundamentals | Online Course Support

The balance in PP&E on Company A’s Year 1 Balance Sheet is $20,000. The company purchase PP&E of $37,000 during Year 2. Depreciation expense recorded during Year 2 totaled 5,000. The company sold some equipment with a net book value of $2,000. What is the balance in PP&E on the Year 2 Balance Sheet? Assuming no other transactions affected the account during the year.
ByAdmin September 21, 2021September 21, 2021

5. Question 5 The balance in PP&E on Company A’s Year 1 Balance Sheet is $20,000. The company purchase PP&E of $37,000 during Year 2. Depreciation expense recorded during Year…

Read More The balance in PP&E on Company A’s Year 1 Balance Sheet is $20,000. The company purchase PP&E of $37,000 during Year 2. Depreciation expense recorded during Year 2 totaled 5,000. The company sold some equipment with a net book value of $2,000. What is the balance in PP&E on the Year 2 Balance Sheet? Assuming no other transactions affected the account during the year.
Financial Accounting Fundamentals | Online Course Support

The beginning balance in total assets is $100,000 and total liability $30,000. The ending balance in total assets is $110,000 and total liability $50,000. Which of the following is possible?
ByAdmin September 21, 2021September 21, 2021

1. Question 1 The beginning balance in total assets is $100,000 and total liability $30,000. The ending balance in total assets is $110,000 and total liability $50,000. Which of the…

Read More The beginning balance in total assets is $100,000 and total liability $30,000. The ending balance in total assets is $110,000 and total liability $50,000. Which of the following is possible?
Financial Accounting Fundamentals | Online Course Support

The beginning balance in Inventory on Company A’s Year 2 Balance Sheet is $20,000. The company purchased inventory for $200,000 during Year 2, sold inventory with book value of $105,000 for $145,000. What is the ending balance in Inventory on the Year 2 Balance Sheet? Assuming no other transactions affected the account during the year.
ByAdmin September 21, 2021September 21, 2021

10. Question 10 The beginning balance in Inventory on Company A’s Year 2 Balance Sheet is $20,000. The company purchased inventory for $200,000 during Year 2, sold inventory with book…

Read More The beginning balance in Inventory on Company A’s Year 2 Balance Sheet is $20,000. The company purchased inventory for $200,000 during Year 2, sold inventory with book value of $105,000 for $145,000. What is the ending balance in Inventory on the Year 2 Balance Sheet? Assuming no other transactions affected the account during the year.
Financial Accounting Fundamentals | Online Course Support

The beginning balance in Retained Earnings is $20,000 and the ending balance is $50,000. The dividends paid is $40,000. Which of the following will be found in the Statement of Cash Flows prepared using the Indirect Method?
ByAdmin September 21, 2021September 21, 2021

7. Question 7 The beginning balance in Retained Earnings is $20,000 and the ending balance is $50,000. The dividends paid is $40,000. Which of the following will be found in…

Read More The beginning balance in Retained Earnings is $20,000 and the ending balance is $50,000. The dividends paid is $40,000. Which of the following will be found in the Statement of Cash Flows prepared using the Indirect Method?
Financial Accounting Fundamentals | Online Course Support

The beginning balance in Accounts Receivable on Company A’s Year 2 Balance Sheet is $40,000. Sales on account during Year 2 are $400,000, cash collections from customers are $210,000, and an account for a customer owing $10,000 was written off because the company didn’t think the customer would pay. What is the ending balance in AR on the Year 2 Balance Sheet? Assuming no other transactions affected the account during the year.
ByAdmin September 21, 2021September 21, 2021

6. Question 6 The beginning balance in Accounts Receivable on Company A’s Year 2 Balance Sheet is $40,000. Sales on account during Year 2 are $400,000, cash collections from customers…

Read More The beginning balance in Accounts Receivable on Company A’s Year 2 Balance Sheet is $40,000. Sales on account during Year 2 are $400,000, cash collections from customers are $210,000, and an account for a customer owing $10,000 was written off because the company didn’t think the customer would pay. What is the ending balance in AR on the Year 2 Balance Sheet? Assuming no other transactions affected the account during the year.
Financial Accounting Fundamentals | Online Course Support

On July 1, 2020, company takes out a $100,000 5-year loan with annual interest rate of 3%. Principal is scheduled to all be paid at the end of the loan term of 5 years, and interest payable annually on June 30. The company is getting ready to prepare financial statement for the year ending Dec 31, 2020. Which of the following entries correctly reflects what the company records, related to interest, for 2020 (assuming no other transactions affecting the relevant accounts)?
ByAdmin September 21, 2021September 21, 2021

12. Question 12 On July 1, 2020, company takes out a $100,000 5-year loan with annual interest rate of 3%. Principal is scheduled to all be paid at the end…

Read More On July 1, 2020, company takes out a $100,000 5-year loan with annual interest rate of 3%. Principal is scheduled to all be paid at the end of the loan term of 5 years, and interest payable annually on June 30. The company is getting ready to prepare financial statement for the year ending Dec 31, 2020. Which of the following entries correctly reflects what the company records, related to interest, for 2020 (assuming no other transactions affecting the relevant accounts)?
Financial Accounting Fundamentals | Online Course Support

In January, a company paid rental fees of $30,000 for February. Which of the following journal entries should be recorded in January and February?
ByAdmin September 21, 2021September 21, 2021

8. Question 8 In January, a company paid rental fees of $30,000 for February. Which of the following journal entries should be recorded in January and February? 1 / 1 point In…

Read More In January, a company paid rental fees of $30,000 for February. Which of the following journal entries should be recorded in January and February?
Financial Accounting Fundamentals | Online Course Support

In December, a company signed a contract with a regular customer to sell products for $100,000 and received $20,000. In January, the company received a payment of $80,000 from this customer for products to be delivered in February. Revenue regarding this transaction is recognized:
ByAdmin September 21, 2021September 21, 2021

2. Question 2 In December, a company signed a contract with a regular customer to sell products for $100,000 and received $20,000. In January, the company received a payment of…

Read More In December, a company signed a contract with a regular customer to sell products for $100,000 and received $20,000. In January, the company received a payment of $80,000 from this customer for products to be delivered in February. Revenue regarding this transaction is recognized:
Financial Accounting Fundamentals | Online Course Support

On September 1, 2020, company takes out a $100,000 5-year loan with annual interest rate of 6%. Principal is scheduled to all be paid at the end of the loan term of 5 years, and interest payable annually on August 31. The company is getting ready to prepare financial statement for the year ending Dec 31, 2020. Which of the following entries correctly reflects what the company records, related to interest, for 2020 (assuming no other transactions affecting the relevant accounts)?
ByAdmin September 21, 2021September 21, 2021

12. Question 12 On September 1, 2020, company takes out a $100,000 5-year loan with annual interest rate of 6%. Principal is scheduled to all be paid at the end…

Read More On September 1, 2020, company takes out a $100,000 5-year loan with annual interest rate of 6%. Principal is scheduled to all be paid at the end of the loan term of 5 years, and interest payable annually on August 31. The company is getting ready to prepare financial statement for the year ending Dec 31, 2020. Which of the following entries correctly reflects what the company records, related to interest, for 2020 (assuming no other transactions affecting the relevant accounts)?
Financial Accounting Fundamentals | Online Course Support

On November 1, a company pays a total of $9,000 in rent for November, December and January. What amount should the company record as rent expense in November and what is the balance in the Prepaid Rent account on December 31 (assuming no other transactions)?
ByAdmin September 21, 2021September 21, 2021

9. Question 9 On November 1, a company pays a total of $9,000 in rent for November, December and January. What amount should the company record as rent expense in…

Read More On November 1, a company pays a total of $9,000 in rent for November, December and January. What amount should the company record as rent expense in November and what is the balance in the Prepaid Rent account on December 31 (assuming no other transactions)?

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