Students have access to over 6,000 high-quality multimedia resources to help them understand difficult subject matter concepts. With this system, educators can assign homework or tests with the click of a button. McGraw Hill Connect is an online homework, tutorial, and assessment system that helps students and teachers monitor progress. If the liabilities of a business increased $89,000 during a period of time and the equity in the business decreased $37,000 during the same period, the assets of the business must have: It is impossible to determine unless the amount of stockholder investments is known.
The assets of a company total $728,000 the liabilities, $214,000. The idea that a business will continue to operate instead of being closed or sold underlies the going-concern assumption. Objectivity means that financial information is supported by independent, unbiased evidence it demands more than a person’s opinion. The income statement describes revenues earned and expenses incurred along with the resulting net income or loss over a specified period of time, due to earnings activities. Palmona uses the perpetual system in accounting for merchandise inventory.Ĭonnect Principles of Financial Accounting Exam 1 On January 8, the fund shows $145 in cash along with receipts for the following expenditures: postage, $43 transportation-in, $14 delivery expenses, $16 and miscellaneous expenses, $32. establishes a $250 petty cash fund on January 1. Prepare (1) the September 9 entry to establish the fund, (2) the September 30 entry to reimburse the fund, and (3) an October 1 entry to increase the fund to $415. The company uses the perpetual system in accounting for merchandise inventory. The petty cashier could not account for a $5 shortage in the fund. On September 30, the fund shows $121 in cash along with receipts for the following expenditures: transportation costs of merchandise purchased, $58 postage expenses, $53 and miscellaneous expenses, $143. Waupaca Company establishes a $380 petty cash fund on September 9. building materials and theory of constructionsĬonnect Financial Accounting Chapter 6 Homework and Quiz.
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