Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

had revenues of $00.000a 25 During 2015, its first year of operations Benny's Bakery 318.000 What is the expenses of $33,000 The business had owner

image text in transcribed

had revenues of $00.000a 25 During 2015, its first year of operations Benny's Bakery 318.000 What is the expenses of $33,000 The business had owner drawings amount of owner's equity at December 31.2019 201 A) S0 B) $18 000 debit C) $9 000 credit D 527,000 credt Unearned revenue is classified as A) An asset accourt B) A revenue account C) A contra-asset acoount D) A liability 26. personal use, these 27 When an owner withdraws cash or other assets from a business for wdrawas are caled A) Expenses B) Drawings C) Depletions Di Revenues 28 Which account normally has a credit balance? B) Accounts Recelvabie C) Accounts Payabie D) Expenses 29 Owner's Capital equals A) Investmerts minus revenues minus expenses minus drawings B) Investments plus revenues plus expenses plus drawings C) Investments plus revenues minus expenses minus drawings D) Investments plus revenues plus expenses minus drawings 30 According to the revenue recognition principle, revenue is recorded when A) The order is received B) The service is performed C) Cash is received D) No returns are made 31 At the beginning of the month XEEPS Company had a beginning balance in its owner's capital account of $100,000 Xee invested another $25.000 The company earned net income of $40,000 At the end of the month Xee wihdrew $15,000 What is the ending balance in owner's capital? A) $125.000 B) $150,000 C) $165,000 D) $180,000

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Foundations Of Cost Control

Authors: Daniel Traster

1st Edition

0132156555, 978-0132156554

More Books

Students also viewed these Accounting questions

Question

What was the influence of the strength of the treatment?

Answered: 1 week ago

Question

What kinds of communication help sustain long-distance romances?

Answered: 1 week ago