If we create a Balance Sheet for Eternal Summer on May 1st, which of these would appear on the statement?

Practice More Questions From: Assets Practice Quiz

Q:

To book Prepaid Expenses, you must be using which type of accounting method?

Q:

Rent for Eternal Summer is $1,200/month, but if it is prepaid, rent is only $12,000 for the year. If Eternal Summer pays $12,000 on January 1, how would you book this transaction? Account Debit Credit C​ash     P​repaid rent      

Q:

What happens on Feb 1? Remember that $1,000 (1/12) of the $12,000 Prepaid rent has been “used up” or realized as an expense during January. So we need to _____ Prepaid rent (asset account) and _____ Rental expense (expense account)

Q:

What would the balance in the Prepaid rent account be on May 1?

Q:

If we run a Profit & Loss (or Income Statement) for Eternal Summer at the end of April, which of these would appear on the statement?

Q:

If we create a Balance Sheet for Eternal Summer on May 1st, which of these would appear on the statement?

Q:

Which of these would be considered a current asset? (select all that apply)

Q:

How would you categorize $3,500 worth of computer equipment that the business will use as part of its operations?

Q:

Use the balance sheet pictured to answer the following question.​ B​alance Sheet Current assets Amount ​ Cash $​2,500 ​ Accounts receivable $​400 ​ Inventory $​400 ​ Prepaid rent $​10,000 L​ong-term assets   ​ Equipment $​3,900 ​ Vehicle $​25,000 ​ Accumulated depreciation -​$2,500 ​ Furniture $​2,200 ​ Computers $2,600 T​otal Assets $​44,500   If Eternal Summer purchased $500 worth of Inventory using Cash, what would the total assets be after the transaction?

Q:

Use the balance sheet pictured to answer the following question.​ B​alance Sheet Current assets Amount ​ Cash $​2,500 ​ Accounts receivable $​400 ​ Inventory $​400 ​ Prepaid rent $​10,000 L​ong-term assets   ​ Equipment $​3,900 ​ Vehicle $​25,000 ​ Accumulated depreciation -​$2,500 ​ Furniture $​2,200 ​ Computers $2,600 T​otal Assets $​44,500 If Eternal Summer purchased $500 worth of Inventory using their supplier credit line, what would the total assets be after the transaction?

Q:

Use the balance sheet pictured to answer the following question.​ B​alance Sheet Current assets Amount ​ Cash $​2,500 ​ Accounts receivable $​400 ​ Inventory $​400 ​ Prepaid rent $​10,000 L​ong-term assets   ​ Equipment $​3,900 ​ Vehicle $​25,000 ​ Accumulated depreciation -​$2,500 ​ Furniture $​2,200 ​ Computers $2,600 T​otal Assets $​44,500 If the accumulated depreciation for Eternal Summer’s mobile massage van increases to $3,000, what would the Total Assets balance be after this entry?

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments