Financial Accounting

As of December 31, 2015, Calexico Company has assets of $42,000 and stockholders' equity of $20,000. What are the liabilities for Calexico Company as of December 31, 2015? - $22,000. $42,000 - $20,000 = $22,000 If total liabilities decreased by $30,000 and stockholders' equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period? - $10,000 decrease $20,000 - $30,000 = ($10,000) The accounting equation for Quattr...

As of December 31, 2015, Calexico Company has assets of $42,000 and stockholders' equity of $20,000. What are the liabilities for Calexico Company as of December 31, 2015? - $22,000. $42,000 - $20,000 = $22,000 If total liabilities decreased by $30,000 and stockholders' equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period? - $10,000 decrease $20,000 - $30,000 = ($10,000) The accounting equation for Quattr...

As of December 31, 2015, Calexico Company has assets of $42,000 and stockholders' equity of $20,000. What are the liabilities for Calexico Company as of December 31, 2015? - $22,000. $42,000 - $20,000 = $22,000 If total liabilities decreased by $30,000 and stockholders' equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period? - $10,000 decrease $20,000 - $30,000 = ($10,000) The accounting equation for Quattr...

As of December 31, 2015, Calexico Company has assets of $42,000 and stockholders' equity of $20,000. What are the liabilities for Calexico Company as of December 31, 2015? - $22,000. $42,000 - $20,000 = $22,000 If total liabilities decreased by $30,000 and stockholders' equity increased by $20,000 during a period of time, then total assets must change by what amount and direction during that same period? - $10,000 decrease $20,000 - $30,000 = ($10,000) The accounting equation for Quattr...

Revenues - Answer-Gross increase in equity from a company's business activities that earn income; also called sales. Expenses - Answer-Outflows or using up of assets as part of operations of a business to generate sales. Accounts Receivable - Answer-Amounts to be received in the future due to the sale of goods or services Accounting Equation - Answer-Assets = Liabilities + Equity Income Statement - Answer-describes a company's revenues and expenses along with the resulting net income or ...

Financial Accounting CH1: Tools for Business Decision Making Exam Sole Proprietorship - answerA business owned by one person: -Simple to Establish -Owner-controlled -Tax advantages -personal legal liability Partnership - answera business owned by two or more people: -Simple to establish -shared control -Broader skills and resources -Tax advantages -personal legal liability Corporation - answerA business owned by stockholders who share in its profits but are not personally responsib...

Financial Accounting: Tools for Business Decision Making - Chapter 8 Exam 100% Solved Accounts receivable - answerAmounts customers owe on account. Accounts receivable turnover - answerA measure of the liquidity of accounts receivable, computed by dividing net credit sales by average net accounts receivable. Aging the accounts receivable - answerA schedule of customer balances classified by the length of time they have been unpaid. Allowance method - answerA method of accounting for bad ...