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What is the owner Capital. Assets 71288 Liabilities 2260 Owner Withdrawals 14420 Revenues 53085 Expenses 28675. What is the Owner Capital?
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Which of the following accounts are temporary accounts that must be closed at the end of the year?
Assets, liabilities and capital Revenues, expenses and withdrawals
What is the usual order of accounts in the general ledger?
Assets, Liabilities, Owner's Capital, Drawings, Revenues, and Expenses
What is an expanded basic accounting equation?
The expanded accounting equation replaces Owner's Equityin the basic accounting equation (Assets = Liabilities + Owner's Equity) with the following components: Owner's Capital + Revenues - Expenses - Owner's Draws. In other words, the expanded accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Capital + Revenues - Expenses - Owner's Draws.In the expanded accounting equation for a corporation, Stockholders' Equity in the basic accounting equation (Assets = Liabilities + Stockholders' Equity) is replaced by these components: Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock. The resulting expanded accounting equation for a corporation is: Assets = Liabilities + Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock.The expanded accounting equation allows you to see separately (1) the impact on equity from net income (increased by revenues, decreased by expenses), and (2) the effect of transactions with owners (draws, dividends, sale or purchase of ownership interest).
Is accumulated depreciation a real or temporary account and why?
It's a real account. Easy way to remember it is by remembering the accounting formula. Assets= Liabilities+ Capital- Withdrawals+ Revenue- Expenses Withdrawals, Revenue and Expenses are temporary and get closed at the end of the accounting cycle. Since Accumulated Depreciation falls under the Assets account and is a contra asset
Share capital has a credit or debit balance?
Credit Balance CREDITS record transactions relating to revenues and an increase in the liabilities of the company. DEBITS record transactions relating to purchases, expenses and an increase in the assets of the company.
Which of the following accounts are temporary accounts that must be closed at the end of the year?
Assets, liabilities and capital Revenues, expenses and withdrawals
Expanded accounting equation?
Assets =Liabilities +(Stockholders' Equity=Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock. )Assets =Liabilities +(Owner's Equity=Owner's Capital + Revenues - Expenses - Owner's Draws.)
What is the usual order of accounts in the general ledger?
Assets, Liabilities, Owner's Capital, Drawings, Revenues, and Expenses
What is an expanded basic accounting equation?
The expanded accounting equation replaces Owner's Equityin the basic accounting equation (Assets = Liabilities + Owner's Equity) with the following components: Owner's Capital + Revenues - Expenses - Owner's Draws. In other words, the expanded accounting equation for a sole proprietorship is: Assets = Liabilities + Owner's Capital + Revenues - Expenses - Owner's Draws.In the expanded accounting equation for a corporation, Stockholders' Equity in the basic accounting equation (Assets = Liabilities + Stockholders' Equity) is replaced by these components: Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock. The resulting expanded accounting equation for a corporation is: Assets = Liabilities + Paid-in Capital + Revenues - Expenses - Dividends - Treasury Stock.The expanded accounting equation allows you to see separately (1) the impact on equity from net income (increased by revenues, decreased by expenses), and (2) the effect of transactions with owners (draws, dividends, sale or purchase of ownership interest).
Is accumulated depreciation a real or temporary account and why?
It's a real account. Easy way to remember it is by remembering the accounting formula. Assets= Liabilities+ Capital- Withdrawals+ Revenue- Expenses Withdrawals, Revenue and Expenses are temporary and get closed at the end of the accounting cycle. Since Accumulated Depreciation falls under the Assets account and is a contra asset
Share capital has a credit or debit balance?
Credit Balance CREDITS record transactions relating to revenues and an increase in the liabilities of the company. DEBITS record transactions relating to purchases, expenses and an increase in the assets of the company.
Wages belong to which expenses?
Wages Payable, or Payroll Liabilities. Also, classifies as Capital Expense.
What is ending capital?
Ending capital is the capital left after expenses have been deducted. Basically, you take your beginning capital, add your net income and deduct the withdrawals to determine your ending capital.
What is primary capital?
Accounts Receivable + Inventory - Accounts Payables. (excludes prepaid expenses and accrued liabilities)
What is primary working capital?
Accounts Receivable + Inventory - Accounts Payables. (excludes prepaid expenses and accrued liabilities)
Is drawings account is Nominal or Personal account?
Drawings Account is a Nominal Account. Nominal accounts record liabilities, expenses, revenues, capital and drawing. Examples of nominal accounts are loan account, sales account, commission received account, salaries account, rent account, capital account, drawings account etc.
Differentiate between capital expenditure and recurrent expenditure with example?
capital expenditures is expenses on assets and infrastructure while recurrent expenditure is expense on liabilities or things that keep on happening
