### How does that affect the accounting equation

Assignment Help Accounting Basics
##### Reference no: EM13343390

When the owner takes supplies for personal use, how does that affect the accounting equation like which accounts will it affect and by increasing, decreasing etc?

### Write a Review

#### Current expenses in total

Top management, however, declined the tests. Ms. Henley then instructed you, the accountant, not to prorate payroll taxes or rent expense for the rest of the year, but to show them as current expenses in total. In this way, the new product would a..

#### Problem regarding saving for retirement

You are saving for retirement , to live comfortably, you decide you will need to save \$2 million by the time you are 65. today is your 30th birthday , and you decide, starting today and continuing on every birthday up to and including your 65th bi..

#### Production cost worksheet-weighted-average method

Prepare a production cost worksheet using the weighted-average method. Include any necessary supporting schedules.

#### Proportionate nonliquidating distribution from partnership

At the beginning of the year, Elsie's basis in the E&G Partnership interest is \$60,000. She receives a proportionate nonliquidating distribution from the partnership consisting of \$10,000 of cash, unrealized accounts receivable

#### Shares authorized-issued and outstanding

Orchard Corporation"s capital stock at December 31 consisted of the following: (a) (b) Common stock, \$2 par value; 100,000 shares authorized, issued, and outstanding.

#### The xyz partnership owns the following assets

Cash Basic 10000 FMV 10000 Unrealized receivable Basic 0 FmV10000 Inventory Basic 25000 FMV 30000 A partner has a 20% interest with a basis of \$6,000 in XYZ before receiving a liquidating distribution of \$10,000 cash. XYZ Partnership has no liabiliti..

#### Basics of profitability index of the project

Glassett Corporation is considering a project that would require an investment of \$62,000. No other cash outflows would be involved. The present value of the cash inflows would be \$70,060. The profitability index of the project is closest to:

#### Problem related tro fair value approach

The options can be converted into common stock after July 1, 2011. The required service period is three years. How much compensation expense will be recorded for the year ending December 31, 2010 assuming that the fair value approach is used?

#### Estimating future settlement payments under forward contract

Make all journal entries necessary on Candra Christensen's books in 2011, 2012, and 2013 to record the forward contract and the purchase of the lobster. For purposes of estimating future settlement payments under the forward contract, assume that ..

#### Doubts about the appropriate accounting treatment

The accountant preparing the income statement for Bakersfield, Inc. had some doubts about the appropriate accounting treatment of the seven items listed below during the fiscal year ending December 31, 2010. Assume a tax rate of 40 percent.

#### Weighted-average process-costing system

Strawberry Company uses a weighted-average process-costing system. Company records disclosed that the firm completed 40,000 units during the month and had 10,000units in process at month-end,20% complete.

#### Prepare a classified balance sheet for current year ended

Prepare a classified balance sheet for apple for the current year ended sept. 27. If short term investments = 1170 is given.