On July 7, 2015. Hidden camera enterprises performed cash services of 1, 700. Th

Question

On July 7, 2015. Hidden camera enterprises performed cash services of 1, 700. The this transaction would include accredit to Accounts payable of $1,700. A debit service revenue of $1,700. A debit to cash of $1,700. A credit to accounts receivable of $1,700. During February 2015 its first month of operations, the stockholders of Ariel Pink enterprises inverters cash of $ 50,000. Ariel had cash revenues of $10,000 and paid expenses of $14,000. Assuming no other transactions impacted the cash account, what is the balance in cash at February 28? $4,000credit $4,000 debit $46,000 debit $54,000 debit Which one of the following items is not a c on plant assets? Estimated useful life Cash needed to replace the plant asset Salvage value Cost Intangible assets ore listed under current assets on the balance sheet. long-lived assets that are often very valuable. listed as a long-term investment on the balance sheet. not listed on the balance sheet because they do not have physical substance. Income from operations will always result if the cost of goods sold exceeds operating expenses. revenues exceed cost of goods sold. revenues exceed operating expenses. gross profit exceeds operating expenses. A current liability is a debt that can reasonably be expected to be paid out of currently recognized revenues. within one year or the operating cycle, whichever is longer. between 6 months and 18 months. out of cash currently on hand.

Explanation / Answer

20) Option C: a debit to cash of $1,700.

21) Option C: $46,000 debit.

22) Option B: cash needed to replace the plant asset.

23) Option B: long lived assets that are often valuable.

24) Option D: gross profit exceeds operating expenses.

25) Option B: within one year or the operating cycle, whichever is longer.

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