List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and payment cycle fora typical manufacturing company.

Question

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Answer 1

Textbook Question

Chapter 18, Problem 1DQP

List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and payment cycle fora typical manufacturing company.

Expert Solution & Answer

To determine

List the following accounts that are to be included in the acquisition and payment cycle for a typical manufacturing company:

Five asset accounts.
Three liability accounts.
Five expense accounts.

Explanation of Solution

The following are list of accounts to be included in acquisition and payment cycle:

a. Five asset accounts:
- Office supplies
- Machinery and Equipment
- Land
- Prepaid Expenses
- Cash in bank
b. Three liability accounts:
- Accrued insurance
- Accounts payable
- Other accrued liabilities
c. Five expense accounts:
- Income tax expenses
- Administrative expenses
- Fines and penalties
- Utilities expenses
- Advertising expense
- Fines and Penalties

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Prepare a schedule of cost of goods manufactured and an income statement for YNP corporation as of December 31, 2018. List whether the following fall primarily under managerial or financial accounting.

Answer 2

Textbook Question

Chapter 18, Problem 1DQP

List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and payment cycle fora typical manufacturing company.

Expert Solution & Answer

To determine

List the following accounts that are to be included in the acquisition and payment cycle for a typical manufacturing company:

Five asset accounts.
Three liability accounts.
Five expense accounts.

Explanation of Solution

The following are list of accounts to be included in acquisition and payment cycle:

a. Five asset accounts:
- Office supplies
- Machinery and Equipment
- Land
- Prepaid Expenses
- Cash in bank
b. Three liability accounts:
- Accrued insurance
- Accounts payable
- Other accrued liabilities
c. Five expense accounts:
- Income tax expenses
- Administrative expenses
- Fines and penalties
- Utilities expenses
- Advertising expense
- Fines and Penalties

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Answer 3

Textbook Question

Chapter 18, Problem 1DQP

List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and payment cycle fora typical manufacturing company.

Expert Solution & Answer

To determine

List the following accounts that are to be included in the acquisition and payment cycle for a typical manufacturing company:

Five asset accounts.
Three liability accounts.
Five expense accounts.

Explanation of Solution

The following are list of accounts to be included in acquisition and payment cycle:

a. Five asset accounts:
- Office supplies
- Machinery and Equipment
- Land
- Prepaid Expenses
- Cash in bank
b. Three liability accounts:
- Accrued insurance
- Accounts payable
- Other accrued liabilities
c. Five expense accounts:
- Income tax expenses
- Administrative expenses
- Fines and penalties
- Utilities expenses
- Advertising expense
- Fines and Penalties

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Answer 4

Textbook Question

Chapter 18, Problem 1DQP

List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and payment cycle fora typical manufacturing company.

Expert Solution & Answer

To determine

List the following accounts that are to be included in the acquisition and payment cycle for a typical manufacturing company:

Five asset accounts.
Three liability accounts.
Five expense accounts.

Explanation of Solution

The following are list of accounts to be included in acquisition and payment cycle:

a. Five asset accounts:
- Office supplies
- Machinery and Equipment
- Land
- Prepaid Expenses
- Cash in bank
b. Three liability accounts:
- Accrued insurance
- Accounts payable
- Other accrued liabilities
c. Five expense accounts:
- Income tax expenses
- Administrative expenses
- Fines and penalties
- Utilities expenses
- Advertising expense
- Fines and Penalties

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

List the following accounts that are to be included in the acquisition and payment cycle for a typical manufacturing company:

Five asset accounts.
Three liability accounts.
Five expense accounts.

Explanation of Solution

The following are list of accounts to be included in acquisition and payment cycle:

a. Five asset accounts:
- Office supplies
- Machinery and Equipment
- Land
- Prepaid Expenses
- Cash in bank
b. Three liability accounts:
- Accrued insurance
- Accounts payable
- Other accrued liabilities
c. Five expense accounts:
- Income tax expenses
- Administrative expenses
- Fines and penalties
- Utilities expenses
- Advertising expense
- Fines and Penalties

Answer 8

Expert Solution & Answer

To determine

List the following accounts that are to be included in the acquisition and payment cycle for a typical manufacturing company:

Five asset accounts.
Three liability accounts.
Five expense accounts.

Explanation of Solution

The following are list of accounts to be included in acquisition and payment cycle:

a. Five asset accounts:
- Office supplies
- Machinery and Equipment
- Land
- Prepaid Expenses
- Cash in bank
b. Three liability accounts:
- Accrued insurance
- Accounts payable
- Other accrued liabilities
c. Five expense accounts:
- Income tax expenses
- Administrative expenses
- Fines and penalties
- Utilities expenses
- Advertising expense
- Fines and Penalties

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

List the following accounts that are to be included in the acquisition and payment cycle for a typical manufacturing company:

Five asset accounts.
Three liability accounts.
Five expense accounts.

Answer 12

Explanation of Solution

The following are list of accounts to be included in acquisition and payment cycle:

a. Five asset accounts:
- Office supplies
- Machinery and Equipment
- Land
- Prepaid Expenses
- Cash in bank
b. Three liability accounts:
- Accrued insurance
- Accounts payable
- Other accrued liabilities
c. Five expense accounts:
- Income tax expenses
- Administrative expenses
- Fines and penalties
- Utilities expenses
- Advertising expense
- Fines and Penalties

Answer 13

Ch. 18 - List five asset accounts, three liability...Ch. 18 - Prob. 2DQP Ch. 18 - Prob. 3DQP Ch. 18 - Prob. 4DQP Ch. 18 - Prob. 5DQP Ch. 18 - Prob. 6DQP Ch. 18 - Prob. 7DQP Ch. 18 - Prob. 8DQP Ch. 18 - Prob. 9DQP Ch. 18 - Prob. 10DQP

List five asset accounts, three liability accounts, and five expense accounts included in the acquisition and payment cycle fora typical manufacturing company.

Explanation of Solution

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