0
Add your answer:
Earn +20 pts
Is sales revenue owners equity?
yes
Is Revenue the same as Owners' Equity?
yes
True or false revenue is a decrease in owners equity?
False, as revenue increases the owners equity if expenses are less than revenues and vice versa.
Is sales an asset account?
Sales is generally considered "Revenue" or "Income" and therefore are an Owners Equity Account. Sales affect Retained Earnings and Retained Earnings affects Owners Equity.
Do revenues have a credit or debit balances?
Revenue is an Owners Equity account therefore has a Credit Balance:
Is sales revenue owners equity?
yes
Is Revenue the same as Owners' Equity?
yes
True or false revenue is a decrease in owners equity?
False, as revenue increases the owners equity if expenses are less than revenues and vice versa.
Sales is an asset or liability?
there are Five basic account heads in accounting, which are given below:AssetsLiabilitiesCapital (Owners Equity)ExpenseRevenueand sales belongs to Revenue.If looking at the Accounting equation: Assets = Liabilities + Owners Equity.Capital, Expense and Revenue are all sub categories of Owners Equity. If sales is revenue then it would fall under Owners Equity.
Any time a company increases its revenue the owner's equity is also increased?
No. Owners Equity is a function of profit, not revenue(sales). If expenses increase by the same $ amount as revenue. The net impact on OE is $0.
What are the subdivisions of owners equity?
the four subdivision of owner's equity are: Capitals Withdrawls Expenses Earnings (Revenues) DO NOT MISTAKEN ACCOUNT PAYABLES & RECEIVABLES AS BEING EXPENSES AND EARNINGS or REVENUES :)
Is sales an asset account?
Sales is generally considered "Revenue" or "Income" and therefore are an Owners Equity Account. Sales affect Retained Earnings and Retained Earnings affects Owners Equity.
Do revenues have a credit or debit balances?
Revenue is an Owners Equity account therefore has a Credit Balance:
What is an owners equity prepared for?
The original investment, the revenue, expenses that resulted in net income, and withdrawal by the owner.
Is admission revenue credit or debit in balance sheet?
Credit side of balance sheet.....Revenue is an Owners Equity account therefore has a Credit Balance.
Example of owner's equity?
Say if your mom was a good in my store, and I sold your mom, then that would affect the owners equity. If your mother was a good hooker and I made an investment in her vagina to make me some money, and she makes revenue off of that... That would affect the owners equity.
What is owners equity statement prepared FOR?
The original investment, the revenue, expenses that resulted in net income, and withdrawal by the owner.
