\text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ Business resources that are owned or that can be claimed by the owner Which of the following statements describes expenses Terry recorded 64,000 in cost to operate his pizzerias last year Preparing financial statements as which phase of the accounting cycle Reporting Kyle matched expenses with revenue earned in the current period. Which of the following statements is true regarding the regulation of ethics in accounting? a. d) All of the above are good reasons to have an emergency fund. C. Reports the assets, liabili. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies. When following the matching principle, sometimes estimates are used because the actual Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. What a business owns will always equal what it owes to creditors and owners. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. Liabilities are debts owed to outsiders. Lori paid $12,500 to the bank for her business mortgage payment last year. | Interest expense | $2,000 | Equ. Balance sheet C. Income statement D. Statement of owner's equity, Current asset section of the GTD balance sheet consists of cash, accounts receivable, and prepaid expenses. -Equity will be decreased ( managerial / Financial / Research ) accounting . The owner is responsible for property taxes and maintenance expenses only The tenant is responsible for capital expenses up to the percentage rate The owner is responsible for Show transcribed image text Expert Answer Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. | Interest expense |. level. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, A company reports the following income statement and balance sheet information for the current year: Net income $304,980; Interest expense 53,820; Average total assets 3,450,000. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? Which of the following statements describes expenses? -A creditor's claims against the assets of a business. -a liability has been incurred. Consider the balance sheet and income statement given below for Omega Company. expense or revenue amount is not yet known. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, At the beginning of the year, a company's balance sheet reported the following balances: Total Assets $225,000 Total Liabilities $100,000 Common Stock $25,000 Retained Earnings $100,000 During the year, the company reported revenues of $46,000 and expense. a) It reports a company's revenues and expenses. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. Income statement b. Cash C. Fees earned D. Land E. Supplies F. Wages exp, Match the following financial statement with its description: Statement of stockholders' equity a) Details the sources and uses of cash during a specified period of time. Which of the following statements describes expenses? 14. 2. If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by: Increasing Cash and decreasing accounts receivable. b. -The accounting equation must always remain in balance Which of the following statements is true regarding the regulation of ethics in accounting? Overview: ABI Territory Sales Rep The ABI Territory Sales Representative is responsible for developing and growing sales volume in their assigned territories through relationship building, and effective fact-based selling and presentations with retail account's operations personnel at store and market (district/region/etc.) Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. Organization's liabilities c. Stockholders' equity d. Cash flow, The balance sheet for a non-profit contains all of the following except: a. organization's assets b. organization's liabilities c. stockholders' equity d. cash flow. C. Receiving cash before a service is performed creates a liability. -Revenues Record this transaction in the accounting equation by: Johna's Plant Nursery Company pays the salaries of its two employees. Statement of owner's equity C. Income statement D. Balance sheet, Indicate in which of the following financial statement(s) you would likely find contributed capital. How did you calculate annual pension benefits? a. U.S. government bond b. The 2016 balance sheet of a certain company reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. We're available through e-mail, live chat and Facebook. For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. d) It reports a company's cash flow from operations. c.) Expenses B. Identify the statement(s) below which is (are) correct regarding the use of estimates in accounting. On May 1, Mary's Morsels Company provided catering services at a wedding. a.) (d) statement of cash flows. Which of the statements correctly represents the accounting equation? Which of the following statements describes liabilities? In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. Our experts can answer your tough homework and study questions. a. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. Search engine optimization (SEO) is the process of improving the quality and quantity of website traffic to a website or a web page from search engines. The transactions relating to stockholders' equity during the year are as follows: Below, you'll find other important information about this position. Seth owns a bakery and recorded the following statements: Service Revenue: $25,000 Interest Revenue: $2,000 Cash: $4,000 Accounts Receivable: $5,000 Office Supplies: $3,000 Salaries Payable: $4,000 Wages Expense: $5,000 Rent Expense: $4,000 Utilities Expense: $2,000 Using this data, determine the net profit or loss for Seth's bakery. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockhol, Use the following balance sheet and income statement to calculate the firm's operating return on assets (operating profits/total assets): Balance Sheet Income Statement Assets: Cash $9,000 Sales (all credit) $255,000 Accounts Receivable $26,000 Cost of Go, Which of the following are NOT included in a postclosing trial balance? June 30 Distributed the stock dividend declared on June 1. b. amounts ready for the financial statements. a.) (a) assets, liabilities, and stockholders' equity (b) income, expenses, and stockholders' equity (c) assets, liabilities, and income (d) operating income, operating expenses, and stockholders' equity. For each account listed, identify the category that it would appear on a classified balance sheet. Choose the formula below that is used to calculate the current ratio of a business. b.) d.) Susan recorded $82,000 as profit last year. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Notes payable. Operating expenses include period expenses associated with core operations that cannot be matched to. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. Terry recorded $64,000 in costs to operate his pizzerias last year. -Expenses Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. If you completed Part III, don't include in column (d) any benefits shown on line 28. Calculate the following: Current ratio. c. Susan recorded $82,000 as profit last year. 0. Include a supporting schedule showing your computation of retained earnings at that date. a.) Which of the following statements describes expenses? b.) copyright 2003-2023 Homework.Study.com. Group revenue up 15.0% year on year to EUR447.5 million, Q4 revenue grows by 13.1 Determine the return on total assets. Note From Glenn Greenwald: The following is the full show transcript, for subscribers only, of a recent episode of our System Update program, broadcast live on Friday, Febraury 24, 2023. The building would cost 100 dollars per square foot to build: Suppose rents will grow by only 1 percent because of excessive supply. d. Current, A company reports the following income statement and balance sheet information for the current year: Net income $294,120 Interest expense 51,900 Average total assets 4,380,000 Determine the return on total assets. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Indicate in which of the following financial statement(s) you would likely find the line item cash outflow for capital expenditures. In 1994, the chief executive officers of the major tobacco companies testified before a U.S. Senate subcommittee. The following information pertains to Tamarisk Company. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. 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Records this transaction in Jackson's accounting equation by: Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. All figures quoted in U.S. dollars unless otherwise noted: Performance Highlights: 2022 Q4 revenue of $683 million; 1,034 equivalent units ("EUs") delivered, with 32% coming from Cal Exam.pdf. |Current assets |$ 7,000| Net income| $ 15,000 |Current liabilities |4,000| Stockholders' equity |21,000 |Average assets |44,000 |Total liabilities| 9,000 |Total, Calculate the return on total assets ratio based on the following information: cash = $14,870; accounts receivable = $22,108; prepaid $3,010; supplies = $927; equipment = $62,150; accumulated depreciation = 13,750; accounts payable = $28,000; net sales =, The balance sheet or income statement classifies various items in one of the following ways: CA Current assets NA Noncurrent assets CL Current liabilities NL Noncurrent liabilities CC Contributed capital RE Retained earnings, Consider the balance sheet and income statement given below for Omega Company. a. recurring expenses don't need to be planned for because they rarely happen. Income statement b. Many people put aside money to take care of unexpected expenses. 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Unit 1 Challenge 1 Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. d. none of the above. a. Terry recorded $64,000 in costs to operate his pizzerias last year. Lori paid $12,500 to the bank for her business mortgage payment last year. Which statements below define a liability? b. 15. Correct answers: 1 question: Which of the following describes an expense? When using the accounting equation, recording the purchase of equipment for cash would include an increase to the ____ (Cash/Equipment/Supplies) account and a decrease to the ____ (Cash/Equipment/Supplies) account. b.Stockholders' equity will increase. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Income statement b. Please call us during business hours or submit the. d. the changes in retained earnings. Aug. 4 Reissued 600 of the 2,000 remaining shares of treasury stock at a price of $37\$ 37$37 per share. Dan and Den, Inc. reports the following assets and liabilities. Assets and Liabilities B. Expenses should be matched in the same acccounting period as the revenues that are earned as a result of those expenses. Multiple_Choice_Questions_Chapter_1_Intr.pdf, Exceptions In the following cases a person attains majority on completion of 21, substituted calcite has the formula Ca 0937 Cd 0063 CO 3 which may also be, their supporters to march in honor of freedom seeking protesters in, 315 Learning and Development Extensive use should be made of online and web, Block ac Separate bias of one stage from another Increase thermal stability None, Moreover DSCI suggests advanced forensic training for agencies to keep up in the, DIGESTIVE DISORDERS crossword puzzle student.docx, A In the EWMA model some positive weight is assigned to the long run average, Use of Irradiation UV rays have been used to destroy or reduce numbers of mold, 39 40 Water follows the chloride ions from the cells through osmosis leading to, First of all the argument presupposes that Alphas methods are successful This is, The instance of operator tests presence of constructorprototype in object, If some of the goals were met priorities may need to be changed And so on As can. 2Which of the following statements describes expenses.docx. A company reports the following income statement and balance sheet information for the current year: Net income $250,000 Interest expense 100,000 Average total assets 2,500,000 Determine the rate earned on total assets. Calculate the following: Cash-to-current liabilities ratio. Select one: a. Period costs are all direct costs incurred in the current financial reporting period. What percentage change would this be relative to the land value? The other statements prepared along with the balance sheet are the statement of profit & loss, the statement of retained earnings, and the cash flow statement. b.) Become a Study.com member to unlock this answer! -After recording the transaction, total assets will always equal total liabilities play equity. Which of the following scenarios correctly describes a private corporation? Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. Less. Use the format illustrated in Exhibit 12-6. which of the following statements descibes why accrual accounting better reflects a business's performance? SEO targets unpaid traffic (known as "natural" or "organic" results) rather than direct traffic or paid traffic.Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search . Balance sheet, auditor's report and income statement. We fully adhere to its Code of Conduct and to its Best Practice Guidelines. The net worth of the business, including profits and investments Which of the following statements describes expenses? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. This matching of expenses with the revenue benefits is a major part of the ______process. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. The company's current ratio at the end of the year was 2.5 and, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. a.Stockholders' equity will decrease. Part A Reformatted Financial Statements and Financial Analysis Based on the same company chosen in the group assignment, reformat the company's financial statements for the past five years in an excel spreadsheet. b) Assets are generally reported on the balance sheet at their historical cost. Net income will be understated for the year. d.) Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. This would also be apparent from section 132(4). Budgeted balance sheet B. Capital expenditures budget b. Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) ProductionModelMensWomensCosts$120$90Manufacturing2.01.6Assembly1.51.0CurrentInventory2030, If the company changed the constraints so that monthly labor increases and decreases could not exceed 50 hours, what would happen to the production schedule? Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. The balance sheet is a snapshot of the entity. What would land value be now? Group 1 leaves were grown with about an average seasons rainfall. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. b.) From AGI deductions are generally preferred over deductions for AGI. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Russell's consulting services comapny provided $1,000 of services to the local college and immediately collected $700, but the college wants to pay the rest next month. The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The current ratio at the end of the year was 2.5 and the debt t, The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. a.The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. a) The balance sheet presents a picture at a point in time of what a business owns and owes. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. The bride is billed $4,000 and will pay during the following month. Companies take various forms, such as: voluntary associations, which may include nonprofit organizations . The editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to ensure the addition of high-quality . Which statements below define a liability? Calculate the following: Acid-test ratio. a (. a.) Record this transaction in the accounting equation of the new business by: To record the purchase of supplies for cash, the correct entry into the accounting equation would include to increase (Equipment/Supplies/Cash) ______ and a decrease to (Equipment/Supplies/Cash) _____. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Stockholders' equity will be overstated at year-end. 0. Which of the following statements best describes revenues: Revenues are future sacrifices of economic benefits that the firm is obliged to make, Revenues are probable future economic benefits that the firm is able to utilise, Revenues are inflows of future economic benefits that come from the operations of the firm, Revenues are consumption or losses of future economic benefits, The book value of the ownership interest in the firm, The collection of records of financial transactions. Lori paid $12,500 to the bank for her business mortgage payment last year. Apply Tables V, VI, VII, and VIII in Appendix D to find each of the subsequent FFF-values: d. F.025,v1=15,v2=12F_{.025}, v_{1}=15, v_{2}=12F.025,v1=15,v2=12. The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. Which of the following statements best describes the matching principle? Mr Hancock says the messages have been taken . Identify the broad opportunity areas of accounting. The definition of expenses includes which of the following statements? Which of the following statements best describes the carrying amount of an asset? The balance sheet of a certain company in 2016 reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. They are the expired costs or assets "used up" during the accounting period. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? -At least two acccounts will be affected when recording a transaction. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? Terry recorded $64,000 in costs to operate his pizzerias last year. Consider the following account: Wages expense. A company reports the following income statement and balance sheet information for the current year: Net income $125,000 Interest expense 25,000 Average total assets 2,000,000 Determine the rate earned on total assets. Long-term liabilities are listed after Stockholders' Equity. Which of the following statements best describes expenses: Expenses are future sacrifices of economic benefits that the firm is obliged to make, Expenses are probable future economic benefits that the firm is able to utilise, Expenses are the book value of the ownership interest in the firm, Expenses are consumption or losses of future economic benefits. Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. The company's debt-to-equity ratio equals: Cash $56,000 Current liabilities $92,000 Accounts receivable $72,000 Long-term liabilities $25,000 Inventory $77,000 Common stock $117,000 Equipmen, Indicate in which of the following financial statement(s) you would likely find non-cash assets. The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. | Interest. What basic financial statements can be found in a corporate annual report? c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. d) All of the above are correc e) Only answers a) and b) are correct. Which of the following is likely to have the highest growth over the next 18 years? Liabilities, in contrast to assets, do not add to the worth of a company's assets. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. The Sa a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. Record this transaction in the accounting equation. Spur Corp. reported the following balance sheet amounts on Dec. 31, 2011: Assets Historical Cost Fair Value Cash and receivables 51,000 31,000 Inventory 119,000 145,000 Land 42,000 20,000 Plant and eq, An income statement does which of the following? c) An emergency fund removes the worry about expenses not in the budget. -Wages Payable -Notes Payable -Accounts Payable -Taxes Payable What objective should be of primary importance in the selection of a depreciation method Which of the following statements is TRUE? C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. The cost (or an amount substituted for cost) of the asset less its residual value b. Checking account c. Savings account d. Stocks 10. -Salaries expense will be increased. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and. Matching of expenses with revenues is a major part of the adjusting process. The Sarbanes-Oxley Act develops and enforces secur. b.) B. the balance sheet. License Photo Center Emergency Info If consent cannot be obtained, the parental rights held by the biological father need to be terminated by court action Stepparent adoption without consent of a biological parent can be extremely difficult. Recurring expenses should be planned for after looking at your wants. Which of the following statements describes the proper matching of revenue and expenses? b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. When recording transactions into the accounting equation, which of the following statements are correct? Which of the following is included on the balance sheet? The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. A. (c) balance sheet. Calculate the following: Working Capital. b. Lori paid $12,500 to the bank for her business mortgage payment last year. Income statement B. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Interest expense. current assets divided by current liabilities.
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