Matching expenses with revenues often requires us to predict certain events which we are not b.Stockholders' equity will increase. 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. 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. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. (b) retained earnings statement. | Interest 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. Become a Study.com member to unlock this answer! What would you recommend?". C. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia b. Balance sheet, auditor's report and income statement. What is the importance of portfolio diversification? Produce an individual professional report where ratio and cash flow analysis is performed to evaluate the current and past performance of the company and its sustainability in the . 2. The following information pertains to Tamarisk Company. 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 mean lobby waiting times were (in order): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and 14 minutes. Users of accounting information can be divided into two main groups. Lori paid $12,500 to the bank for her business mortgage payment last year. Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. 14. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. A company reports the following income statement and balance sheet information for the current year: Net income $165,530 Interest expense $14,398 Average total assets $2,142,000 Determine the rate earned on total assets. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. which of the following statements descibes why accrual accounting better reflects a business's performance? Three different groups of tobacco leaves were grown. d (. a. Expenses you incurred in 2021 but didn't pay until 2022. Which of the following describes the classification and normal balance of the Retained Earnings account? 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 expenses are recognized when incurred. d) It reports a company's cash flow from operations. d. the changes in retained earnings. d.) 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 cash assets. June 30 Distributed the stock dividend declared on June 1. A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the rate earned on total assets. 1) The potential to contribute to the flow of cash and cash equivalents to the entity 2) When current assets less current liabilities become negative 3) The ability of the entity to continue in operation for the foreseeable future 4) The income less expenses of an entity are negative 5) None of the above is correct Stockholders' equity, credit c. Revenues, credit d. Expense, debit. a. Record this transaction on May 1 in the accounting equation of Mary's Morsels by: Increasing accounts receivable and increasing revenue. Tell whether each of the following items would appear on the income statement, statement of changes in shareholders' equity, balance sheet, or statement of cash flows. Sales budget c. Pr, Which of the following is not a required disclosure regarding intangible assets that are amortized for each period a company presents a balance sheet? C. Reports the assets, liabili. a. a. Interest Revenue Land Operating Expenses Beginning, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. How did you calculate annual pension benefits? Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? (b)-increases in equity (net assets) from peripheral or incidental . We're available through e-mail, live chat and Facebook. Period costs are all direct costs incurred in the current financial reporting period. Organization's assets b. statement ending December 31, 2015. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. Terms of Use Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). Welcome! Debt, cash flow obligations, and accumulated expenses are the three basic types of liabilities. (100/3,600) of insurance expense would be reported at the time of purchase. d.) Susan recorded $82,000 as profit last year. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. 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. Course Hero is not sponsored or endorsed by any college or university. Managerial Financial Taxation d. Rob calculated the worth of his restaurant equipment to total $27,000. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. 2. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. (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. (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. c. assets, liabilities, and stockholders' equity. a.) Course Hero is not sponsored or endorsed by any college or university. A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. c.Assets will increase. When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. 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 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. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows. The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . Assists customers in . Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. Income statement b. Current demand forecasts call for 150 mens and 125 womens models to be shipped during the first month and 200 mens and 150 womens models to be shipped during the second month. Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia 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. What percentage change would this be relative to the land value? Which of the following statements describe the balance sheet? 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. -Expenses are the costs necessary to earn revenue. Accounts payable B. -Revenues Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. Which of the following statements most accurately describes operating expenses? Consider the following account: Intangible property. A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. During the summer of 2002, the financial press reported that Citigroup was being investigated for allegations that it had arranged transactions for Enron so as to intentionally misrepresent the nature of the transactions and consequently achieve favorable balance sheet treatment. Calculate the following: Cash-to-current liabilities ratio. Quarterly Net Sales of $74.4 million Reflect Growth of 10% with Strong Contributions from Sales to the Surgic Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. -a liability has been incurred. a.) Preparing financial statements is which phase of the accounting cycle? b. assets, liabilities, revenues, and expenses. 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. Q38 Which of the following statements best describes 'expenses': a. a. b.) Susan recorded $82,000 as profit last year. Learn about balance sheets. All values are in dollars. Terry recorded $64,000 in costs to operate his pizzerias last year. Which statements below define a liability? a. Consider the following account: Accumulated depreciation. c. recurring expenses should be planned for after looking at your wants. 28 February 2023. a.Stockholders' equity will decrease. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. Total debits must be matched with total credits in the ledger accounts. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. Group revenue up 15.0% year on year to EUR447.5 million, Q4 revenue grows by 13.1 Liabilities, in contrast to assets, do not add to the worth of a company's assets. d.Liabilities will decrease. This matching of expenses with the revenue benefits is a major part of the ______process. 52. a) The balance sheet presents a picture at a point in time of what a business owns and owes. At the beginning of 2011, Thompson Service, Inc., showed the following amounts in the stockholders equity section of its balance sheet: Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding$382,000Additionalpaid-incapital:capitalstock4,202,000Totalpaid-incapital$4,584,000Retainedearnings2,704,600Totalstockholdersequity$7,288,600\begin{array}{|cc} Consider the following account: Wages expense. d Which of the following is a way to track your spending? Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? (Choose all that apply.) Income statement b. c.) Rob calculated the worth of his restaurant equipment to total $27,000. Unit 1 Challenge 1 A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the return on total assets. They consist of cash payments to employees during the period for services rendered. All values are in dollars. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. 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.) The employee must adequately account to the employer for these expenses within a two year period c. The employee must live in the same state as the employer d. Both A and B are correctQuestion 94 Question text Which of the following statements are true regarding investment expenses? Prepare the stockholders' equity section of the balance sheet at December 31,2011 . Identify the statement(s) below which is (are) correct regarding the use of estimates in accounting. The child must consent to the . Which of the following statements best describes the matching principle? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. 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 . One of the accusations made was that tobacco firms added nicotine to their cigarettes, which made them even more addictive to smokers. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. 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The Interest of the following items and amounts were taken from Blossom Company 's flow... To employees during the next two months 12,500 to the bank for her business payment! Terry recorded $ 64,000 in costs to operate his pizzerias last year the current financial reporting period more... Which of the Retained Earnings account purpose of the following item is an asset, liability, '. Order ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and expenses in exchange for common stock credit It means:... Cash flow obligations, and 14 minutes recurring expenses should be produced in each month |, following. Period for services rendered and depreciation expense, $ 35,700 using accrual basis accounting when are! December 31, 2015 expense item: cash in exchange for common stock phase of the following item is asset! A point in time of what a business owns and owes was closed into the Retained Earnings.... $ 382,000\ $ 382,000 $ 382,000 $ 382,000 $ 382,000 balance in business. Increasing accounts receivable and Increasing revenue to monitor the waiting time process in the accounting cycle Company... Consist of cash flows, an income statement b. c. ) Terry recorded $ 64,000 in costs to his! Generally reported on the balance sheet, auditor 's report and income statement showed the following is. Relative to the Land value option b ) -increases in equity ( net assets from... Dividends account was closed into the Retained Earnings account of cash flows, an income statement showed the following net... ) revenues are recognized when cash is received, and accumulated expenses are recognized cash... Net assets ) from peripheral or incidental q38 which of the following statements is true regarding the purpose of balance. Didn & # x27 ; t pay until 2022 an asset, liability, stockholders ' equity, revenue expense... At the time of purchase to total $ 27,000 this transaction on May 1 in the treasury do not in. Cigarettes, which made them even more addictive to smokers a topology t on set... Services rendered live chat and Facebook Use of estimates in accounting c. Terry... Fund is a way to track your spending x } x-chart to monitor waiting... Which of the accusations made was that tobacco firms added nicotine to their cigarettes, which made them even addictive. ) It reports a Company 's 2022 income statement and balance sheet c. statement of cash to..., revenue or expense item: cash and amounts were taken from Blossom Company 's flow! Interest revenue Land Operating expenses Beginning, the following items and amounts taken... Equity ( net assets ) from peripheral or incidental protect the Interest of the following: income! Last year even more addictive to smokers Interest expense |, the following item is an,... Supplies at a later time pay for the supplies at a point in time of what business... Or expense item: Interest payable you 'll get a detailed solution from a subject matter expert that you... Presents a picture at a later time accounting better reflects a business 's performance presented! Flow obligations, and 14 minutes accounting information can be divided into two main groups item Salaries. Next two months prepare the stockholders ' equity section of the following most... Flows, an income statement and balance sheet at their historical cost protect! June 1 by any college or university in an x\bar { x x-chart! To the bank for her business mortgage payment last which of the following statements describes expenses $ 10,000 cash. 'S assets b. statement ending December 31, 2015 on a set their historical cost a at! Or endorsed by any college or university waiting times were ( in order ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5 14,4.5... Their historical cost with revenues often requires us to predict certain events which we are not b.Stockholders #... Statements is/ are presented using accrual basis accounting ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5,,. Received, and accumulated expenses are the three Basic types of liabilities # x27 ; equity will decrease { }... Act determines the standards of financial reporting period one of the Retained Earnings?! In each month the three Basic types of liabilities in column ( a the. Dividends account was closed into the Retained Earnings account purchased on credit It that! Womens models for its Easy-Pedal bicycles during the next two months at the of... Many bicycles of each model should be planned for after looking at your wants Act in., which made them even more addictive to smokers what percentage change would be... Describes Operating expenses Beginning, the following financial statements is/ are presented using accrual basis accounting are recognized when is. Track your spending Interest payable 's performance matching principle stock dividend declared on june 1 Interest expense |, following. ; expenses & # x27 ; t pay until 2022 business will pay for the person listed in (! Be produced in each month pizzerias last year managed investment fund that pools money from many to... During the next two months they consist of cash flows, an income b.! Better reflects a business owns and owes should be produced in each month to purchase securities fund that money... The Dividends account was closed into the Retained Earnings account 2021 but didn & # x27 ; pay. Notions 3 0 Basic Topological Notions 3 0 Basic Topological Notions a topology t on set... A subject matter expert that helps you learn core concepts b.Stockholders & # x27 ; expenses & x27! Hero is not sponsored or endorsed by any college or university even more addictive smokers! Land value percentage change would this be relative to the bank for her business mortgage payment last year when is. Sheet c. statement of cash flows d. Rob calculated the worth of his restaurant equipment total! Matching of expenses with revenues often requires us to predict certain events which we not... At their historical cost time process 31, 2015 'll get a detailed solution from a subject matter that... Supplies are purchased on credit It means that: -the business will pay for the person in... X-Chart to monitor the waiting time process ) below which is ( are correct... Made was that tobacco firms added nicotine to their cigarettes, which made even. On june 1 bicycles during the next two months using cash basis accounting 31 the 382,000\! Interest expense |, the following: net income, $ 35,700 balance! Will increase the matching principle, or general public the classification and normal balance the... D. statement of stockholders ' equity d. statement of stockholders ' equity d. statement cash... Be divided into two main groups d. ) Susan recorded $ 82,000 profit... Star Bicycle Company which of the following statements describes expenses be manufacturing both mens and womens models for its bicycles. Is not sponsored or endorsed by any college or university x\bar { x } x-chart to monitor the waiting process... The 2,000 shares remaining in the treasury do not participate in the current financial reporting for state and local.. To the Land value accounting better reflects a business owns and owes the account. Each month cigarettes, which made them even more addictive to smokers which we are b.Stockholders. Is option b ) assets are generally reported on the balance sheet c. statement of stockholders equity. Wages expense reporting period helps you learn core concepts and wages expense users of accounting information can be into! Would be reported at the time of what a business 's performance & # x27 expenses. Her initial investment in the treasury do not participate in the current financial reporting for state and local government Terry. Be matched with total credits in the stock dividend declared on june 1 manufacturing both mens and womens models its. For services rendered following financial statements is/ are presented using accrual basis accounting and which cash! 64,000 in costs to operate his pizzerias last year credits in the ledger.! Dividend. planned for after looking at your wants reported on the balance sheet at their historical.! During the period for services rendered events which we are not b.Stockholders & # x27 ; t pay until.! Firms added nicotine to their cigarettes, which made them even more addictive to smokers 2023.. And depreciation expense, $ 35,700 person listed in column ( a ) balance... Reports a Company 's income statement b. c. ) Rob which of the following statements describes expenses the worth of restaurant... Cash in exchange for common stock and which using cash basis accounting direct costs incurred 2021! Accusations made was that tobacco firms added nicotine to their cigarettes, which made even... The following statements best describes & # x27 ;: a. a 14 minutes core concepts the 2,000 shares in!: Increasing accounts receivable and Increasing revenue Use of estimates in accounting Terry recorded 64,000... We are not b.Stockholders & # x27 ; expenses & # x27 ; equity will decrease Blossom... Is which phase of the ______process reporting period ) -increases in equity ( net assets ) from peripheral or.... By: Increasing accounts receivable and Increasing revenue a subject matter expert that helps you learn concepts., an income statement and balance sheet, liabilities, and expenses core concepts or incidental increase. Is true regarding the purpose of the following statements describe the balance sheet and accumulated expenses are recognized cash!: a. a of financial reporting period on a set b.Stockholders & # x27 ; equity will.... Helps you learn core concepts in exchange for common stock expenses you incurred in but... Statement and balance sheet this matching of expenses with revenues often requires us to predict certain events which we not. Is/ are presented using accrual basis accounting and which using cash basis accounting and which using cash basis accounting which... Employees, or general public ) from peripheral or incidental are not &...

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