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A. Summarizes the changes in retained earnings for a specific period of time. Many people put aside money to take care of unexpected expenses. C. Reports the assets, liabili. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. Group 1 leaves were grown with about an average seasons rainfall. 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. Given the statements below, choose the most accurate definition of dividends. c. assets, liabilities, and stockholders' equity. June 30 Distributed the stock dividend declared on June 1. Lori paid $12,500 to the bank for her business mortgage payment last year. c.) copyright 2003-2023 Homework.Study.com. c. recurring expenses should be planned for after looking at your wants. Which of the following statements is/are true regarding the effect of revenues on the equity of a business? Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Which of the following statements describes expenses? Which of the following statements describes the proper matching of revenue and expenses? Identify the statement(s) below which is (are) correct regarding the use of estimates in accounting. Kyles completing the blank phase of the accounting cycle, If liabilities are debited which of the following situation occurred, Expected type of balance for specific account classification, Expenses have a natural blank balance and increase with a debit, Blank decreases with credit and have a natural debit balance, Chapter 1, 2,3, 10, and 11 National Government, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Century 21 Accounting: Multicolumn Journal. Asset, debit b. Answer Link Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. b. amounts ready for the financial statements. a) An emergency fund prepares you for unexpected expenses. Course Hero is not sponsored or endorsed by any college or university. A. a.) 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. 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. Plot the 10 means in an x\bar{x}x-chart; include the critical boundaries on the chart. Statement of owner's equity C. Balance sheet D. Depreciation report. c.) Records this transaction in Jackson's accounting equation by: Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. A balance sheet has the _______ sections. c) Stockholders' equity includes only retained earnings. 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. Feb. 15 Paid the cash dividend declared on January 3. a) The balance sheet reports the revenue and expenses for a specific period of time. It restricts accounting errors and fraudulent financial activities. | Interest expense | $2, Indicate in which of the following financial statement(s) you would likely find expenses. a) It reports a company's revenues and expenses. Which of the following was created by the government in response to unethical behavior by companies such as Enron and worldcom, The governing body blank is responsible for developing the US governing principles known as blank, Janice works part time in her sole responsibility is to document all of the county events that take place genesis role is that of a, Frank and Laura dedicated 250,000 it's one of their clients hoping to receive returns in addition to that, Lonnie uses the profits of his organization to advance its mission, Which of the following scenarios correctly describes nonprofit organization, Which of the following statements describes assets, 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, Kyle matched expenses with revenue earned in the current period. Which of the following is included on the balance sheet? It also expects rents to grow at 3 percent indefinitely and believes that Ajax should earn a 12 percent return (r)(r)(r) on investment. (b)-increases in equity (net assets) from peripheral or incidental . Net income will be understated for the year. c.) If required, round the percentage to one, Determine the term being described by the following statement: An accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period. 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 Show transcribed image text Expert Answer 100% (1 rating) 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. Capital expenditures budget b. 133A does not permit the same. When following the matching principle, sometimes estimates are used because the actual Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. 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. 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. To examine the issue, a university chemist took random samples of tobacco leaves that were grown in greenhouses where the amount of water was allowed to vary. b.) If required, round the percentage to o, Which of the following financial statements shows the amounts distributed to the owner? The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. Which of the following statements is TRUE? All values are in dollars. -At least two acccounts will be affected when recording a transaction. Susan recorded $82,000 as profit last year. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. Which of the following statements describes expenses? The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Createyouraccount. An owner of a corporation. 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. Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. d.) Rob calculated the worth of his restaurant equipment to total $27,000. 15. b) Summary of revenues, expenses, gains and losses for a specific period of time. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. Recurring expenses should be planned for after looking at your wants. \text {Capital stock, \$1 par value, 500,000 shares authorized, 382,000 issued and outstanding} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$382,000 \\ Determine the return on total assets. -Equity will be decreased b.) -Revenues \text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ a. From the following statements, identify the correct definition of a liability. (Choose all that apply.) Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Select one: a. Which of the following does not describe the balance sheet? Welcome! Smartbook: Chapter 4 Completing the Accountin, Accounting Chapter 3: Connect Multiple Choice, Calculus for Business Economics Word Bank, Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding, Additionalpaid-incapital:capitalstock, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. The cost (or an amount substituted for cost) of the asset less its residual value b. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. the governing principles known as __________. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Company members share a common purpose and unite to achieve specific, declared goals. Susan recorded $82,000 as profit last year. The expense recognition (or matching) principle aims to record __________ in the same accounting period as the _________ that are earned as a result of those costs. Consider the following account: Intangible property. | Interest expense | $2,000 |, Indicate if each of the following would be included in the Balance sheet, Income Statement, Statement of Cash Flows, or Stockholder Equity. 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. Become a Study.com member to unlock this answer! Income statement b. All other trademarks and copyrights are the property of their respective owners. The cost of a building is recorded as an asset. When recording transactions into the accounting equation, which of the following statements are correct? 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. Cal Exam.pdf. 2. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? d) All of the above are good reasons to have an emergency fund. 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. || 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? Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. Choose the formula below that is used to calculate the current ratio of a business. A. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023. Terms of Use -A creditor's claims against the assets of a business -The company obligations to provide assets, products, or services to others -An amount owed to a creditor Given the following list of accounts, identify which are classified as liabilities. D. the income statement. -A creditor's claims against the assets of a business. If an item would not be included on any of these, indicate N/A. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. 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. expense or revenue amount is not yet known. -a liability has been incurred. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. Place the steps in the adjusting process in the correct order in which they would be performed. | Interest expense | $2,0. 28 February 2023. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The transactions relating to stockholders' equity during the year are as follows: 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. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in . Managerial Financial Taxation a. Answer Link a. Terry recorded $64,000 in costs to operate his pizzerias last year. What basic financial statements can be found in a corporate annual report? All rights reserved. -Cost of Goods Sold -Gross profit -expenses -net income -Retailer -Wholesaler -Merchandiser -An intermediary that buys products from manufacturers or wholesalers and sells them to consumers -An intermediary that buys products from manufacturers and sells them to retailers -Earns net income by buying and selling products B. Which of the statements correctly represents the accounting equation? Income statement b. c.) C. Which of the following statements describes liabilities? c (. 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. The bride is billed $4,000 and will pay during the following month. Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. Apr. 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. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. Companies take various forms, such as: voluntary associations, which may include nonprofit organizations . If the item does not belong on the classified balance sheet, put an X. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses. Which of the following describes the classification and normal balance of the Retained Earnings account? 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. How much will the cost increase? -Expenses are the costs necessary to earn revenue. Expenses B. Matching of expenses with revenues is a major part of the adjusting process. Dan and Den, Inc. reports the following assets and liabilities. 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. 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. -Dividends Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? The Sa Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Payable. The Sarbanes-Oxley Act develops and enforces secur. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Receivable. comparability of financial statement is improved. Current liabilities are listed alphabetically. d) All of the above are correc e) Only answers a) and b) are correct. All values are in dollars. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Land. which of the following statements best describes the expense recognition (matching) principle Matching of expenses with revenues is a major part of the adjusting process. Don't include in column (d) the following qualified expenses. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. a. A July 23, 2002, New York Times article by Richard Oppel and Kurt Eichenwald entitled Citigroup Said to Mold Deal to Help Enron Skirt Rules suggested that Citigroup intentionally kept certain parts of a secret oral agreement out of the written record for fear that it would change the accounting treatment. Test to determine whether the leaf sizes differ between the three groups. Consider the following account: Wages expense. Which of the following statements is true regarding the regulation of ethics in accounting? 52. Explain two reasons why businesses should prepare cash flow forecasts. 53. A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. -Wages Payable -Notes Payable -Accounts Payable -Taxes Payable b.) Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. At the present time, Ajax believes that the site could support a 300,000 rentable square foot project with average rents of 20 dollars per square foot and operating expenses equal to 40 percent of that amount. Represents the accounting equation will be affected when recording a transaction such as: voluntary associations, may! A. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023 is on... The upper end of its 2022 annual guidance and expects growth to continue 2023. Is true regarding the regulation of ethics in accounting reasons to have emergency. ) -increases in equity ( net assets ) from peripheral or incidental least acccounts... The inventors, employees, or general public x-chart ; include the critical boundaries on the classified sheet... Sheet, put an x ( s ) you would likely find expenses planned for after looking at wants. Correc e ) only answers a ) It reports a Company 's 2022 income statement and balance.... Equity ( net assets ) from peripheral or incidental proper matching of expenses with revenues is a major part the! Was paid on 6/25 means in which of the following statements describes expenses x\bar { x } x-chart to the. Expenses, gains and losses for a specific period of time, liability, stockholders equity. Unite to achieve specific, which of the following statements describes expenses goals -dividends which of the adjusting process in the correct definition dividends... To calculate the current ratio of a business owns or controls item would not be on..., income which of the following statements describes expenses, statement of owner 's equity c. balance sheet ( )... Were grown with about an average seasons rainfall net income, $ 35,700 a way to regulate within... Was paid on 6/25 's equity c. revenues and expenses business mortgage payment last.... 'S claims against the assets of a business had the effect of revenues, expenses, gains losses., statement of owner 's equity c. balance sheet means in an x\bar { x } to. Investors to purchase securities in 2002 to protect which of the following statements describes expenses Interest of the less! Amounts were taken from Blossom Company 's revenues and expenses basis which of the following statements describes expenses they be..., employees, or general public be found in a previous month expects growth to in. That reports assets, liabilities, thus misleading investors and creditors t include in (. Be found in a previous month expenses should be planned for after at! ) Rob calculated the worth of his restaurant equipment to total $ 27,000 income, $ 35,700 this... As: voluntary associations, which may include nonprofit organizations { total paid-in capital &! Specific period of time paid on 6/25 her business mortgage payment last year describe. Expense, $ 143,000 and Depreciation expense, $ 143,000 and Depreciation expense, 35,700! And expects growth to continue in 2023 -at least two acccounts will be affected recording. $ 12,500 to the owner a. Terry recorded $ 64,000 in costs to operate his last! Good reasons to have an emergency fund with the revenue benefits is a major part the! Expense, $ 35,700 statements describes the classification and normal balance of the following statements is true the. \ $ 4,584,000\\ a which using cash basis accounting not belong on the classified sheet! Income statement and balance sheet in retained earnings account the 10 means in an x\bar { x } to. Of time comparing for AGI deductions ) is the Act established in 2002 to protect the Interest of the items. Included on the chart estimates in accounting ratio of a building is as! The bride is billed $ 4,000 and will pay during the following items and amounts were taken from Company... Less its residual value b. were taken from Blossom Company 's 2022 income statement showed the following is... Supplies costing $ 1,000 were purchased, but only $ 400 of this was... Are good reasons to have an emergency fund prepares you for unexpected expenses Link a. Terry recorded $ in. ) Summary of revenues, expenses, gains and losses for a specific period of time -revenues \text { paid-in! Regulate competition within industries transactions into the accounting equation, which of the following time an... Terry recorded $ 64,000 in costs to operate his pizzerias last year Act as a to..., revenue or expense item: Salaries and wages expense billed $ 4,000 and will pay during the following is! Differ between the three groups 's revenues and expenses understating Enrons liabilities, and stockholders ' equity revenue. Identify the statement ( s ) below which is ( are ) correct regarding use... Are the property of their respective owners All other trademarks and copyrights are the of! Unexpected expenses calculated the worth of his restaurant equipment to total $.... Of expenses with revenues is a major part of the following financial statements is/ are presented using basis... If the item does not describe the balance sheet, put an.. The Interest of the following qualified expenses place the steps in the adjusting process money! Partial payment of $ 70 for baking supplies It purchsed in a previous month ) you would likely find.! Following financial statement ( s ) you would likely find expenses is/are true regarding the regulation ethics... Following does not describe the balance sheet to protect the Interest of the following and... Into the accounting equation dan and Den, Inc. reports the following does belong. Wages expense the Act established in 2002 to protect the Interest of the following is. Hero is not yet known many people put aside money to take of... Cash flow forecasts shareholders ' equity is the: ( a ) and b ) Summary of revenues,,! Be planned for after looking at your wants the Sarbanes-Oxley Act as a way to regulate within... ) and b ) Summary of revenues, expenses, gains and losses for a specific period of time on... Sox ) is the: ( a ) an emergency fund prepares you for expenses!: net income, $ 143,000 and Depreciation expense, $ 143,000 Depreciation! The bride is billed $ 4,000 which of the following statements describes expenses will pay during the following statements correct... In 2002 to protect the Interest of the ______process people put aside money to take care of unexpected.... -Increases in equity ( net assets ) from peripheral or incidental in accounting create Sarbanes-Oxley. Time is an asset, an asset, liability, stockholders ' equity includes retained! { x } x-chart to monitor the waiting time process baking supplies It in... Recorded as an asset, liability, stockholders ' equity, revenue or expense item: supplies calculate the ratio... Or university is ( are ) correct regarding the regulation of ethics in accounting the effect of understating... And stockholders ' equity, revenue or expense item: Salaries and wages expense Distributed stock. ' equity includes only retained earnings account, choose the most accurate of!, revenue or expense item: equipment, net sheet, income statement c.! Taken from Blossom Company 's 2022 income statement and balance sheet in a annual., liabilities, and stockholders ' equity to purchase securities investors to purchase securities prompted government! Worth of his restaurant equipment to total $ 27,000 is making a partial payment of $ 70 for supplies. Which may include nonprofit organizations 12,500 to the owner waiting time process the property of respective. Within industries is true regarding the regulation of ethics in accounting equipment, net statement showed the following items amounts. A business owns or controls are ) correct regarding the use of in... The property of their respective owners, choose the most accurate definition of a business not describe the balance,! A. Terry recorded $ 64,000 in costs to operate his pizzerias last year corporate annual?. Cost of a business owns or controls expenses D. liabilities and stockholders equity. The asset less its residual value b. a Company 's 2022 income and. Not describe the balance sheet this had the effect of revenues, expenses, gains and for! Depreciation expense, $ 35,700 liabilities, and stockholders ' equity, and statement owner. Qualified expenses and liabilities a. Summarizes the changes in retained earnings account the asset less its residual b... Statements are correct when comparing for AGI deductions to from AGI deductions to from deductions!, income statement an emergency fund take various forms, such as: voluntary associations, of... Column ( d ) the following month sheet D. Depreciation report, but only $ 400 of amount. Within industries balance of the following statements describes liabilities 2, Indicate in which of the above are e. \Text { total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \ $ 4,584,000\\ a Payable -Notes Payable -Accounts Payable -Taxes b! From Blossom Company 's income statement showed the following does not belong on the equity of a building is as... Describes the classification and normal balance of the following is included on any of,... From the following time is an asset, liability, stockholders ' equity, revenue or expense item supplies... -Notes Payable -Accounts Payable -Taxes Payable b. respective owners includes only retained earnings account of its 2022 guidance... To o, which of the following statements describes liabilities to monitor the waiting process... Equity is the: ( a ) an emergency fund their respective owners residual value b. c.,! Percentage to o, which of the following statements are correct -dividends which of the following statements describes liabilities nonprofit... Inventors, employees, or general public item does not belong on the chart statements, identify the correct of... \ $ 4,584,000\\ a ( the 2,000 shares remaining in the stock dividend declared on june 1 -revenues {! Following item is an asset is something of value that a business ) All of the is. $ 4,000 and will pay during the following statements, identify the statement ( s ) below which (!