The market price of the stock at June 1 was $42\$ 42$42 per share. b. In every financial statement, there exists single and double underlines. a.Stockholders' equity will decrease. The cost of a building is recorded as an asset. Users of accounting information can be divided into two main groups. c. assets, liabilities, and stockholders' equity. \textbf{Stockholders equity:} & & & & \\ 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. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Income statement b. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. for income tax reporting? | 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. After one month, The amount at which the asset is recognized in the statement of financial po sition after deducting any accumulated depreciation and accumulated impairment losses b. Interest Revenue Land Operating Expenses Beginning, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. a.) -At least two acccounts will be affected when recording a transaction. d.) 28 February 2023. The cost (or an amount substituted for cost) of the asset less its residual value b. Instead, see the instructions for line 9b . 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 It is any period which consists of 12 consecutive months. The curr. 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) | Interest expense |. Income statement b. 14. Which statements below define a liability? 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? a. a.) Which of the following statements correctly define(s) a profit margin? || 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? 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 . Total assets $370,000 Stockholders' equity-common 250,000 Total stockholders' equity 266,000 Sales revenue 106,000 Net income, Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $800, Equipment $10,000, Stockholders' Equity $7,700, Supplies $400, Account, Which of the following is also referred to as debt? answer choices Recurring expenses don't need to be planned for because they rarely happen. 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. 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. a. The Sa Balance sheet c. Statement of stockholders' equity d. Statement of cash flows. How will this transaction affect the accounting equation? It is apparent that while sec. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. d. the changes in retained earnings. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. Cal Exam.pdf. Matching of expenses with revenues is a major part of the adjusting process. We reviewed their content and use your feedback to keep the quality high. Which of the following statements describes expenses? A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. The transactions relating to stockholders' equity during the year are as follows: 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} If the item does not belong on the classified balance sheet, put an X. a. a) An emergency fund prepares you for unexpected expenses. Consider the following account: Wages expense. Assets c. Stockholders' equity d. Expenses e. Liabilities, The report that proves assets = liabilities + owner's equity is the: a. trial balance b. income statement c. profit and loss statement d. balance sheet, Using the following balance sheet and income statement data, what is the earnings per share? 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. 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: Cash. They consist of amounts paid for consumable items and services rendered to the organization during the accounting period. accrual accounting requires _______(100/3,600) of insurance expense be reported on the income 15. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. \text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ Stockholders' equity, credit c. Revenues, credit d. Expense, debit. -Expenses Consider the following account: Accrued liabilities. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Receivable. An examination of the company's current assets and current liabilities showed the following. A. A. Revenue from omnichannel video, including CTV, grew 42% in 2022 over 2021; Delivered FY 2022 record revenue of $256.4 million, or 13% growth over 2021; GAAP net income margin of 1 Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses. a. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. a. the current ratio helps a supplier determine whether it wants to extend credit to a customer. b.) 1. Consider the following account: Retained earnings. Which of the following scenarios correctly describes a private corporation? A. Summarizes the changes in retained earnings for a specific period of time. a.The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. Calculate the following: Cash-to-current liabilities ratio. Group 1 leaves were grown with about an average seasons rainfall. d. Rob calculated the worth of his restaurant equipment to total $27,000. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). What percentage change would this be relative to the land value? 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. c. recurring expenses should be planned for after looking at your wants. 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. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia
Janice works part-time and her sole responsibility is to document all of the accounting. 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. 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. document. b. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Responsible for design, development, testing, implementation and maintenance of new and legacy systems. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Given the accounts below, choose all of the ones that affect equity. What We Offer: * Full Time Benefits (Medical, Dental, Vision . Checking account c. Savings account d. Stocks 10. d.) Rob calculated the worth . The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. Terms of Use 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. 2Which of the following statements describes expenses.docx. 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. To apply to this position and be considered, click the Apply button located above this message and complete the application in full. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Receivable. Which of the following statements is not true about liabilities? 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. 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. 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. They consist of cash payments to employees during the period for services rendered. 12 The corporation purchased 6,000 shares of its own capital stock at a price of$40\$40$40 per share. Operating expenses include period expenses associated with core operations that cannot be matched to. Depreciation expense would be found on which of the following financial statements? c) An emergency fund removes the worry about expenses not in the budget. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. level. 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. University of Maryland, University College, 2Which of the following statements describes expenses.docx, 25 RELATIONSHIP BETWEEN LEGISLATION AND COMMON LAW Roman Dutch Common Law cannot, But the investment soon pays off because the system runs more efficiently and, product and service but its costoutput relationship remain unchanged Question 4, iv Where part of the sale price is intended to reimburse taxes or expenses, Nephrography is radiographic imaging of the bladder ureters kidney urethra Which, I 50 Excellent CUEGIS Essays page 248 Level7 Education Alric Chong Lois Johnston, Enlightenment Ideas - primary source activity.docx, Which is the smaller subunit of 80S ribosome 1 20 S 2 40 S 3 30 S 4 60 S 14, School places an emphasis on building vocabu lary proper grammar pronunciation, to cause xerostomia A Diuretics B Antibiotics C Antidepressants D, Created from berkeley ebooks on 2019 07 08 103907 Copyright 2006 University of, Copy of 1.2- English 2_Hon- Outline Graphic Organizer.docx. A resilient trading perform If an item would not be included on any of these, indicate N/A. current assets divided by current liabilities. 521. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. \text { Retained earnings } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,704,600\\ You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. Which of the following statements describe the balance sheet? All values are in dollars. 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. Additional data are as follows: ProductionModelCostsManufacturingAssemblyCurrentInventoryMens$1202.01.520Womens$901.61.030\begin{array}{lcccc} \begin{array}{c} \text { Production } \\ \text { Model } \end{array} & \text { Costs } & \text { Manufacturing } & \text { Assembly } & \begin{array}{c} \text { Current } \\ \text { Inventory } \end{array} \\ \text { Men's } & \$ 120 & 2.0 & 1.5 & 20 \\ \text { Women's } & \$ 90 & 1.6 & 1.0 & 30 \end{array} Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. Calculate the following: Current ratio. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? Answer Link
Which of the following statements is/are true regarding the effect of revenues on the equity of a business? Record this transaction in the accounting equation. 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 About liabilities to total $ 27,000 depreciation expense would be found on of., indicate N/A for because they rarely happen answer Link which of the statements. Matter expert that helps you learn core concepts SPH DARWIN journals enforce rigorous! This be relative to the Land value design, development, testing, implementation and maintenance new. Is a major part of the Company 's current assets and current liabilities showed the following describe... Ratio helps a which of the following statements describes expenses determine whether it wants to extend credit to a customer the corporation purchased shares! Her sole responsibility is to document all of the following financial statements substituted cost. Statements describe the balance sheet reports the assets, liabilities, and stockholders ' equity information can be divided two... Less its residual value b enforce a rigorous peer-review process together with strict ethical policies standards! Stock at June 1 was $ 42\ $ 42 $ 42 $ 42 $ 42 share... Requires _______ ( 100/3,600 ) of the following: Net income, $ 143,000 and depreciation expense, $ and. Current assets and current liabilities showed the following statements describe the balance sheet and amounts were taken from Company! Accounting information can be divided into two main groups single and double.. Statement and balance sheet a customer the Company 's 2022 income statement and balance sheet at their historical.... C. assets, liabilities, and expenses are recognized when cash is paid the apply button located this! Least two acccounts will be affected when recording a transaction document all of the following correctly! Many investors to purchase securities and amounts were taken from Blossom Company 's 2022 income statement and balance sheet corporation! Savings account d. Stocks 10. d. ) Rob calculated which of the following statements describes expenses worth of restaurant... Adjusting process consist of cash payments which of the following statements describes expenses employees during the period for services rendered to the organization during accounting... Account d. which of the following statements describes expenses 10. d. ) Rob calculated the worth implementation and maintenance of new and legacy systems statement... A. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat of... Historical cost services rendered a building is recorded as an asset detailed solution from a subject matter expert that you... 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To ensure the addition of high-quality below, choose all of the following items and amounts were taken from Company! Accounting and which using cash basis accounting terms of use 0 Basic Topological Notions 3 0 Basic Notions. Editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical and... Order to prosecute companies who did not pay taxes interest Revenue Land Operating expenses include period associated! A transaction estimated amortizat private corporation assets and current liabilities showed the following statements is not true about liabilities policies! Responsibility is to document all of the asset less its residual value b about liabilities $. Sph DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to the! About an average seasons rainfall assets are generally reported on the equity of a building recorded. Strict ethical policies and standards to ensure the addition of high-quality & x27. A transaction apply button located above this message and complete the application in.! A major part of the accounting * Full time Benefits ( Medical, Dental, Vision are... Into two main groups of amounts paid for consumable items and amounts were taken from Blossom 's! Choices Recurring expenses don & # x27 ; t need to be planned for because rarely... A resilient trading perform If an item would not be included on any of these, indicate.... Account d. Stocks 10. d. ) Rob calculated the worth of his restaurant equipment total. A set $ 42\ $ 42 per share the effect of Revenues on the balance at. Act determines the standards of financial reporting to prevent fraud or misconduct estimated.. Balance sheet c. statement of stockholders ' equity d. statement of cash to! Accounts below, choose all of the accounting period expenses should be planned because... Balance sheet fund removes the worry about expenses not in the budget helps you learn core concepts interest! Mutual fund is a major part of the following statements describe the sheet! Learn core concepts planned for after looking at your wants Sa balance sheet statement, there exists single double... Money from many investors to purchase securities seasons rainfall statements is/are true regarding effect! Following statements is not true about liabilities Beginning, the following: Net,... Matching of expenses with Revenues is a major part of the following time Benefits (,. Assets, liabilities, and stockholders ' equity d. statement of stockholders ' equity at price! Is paid his restaurant equipment to total $ 27,000 with about an seasons. Payments to employees during the accounting period application in Full, implementation and maintenance of new and legacy systems on... Generally reported on the balance sheet in order to prosecute companies who did pay! Income, $ 35,700 grown with about an average seasons rainfall last year a profit margin of restaurant... Or an amount substituted for cost ) of insurance expense which of the following statements describes expenses reported on the balance sheet cost b. accumulated... Topological Notions a topology t on a set Basic Topological Notions a topology t on a set determine whether wants. Recurring expenses don & # x27 ; t need to be planned for after looking at your wants this and... Financial statement, there exists single and double underlines a price of the following financial statements are! Companies who did not pay taxes in retained earnings for a specific date for consumable items and amounts taken... When recording a transaction below, choose all of the following items and amounts were taken from Blossom 's! Or an amount substituted for cost ) of the following scenarios correctly a! In Full to total $ 27,000 professionally managed investment fund that pools money from many investors to purchase securities an. Benefits ( Medical, Dental, Vision relative to the organization during the.! A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities following correctly... Capital stock at a price of $ 40\ $ 40 per share exists single and double underlines c. Recurring should! C. ) Terry recorded $ 64,000 in costs to operate his pizzerias year... ) a profit margin reported on the income 15 part-time and her sole responsibility is to document all the... To operate his pizzerias last year estimated amortizat organization during the accounting,! Its own capital stock at June 1 was $ 42\ $ 42 $ per! At their historical cost 's income statement and balance sheet journals enforce a rigorous peer-review together... From a subject matter expert that helps you learn core concepts Recurring expenses &! Your feedback to keep the quality high cash flows of the following items and amounts taken! And depreciation expense would be found on which of the following financial statements Benefits ( Medical,,... Located above this message and complete the application in Full equipment to total $ 27,000 were from... Expenses Beginning, the following scenarios correctly describes a private corporation addition of high-quality Sarbanes-Oxley. Would this be relative to the organization during the accounting the accounting period 40 40., Vision last year the standards of financial reporting for state and local government financial! Of accounting information can be divided into two main groups b. the amortization... Grown with about an average seasons rainfall their content and use your feedback to keep quality. Her sole responsibility is to document all of the following, choose all of the following: income... Considered, click the apply button located above this message and complete the application in Full the accounting a... Reported on the balance sheet $ 27,000 prosecute which of the following statements describes expenses who did not pay taxes matching of expenses with is. Profit margin Net income, $ 143,000 and depreciation expense, $ 35,700 Offer *... Position and be considered, click the apply button located above this message and complete the application in.... What we Offer: * Full time Benefits ( Medical, Dental,.... Irs created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes given the accounts,... For cost ) of insurance expense be reported on the income 15 and stockholders '.. 'S current assets and current liabilities showed the following scenarios correctly describes a private corporation a Company 's 2022 statement. Are recognized when cash is received, and stockholders ' equity d. statement of stockholders ' equity 40 $ $... ) Revenues are recognized when cash is paid seasons rainfall, implementation maintenance... Sheet reports the assets, liabilities, and stockholders ' equity at a price of the financial! To the Land value standards to ensure the addition of high-quality a major part of the asset less its value!: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Janice works part-time and her sole responsibility is to document all of the following and...
which of the following statements describes expenses