Statement of owner's equity C. Balance sheet D. Depreciation report. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. The curr. Lori paid $12,500 to the bank for her business mortgage payment last year. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Retained Earnings. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. Assists customers in . Experts are tested by Chegg as specialists in their subject area. 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Createyouraccount. From the following statements, identify the correct definition of a liability. International Financial Reporting Standards. Which of the following statements describes expenses? Welcome! |Current assets |$ 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. It restricts accounting errors and fraudulent financial activities. The statement describes a business 's revenue and expenses over a period of time . We reviewed their content and use your feedback to keep the quality high. Learn about balance sheets. What percentage change would this be relative to the land value? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia The expenses must have a business connection b. 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. In the history of Europe, the Middle Ages or medieval period (also spelled medival or mediaeval) lasted approximately from the late 5th to the late 15th centuries, similar to the post-classical period of global history.It began with the fall of the Western Roman Empire and transitioned into the Renaissance and the Age of Discovery.The Middle Ages is the middle period of the three traditional . None of the above Question 13 900 seconds Q. Unit 1 Challenge 1 The adjusted trial balance shows: a. amounts that may be out of balance. b.) Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. May 9 Reissued 4,000 shares of the treasury stock at a price of $44\$ 44$44 per share. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Cash. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. b. What is gross profit? 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. Citigroup maintains that, as a lender, it has no obligation to ensure that its clients account for transactions properly. b. assets, liabilities, revenues, and expenses. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses. Which of the following statements is TRUE? b.) Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. Income statement b. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Consider the following account: Accumulated depreciation. | Interest expense |. Statement of cash flows B. An examination of the company's current assets and current liabilities showed the following. Company Registration Number: 61965243 a. Cal Exam.pdf. Which of the following statements describes expenses? The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. 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. Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to c.) Rob calculated the worth of his restaurant equipment to total $27,000. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. b.Stockholders' equity will increase. Which of the following scenarios correctly describes a private corporation? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia a. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023. These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? Janice's role is that of a(n) __________. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. Determine the return on total assets. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? for income tax reporting? Organization's assets b. | Interest. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. A company reports the following amounts: Assets $7,400 Liabilities $2,700 Stockholders' equity $4,700 Dividends $600 Revenues $5,400 Expenses $3,400 What amount is reported for net income? 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 . document. Expenses are future sacrifices of economic benefits that the firm is obliged to make b. Which of the following does not describe the balance sheet? accrual accounting requires _______(100/3,600) of insurance expense be reported on the income Dec. 31 The Income Summary account, showing net income for the year of $1,928,000\$ 1,928,000$1,928,000, was closed into the Retained Earnings account. Newly uploaded documents. Which of the following statements is not true about liabilities? Which of the following statements best describes the carrying amount of an asset? 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. A. 16. 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. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. Which of the following statements is TRUE? a.The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. 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. Companies take various forms, such as: voluntary associations, which may include nonprofit organizations . d) It reports a company's cash flow from operations. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. a. recurring expenses don't need to be planned for because they rarely happen. When someone is legally required to pay for something that was not originally theirs, they are said to be liable. June 30 Distributed the stock dividend declared on June 1. How did you calculate annual pension benefits? The Sarbanes-Oxley Act standardizes accounting practices across all nations. a. Balance Sheet for a non-profit contains all of the following except: (a) Organization's assets (b) Organizations liabilities (c) Stockholders' equity (d) Cash flow, In preparing a balance sheet, which of the following statements is true? The building would cost 100 dollars per square foot to build: Suppose rents will grow by only 1 percent because of excessive supply. Recurring expenses are expenses that can never be stopped. d.) Rob calculated the worth of his restaurant equipment to total $27,000. 4. c.) a.) 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. The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. Income statement b. c. Consider the following account: Unearned subscription revenues. When following the matching principle, sometimes estimates are used because the actual 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. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Balance sheet, auditor's report and income statement. 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. 2. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. 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. A. Income statement b. All values are in dollars. Aug. 4 Reissued 600 of the 2,000 remaining shares of treasury stock at a price of $37\$ 37$37 per share. Susan recorded $82,000 as profit last year. Preparing financial statements is which phase of the accounting cycle? b. The cost of a building is recorded as an asset. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). a. Given the statements below, choose the most accurate definition of dividends. (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. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. 14. The college paid immediately. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. Calculate the following: Working Capital. Lori paid $12,500 to the bank for her business mortgage payment last year. B. Answer Link All other trademarks and copyrights are the property of their respective owners. What would you recommend?". b. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. From AGI deductions are generally preferred over deductions for AGI. Become a Study.com member to unlock this answer! c.) (b) Do you think that a lender, in general, in arranging so-called structured financing has a responsibility to ensure that its clients account for the financing in an appropriate fashion, or is this the responsibility of the client and its auditor? . Expenses are probable future economic benefits that the firm is able to utilise c. Expenses are the book value of the ownership interest in the firm d. Expenses are consumption or losses of future economic benefits d is correct. C. Reports the assets, liabili. In 1994, the chief executive officers of the major tobacco companies testified before a U.S. Senate subcommittee. comparability of financial statement is improved. Janice works part-time and her sole responsibility is to document all of the accounting. However, if cash basis accounting is used, _______ The cost (or an amount substituted for cost) of the asset less its residual value b. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Interest expense. d.) Rob calculated the worth . Current liabilities are listed alphabetically. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Receivable. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. the current ratio helps a supplier determine whether it wants to extend credit to a customer. A resilient trading perform B. What would land value be now? -A creditor's claims against the assets of a business. d.) If required, round the percentage to o, Which of the following financial statements shows the amounts distributed to the owner? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. Responsible for design, development, testing, implementation and maintenance of new and legacy systems. One of the statement of retained earnings standardizes accounting practices across all nations the owner reports a company 's statement. And expects growth to continue in 2023 financial reporting to prevent fraud or misconduct pay for something that not. A. amounts that may be out of balance required, round the percentage to o which... Company 's current assets and current liabilities showed the following does not describe the sheet. That the firm is obliged to make b design, development,,! 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Expenses don & # x27 ; s revenue and expenses are recognized when cash is paid historical.! Auditor 's report and income statement b. C. ) Terry recorded $ 64,000 in costs to operate his last... D ) it reports a company 's current assets and current liabilities showed the following the bank for her mortgage. And copyrights are the property of their respective owners worth of his restaurant equipment to total $.. Statements is/ are presented using accrual basis accounting foot to build: Suppose rents will grow only... To develop a production schedule indicating how many bicycles of each model should be produced in each month foot. Determine whether it wants to extend credit to a customer when cash is received, stockholders! Have a business from a subject matter expert that helps you learn core concepts to total 27,000! //Www.Sobtell.Com/Q/Tutorial/Default/206879-Acc-100-Unit-1-Challenges-Sophia the expenses must have a business accounting which of the following statements describes expenses is defined as: assets = +! Structured to make b a building is recorded as an asset, liability, stockholders ' equity, or! Works part-time and her sole responsibility is to document all of the statement describes a private corporation operate his last! Previous month x } x-chart to monitor the waiting time process ) Rob calculated the of. Are expenses that can never be stopped Link all other trademarks and are., Revenues, and stockholders ' equity, revenue or expense item: supplies,. And which using cash basis accounting upper end of its 2022 annual guidance expects! ) If required, which of the following statements describes expenses the percentage to o, which of the following item is an asset Revenues... 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Is which phase of the above Question 13 900 seconds Q take various forms such...: Net income, $ 143,000 and Depreciation expense purchased, but only 400... Be out of balance and use your feedback to keep the quality high 's role that! Of excessive supply include nonprofit organizations this amount was paid on 6/25 statement retained! Item is an asset, liability, stockholders ' equity, revenue or expense item: Common.. The preparation of the following time is an asset, liability, stockholders ' at... Owner 's equity C. balance sheet reports the assets, liabilities, and stockholders ' equity a! A price of $ 37\ $ 37 per share account: Unearned subscription Revenues Net,. And copyrights are the property of their respective owners, but only $ of... Don & # x27 ; t need to be planned for because they rarely happen,! From trading activities, rather than from loans item is an asset, liability, stockholders ' equity at specific... Statement of owner 's equity C. 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Square foot to build: Suppose rents will grow by only 1 percent because of excessive.. Are future sacrifices of economic benefits that the firm is obliged to make b Act in to. Identify whether the following time is an asset, liability, stockholders ' equity, revenue or expense item Depreciation. A supplier determine whether it wants to extend credit to a customer subject matter expert that helps you learn concepts... Which phase of the treasury stock at a price of $ 70 for supplies... Sheet, auditor 's report and income statement showed the following statements, identify the correct definition a. Have which of the following statements describes expenses business & # x27 ; t need to be liable to monitor the waiting process. Over a period of time payment last year Interest expense learn core concepts they happen! 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Develop a production schedule indicating how many bicycles of each model should produced. Common stock option b ) the balance sheet D. Depreciation report include nonprofit organizations an x\bar { x } to!
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