1) Income statement 2) Balance sheet 3) Statement of cash. Lori paid $12,500 to the bank for her business mortgage payment last year. 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 Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. 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? Aug. 4 Reissued 600 of the 2,000 remaining shares of treasury stock at a price of $37\$ 37$37 per share. Users of accounting information can be divided into two main groups. a.) 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 income statement describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings related activities. Answer these questions about your completed spreadsheet. Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. a. Preparing financial statements is which phase of the accounting cycle? c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Apr. The proper accounting, Citigroup insists, is the responsibility of the client and its auditor. d. revenues and expenses only. Total debits must be matched with total credits in the ledger accounts. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. An owner of a corporation. Operating expenses include period expenses associated with core operations that cannot be matched to. Consider the following account: Retained earnings. 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. Susan recorded $82,000 as profit last year. Determine the return on total assets. d) All of the above are correc e) Only answers a) and b) are correct. Company members share a common purpose and unite to achieve specific, declared goals. b. Lori paid $12,500 to the bank for her business mortgage payment last year. What objective should be of primary importance in the selection of a depreciation method Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. | Interest expens. The remainder of the bill went on account. \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 \\ b) An emergency fund keeps you from borrowing money from friends and family. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. A calender-year-end reporting period is defined as a ____-month period which ends on ___31st, what defines a fiscal year for a business. 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. a.) Createyouraccount. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. a.) the current ratio helps a supplier determine whether it wants to extend credit to a customer. Which of the following statements describes the cash basis of accounting? A company's obligation to provide assets, products or service to others. 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? Lori paid $12,500 to the bank for her business mortgage payment last year. The cost (or an amount substituted for cost) of the asset less its residual value b. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? 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. Which of the accounts below are considered accrued expenses? Jackson's Catering Company provided cookies worth $3,000 to the local college. Instructions a.Stockholders' equity will decrease. Capital expenditures budget b. 28 February 2023. a. b (. 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} -Dividends 12 The corporation purchased 6,000 shares of its own capital stock at a price of$40\$40$40 per share. Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? Learn about balance sheets. a. Stockholders' equity will be overstated at year-end. Statistical process III control was utilized to enhance the service wic1, delivery at a Women, Infants, and Children (WIC) health WIc2 clinic in Minnesota (American Journal of Public Health, Sep. 2009). d) All of the above are good reasons to have an emergency fund. -Equity will be decreased Depreciation expense would be found on which of the following financial statements? 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 should be matched in the same acccounting period as the revenues that are earned as a result of those expenses. | Interest expense | $2, Indicate in which of the following financial statement(s) you would likely find expenses. C. both the balance sheet and the income statement. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia 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? Terry recorded $64,000 in costs to operate his pizzerias last year. Which of the following statements describes expenses? Assists customers in . The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Which of the following describes the classification and normal balance of the Retained Earnings account? The owner is responsible for property taxes and maintenance expenses only The tenant is responsible for capital expenses up to the percentage rate The owner is responsible for Show transcribed image text Expert Answer Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? It is any period which consists of 12 consecutive months. Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. Answer Link A. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. 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Q38 Which of the following statements best describes 'expenses': a. For AGI deductions are subtracted directly from adjusted gross income. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. Choose the formula below that is used to calculate the current ratio of a business. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. 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. The transactions relating to stockholders' equity during the year are as follows: b. This would also be apparent from section 132(4). The following information pertains to Tamarisk Company. If required, round the percentage to o, Which of the following financial statements shows the amounts distributed to the owner? 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. Which of the statements correctly represents the accounting equation? Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. -At least two acccounts will be affected when recording a transaction. None of the above Question 13 900 seconds Q. The 2016 balance sheet reported the following: cash, $1,490,000; prepaid expenses, $550,000; noncurrent assets, $2,800,000; and shareholders' equit. 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 Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Receivable. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. The child must consent to the . d (. c) The balance, A company has the following listed asset accounts. -A creditor's claims against the assets of a business. 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