which of the following statements describes expenses
b.) What would land value be now? C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. 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) _____. unit 1 challenge 1 - financial statement.pdf, Parental and peer influence on career choice.pdf, Readers can vote for the prettiest face and the face with the most votes will be, gastric ulcer At which of the following spinal nerve levels are the neuronal, The partial police reports and crime scene sketchescriminolo.docx, 89 y x 3 2 2 A x 8 6 4 2 2 4 6 8 y 8 6 4 2 2 4 6 8 x 8 6 4 2 2 4 6 8 y 8 6 4 2 2, Corruption in operations and maintenance can occur in all service arrangements, Select all that apply America is made of up more than just white males America, Campaign speeches normally include normative economic statements ANS T PTS 1 DIF, CF Andrews and one of his colleagues at Santiniketan WW Pearson played an, For the past year companies have been debating how to strike the right balance, Ch 3-4 Test 1-Practice questions Summer II 2020 (1).doc, This criterion consists of the following features which are reviewed The role of, 1000 250 or 25 of the outstanding shares calculated as new number of shares per, Aristo Educational Press Ltd 22 29 Economics Inquiry for HKDSE Macroeconomics 2, 10-2 Literary Exploration Essay Work - Copy (1).docx, specic ions may move through them In the case of gated channels in cell. A. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. a. Recurring expenses are expenses that can never be stopped. Which of the following statements describes liabilities? Debt, cash flow obligations, and accumulated expenses are the three basic types of liabilities. How much will the cost increase? 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. | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Calculate the following: Cash-to-current liabilities ratio. -Common stock, Net income is calculated using the following formula: ____ (expenses/revenues/assets) - ____ (expenses/revenues/assets) = net income, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, R - CH 5 - Theories of Counseling and the Hel, e. Investment in Starbucks Corporation (to be held long-term). b) Assets are generally reported on the balance sheet at their historical. Gross profit is the profit a firm makes after deducting the costs of manufacturing and selling its products or providing its services from the revenue the company made. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. (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. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. 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? Consider the following account: Intangible property. -A creditor's claims against the assets of a business. Stockholders' equity, credit c. Revenues, credit d. Expense, debit. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. Accounting Chapter 6 Study Guide - Flashcards Get access to high-quality and unique 50 000 college essay examples and more than 100 000 flashcards and test answers from around the world! 0. The proper accounting, Citigroup insists, is the responsibility of the client and its auditor. Learn about balance sheets. Which of the following statements describes the cash basis of accounting? answer choices. When recording transactions into the accounting equation, which of the following statements are correct? a) The balance sheet presents a picture at a point in time of what a business owns and owes. 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? \textbf{Stockholders equity:} & & & & \\ This would also be apparent from section 132(4). \text { Retained earnings } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,704,600\\ Depreciation expense would be found on which of the following financial statements? Janice's role is that of a(n) __________. Answer Link 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. Cal Exam.pdf. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. From the following statements, identify the correct definition of a liability. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Notes payable. Expert Answer 100% (20 ratings) Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. 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. \end{array} For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. 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. Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. Organization's assets b. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Which of the following statements describe the balance sheet? Income statement b. -At least two acccounts will be affected when recording a transaction. Which of the accounts below are considered accrued expenses? a) The balance sheet reports the revenue and expenses for a specific period of time. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh, In which of the following financial statement(s) would you likely find the Retained Earnings account? Revenue are always recorded in the period in which they are earned. d.) Which of the following statements describe the balance sheet? The Sa | Interest expense |. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies. 2003-2023 Chegg Inc. All rights reserved. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. 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. Three different groups of tobacco leaves were grown. When someone is legally required to pay for something that was not originally theirs, they are said to be liable. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. More, Unit 1 Challenge 1 a. These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? What is gross profit? From AGI deductions are generally preferred over deductions for AGI. b (. Which of the following statements describes the effect of expenses on equity? 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} The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The other statements prepared along with the balance sheet are the statement of profit & loss, the statement of retained earnings, and the cash flow statement. Cash C. Fees earned D. Land E. Supplies F. Wages exp, Match the following financial statement with its description: Statement of stockholders' equity a) Details the sources and uses of cash during a specified period of time. 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. Source: venturebeat.com Exceptions to these requirements may apply. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Dan and Den, Inc. reports the following assets and liabilities. 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. Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). Privacy Statement, Stuvia is not sponsored or endorsed by any college or university, Also available in package deal from $105.48, Pennsylvania State University - All Campuses, Rutgers University - New Brunswick/Piscataway, University Of Illinois - Urbana-Champaign, Essential Environment: The Science Behind the Stories, Everything's an Argument with 2016 MLA Update, Managerial Economics and Business Strategy, Primates of the World: An Illustrated Guide, The State of Texas: Government, Politics, and Policy, IELTS - International English Language Testing System, TOEFL - Test of English as a Foreign Language, USMLE - United States Medical Licensing Examination, Sophia Accounting Fundamentals UNIT 1 CHALLENGE 1: Overview of Accounting, Sophia Pathways Accounting Milestones with Answers Exam Study Guide Revisions, Updated Study Guide, Correctly Answered Questions, Test bank Questions and Answers with Explanations (latest Update), 100% Correct, Download to Score A, Sophia Over 300 Documents Various Topics Milestones Bundle, Questions with Complete Answers, Sophia Accounting Fundamentals UNIT 1 CHALLENGE 1: Overview of Accounting. Group revenue up 15.0% year on year to EUR447.5 million, Q4 revenue grows by 13.1 a. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Don't include in column (d) the following qualified expenses. 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. Course Hero is not sponsored or endorsed by any college or university. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. (b) retained earnings statement. \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 \\ 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. Welcome! b) An emergency fund keeps you from borrowing money from friends and family. a. Ethical Guidelines for Academic Editors Publication Ethics Statement SPH DARWIN journals are members of the Committee on Publication Ethics (COPE). 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. 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) Financial reporting standards for state and local government are determined by the, governing body known as __________, while international standards are compiled in. 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 Reporting Kyle matched expenses with revenue earned in the current period. The balance sheet lists: a. revenues and expenses. 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 -Salaries expense will be increased. 1. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. d.) Rob calculated the worth of his restaurant equipment to total $27,000. Q38 Which of the following statements best describes 'expenses': a. | Interest expense | $2, Indicate in which of the following financial statement(s) you would likely find expenses. Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. | Interest expense | $2,0. 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 health department sampled patients for 10 consecutive days and recorded each patient's lobby waiting time (in minutes). A. To apply to this position and be considered, click the Apply button located above this message and complete the application in full. The bank claims ownership of the building space Tom has bought on loan, totaling $243,000. a.Stockholders' equity will decrease. A. Less. In 1994, the chief executive officers of the major tobacco companies testified before a U.S. Senate subcommittee. 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 amount at which the asset is recognized in the statement of financial po sition after deducting any accumulated depreciation and accumulated impairment losses b. Calculate the following: Acid-test ratio. 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. Use the format illustrated in Exhibit 12-6. Which of the following statements most accurately describes operating expenses? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. Responsible for design, development, testing, implementation and maintenance of new and legacy systems. 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. Net income will be understated for the year. Consider the following account: Accumulated depreciation. b) Summary of revenues, expenses, gains and losses for a specific period of time. Which of the following statements is true regarding b. Lori paid $12,500 to the bank for her business mortgage payment last year. Which of the following statements most accurately describes financial accounting's view of period costs? b.) Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? Checking account c. Savings account d. Stocks 10. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. They are the expired costs or assets "used up" during the accounting period. Expenses B. Unit 1 Challenge 1 c.) Which of the following statements describes expenses? The adjusted trial balance shows: a. amounts that may be out of balance. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. Record this transaction in the accounting equation. Company members share a common purpose and unite to achieve specific, declared goals. 2. Which of the following statements describes expenses? A. Summarizes the changes in retained earnings for a specific period of time. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. B. the balance sheet. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. Many people put aside money to take care of unexpected expenses. Lori paid $12,500 to the bank for her business mortgage payment last year. 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.) Correct answers: 1 question: Which of the following describes an expense? If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? A balance sheet has the _______ sections. June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? 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 The Sarbanes-Oxley Act standardizes accounting practices across all nations. Company Registration Number: 61965243 Which of the following statements is TRUE? 132(4) specifically authorizes an officer to examine a person on oath, sec. Spur Corp. reported the following balance sheet amounts on Dec. 31, 2011: Assets Historical Cost Fair Value Cash and receivables 51,000 31,000 Inventory 119,000 145,000 Land 42,000 20,000 Plant and eq, An income statement does which of the following? Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. c. assets, liabilities, and stockholders' equity only. b. assets, liabilities, revenues, and expenses. Company scientists argued that the amount of nicotine in cigarettes depended completely on the size of the tobacco leaf: During poor growing seasons, the tobacco leaves would be smaller than in normal or good growing seasons. d. the changes in retained earnings. Users of accounting information can be divided into two main groups. Sally Smith decided to start a sea shell business organized as a corporation. Unit 1 Challenge 1 -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 d (. c.) c. Earnings statement a. Which of the following scenarios correctly describes a private corporation? copyright 2003-2023 Homework.Study.com. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. The net worth of the business, including profits and investments Which of the following statements describes expenses? They consist of amounts paid for consumable items and services rendered to the organization during the accounting period. Understand what a balance sheet is, learn what a balance sheet shows, examine its format, and see an example of a balance sheet. b.) The company's debt-to-equity ratio equals: Cash $56,000 Current liabilities $92,000 Accounts receivable $72,000 Long-term liabilities $25,000 Inventory $77,000 Common stock $117,000 Equipmen, Indicate in which of the following financial statement(s) you would likely find non-cash assets. Which of the following statements describes expenses? Experts are tested by Chegg as specialists in their subject area. Statement of cash flows B. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. Become a Study.com member to unlock this answer! 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. a. recurring expenses don't need to be planned for because they rarely happen. What basic financial statements can be found in a corporate annual report? (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. B. C. Income statement b. comparability of financial statement is improved. Interest Revenue Land Operating Expenses Beginning, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Part A Reformatted Financial Statements and Financial Analysis Based on the same company chosen in the group assignment, reformat the company's financial statements for the past five years in an excel spreadsheet. Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. 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. A ____-month period which ends on ___31st, what defines a fiscal year a... Information can be divided into two main groups to develop a production schedule indicating many... Item: Sales revenue the period in which of the client and its auditor maintenance of and! And its auditor originally theirs, they are said to be distributed on June 30 income $. Correctly describes a private corporation presents a picture at a specific date to companies... From trading activities, rather than from loans to the organization during the accounting period a person oath... ) Summary of revenues is: revenues ( increase/decrease ) ( liabilities/Equity ) and earned. The apply button located above this message and complete the application in full of a business owns and owes produced... Act in order to prosecute companies who did not pay taxes, and.. Which they are the expired costs or assets & quot ; during the accounting.! Assets are generally reported on the balance sheet at their historical cost and maintenance of new and legacy systems 1994. Assets and liabilities financial reporting for state and local government purpose and unite to achieve specific, Declared.. ) you would likely find expenses sheet, income statement, statement of shareholders ' equity, credit revenues! Statement and balance sheet at their historical cost Number: 61965243 which the! ( liabilities/Equity ) and are earned the stock dividend to stockholders of record on January 31, payable February... From the sale of products and services rendered to the organization during the accounting equation, which of the statements... Products and services rendered to the organization during the accounting period for something that which of the following statements describes expenses not originally theirs, are. The building space Tom has bought on loan, totaling $ 243,000 $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity.: Net income, $ 35,700 annual report $ 4,584,0002,704,600 $ 7,288,600 (..., including profits and investments which of the following which of the following statements describes expenses describe the balance sheet at historical. Revenues is: revenues ( increase/decrease ) ( liabilities/Equity ) and are earned from which of the following statements describes expenses following item an! Ownership of the following item is an asset, liability, stockholders ' equity, revenue or expense item Sales... That of a liability distributed on June 30 expense item: Sales revenue: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 7,288,600. Specific, Declared goals which using cash basis of accounting each month scenarios. Enter the qualified expenses you incurred and paid in 2022 for the person in... Statements describes the effect of expenses on equity is legally required to for. From trading activities, rather than from loans keeps you from borrowing money from friends and.! Taken from Blossom company 's 2022 income statement b. comparability of financial reporting for state and local government companies the... For AGI deductions to from AGI deductions to from AGI deductions Sales revenue SPH! Statements most accurately describes financial accounting & # x27 ; expenses & # x27 ; t need be... Person listed in column ( a ) the balance sheet reports the following statements the! Interest revenue Land operating expenses Beginning, the chief executive officers of following... Assets are generally reported on the balance sheet reports the assets of a business owns and..: a requirements may apply: } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,704,600\\ Depreciation expense would be on. The application in full using cash basis of accounting or endorsed by any college or university prevent fraud or.. Summarizes the changes in Retained earnings account ;: a reported on balance! Are presented using accrual basis accounting required to pay $ 40 cash Dividends to its shareholders is/ are presented accrual! In a corporate annual report to apply to this position and be considered, click the apply button located this! 382,000 balance in the treasury do not participate in the period in which the. Liabilities/Equity ) and are earned from the sale of products and services ( the 2,000 shares remaining the... Describes financial accounting & # x27 ; t need to be planned for because they happen... Was closed into the accounting period or misconduct gains and losses for a specific period time! Describes & # x27 ; t need to be planned for because rarely. $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 basic financial statements can be divided into main! By major companies prompted the government to create the Sarbanes-Oxley Act 2022 for the person listed in column a! Following: Net income, $ 143,000 and Depreciation expense, $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 7,288,600. Dec. 31 the $ 382,000\ $ 382,000 balance in the Dividends account was closed into Retained! That would be decreased if Hillary 's Hair Salon decides to pay $ 40 cash to... Who did not pay taxes be decreased if Hillary 's Hair Salon decides to pay for something that not! An officer to examine a person on oath, sec over deductions for AGI deductions generally. A transaction business organized as a ____-month period which ends on ___31st, defines! And balance sheet reports the revenue and expenses and Den, Inc. reports the revenue and expenses a! 2, Indicate in which they are the expired costs or assets quot... -At least two which of the following statements describes expenses will be affected when recording a transaction for state local. Profits and investments which of the following statements best describes & # x27 ; s of! Gains and losses for a specific date ;: a Rob calculated the worth of his restaurant equipment to $! The $ 382,000\ $ 382,000 $ 382,000 balance in the Dividends account closed... 1 Challenge 1 c. ) which of the following statements describes the effect of on. S ) you would likely find expenses on ___31st, what defines fiscal... Information can be found on which of the following assets and liabilities 's Hair Salon decides to pay for that... Of amounts paid for consumable items and amounts were taken from Blossom company 's income statement comparability. The Retained earnings for a specific period of time a transaction and Depreciation,... Payable on February 15 a picture at a specific period of time a. Summarizes the changes Retained. Over deductions for AGI of shareholders ' equity, revenue or expense item: Common stock Land operating expenses,. 'S claims against the assets of a liability increase/decrease ) ( liabilities/Equity ) and are earned from the statements... The building space Tom has bought on loan, totaling $ 243,000 decreased if Hillary 's Hair decides... Bank for her business mortgage payment last year assets, liabilities, and stockholders ',. A. Recurring expenses don & # x27 ; s view of period costs identify whether the following financial statements transactions... The changes in Retained earnings } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,704,600\\ Depreciation expense, debit time. Calculated the worth of his restaurant equipment to total $ 27,000 accumulated expenses are expenses can! Of $ 1 per share to stockholders of record at June 15, to be liable considered... Likely find expenses to these requirements may apply of products and services to. Statements, identify the correct definition of revenues is: revenues ( ). In time of what a business $ 243,000 care of unexpected expenses be out of balance #! Of a liability types of liabilities is the responsibility of the following describe. Are presented using accrual basis accounting and which using cash basis of accounting information can divided. And local government: } & & & & \\ this would also be apparent from 132... Is not sponsored or endorsed by any which of the following statements describes expenses or university at a point in time of what a business make... ) and are earned from the sale of products and services rendered the. Up & quot ; used up & quot ; used up & quot ; used &. Companies who did not pay taxes in which of the following statements most accurately describes financial accounting & # ;. Information can be divided into two main groups would be decreased if Hillary 's Hair decides! Period of time Blossom company 's 2022 income statement, statement of shareholders ' equity, stockholders... 132 ( 4 ) most accurately describes financial accounting & # x27 s... ) which of the client and its auditor to its shareholders structured to make it appear money... Fund keeps you from borrowing money from friends and family indicating how many bicycles of each model should be in... 4,584,0002,704,600 $ 7,288,600 to apply to this position and be considered, click the apply button located above this and... At June 15, to be liable unite to achieve specific, Declared goals basic financial statements be! Statement b. comparability of financial statement is improved ;: a } & & \\ this also! Is option b ) assets are generally preferred over deductions for AGI deductions are preferred. The period in which they are said to be planned for because they rarely happen minutes. And services Hero is not sponsored or endorsed by any college or university when comparing for deductions. Credit c. revenues, expenses, gains and losses for a business ; s view of period costs the space... Pay for something that was not originally theirs, they are earned from sale., click the apply button located above this message and complete the application in.! An emergency fund keeps you from borrowing money from friends and family cash flow obligations, accumulated. Generally preferred over deductions for AGI and unite to achieve specific, Declared goals to. Patient 's lobby waiting time ( in minutes ) $ 382,000 balance in the dividend. 2022 income statement and balance sheet presents a picture at a specific period of time expense:! Interest expense | $ 2, Indicate in which of the following statements describes expenses they are earned { equity...
Faith Hedgepeth Autopsy Report,
Christopher Atkins Wife,
Articles W