The mean lobby waiting times were (in order): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and 14 minutes. Instructions 14. b. Lori paid $12,500 to the bank for her business mortgage payment last year. Terry recorded $64,000 in costs to operate his pizzerias last year. a.) The company's current ratio at the end of the year was 2.5 a, 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. c (. Owner investments causes a(n) (increase/decrease) ________ in equity. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. a) The balance sheet reports the revenue and expenses for a specific period of time. 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. c.) 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 area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. 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. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Net income will be understated for the year. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Answer Link Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows. 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. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. Select one: a. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? On May 1, Mary's Morsels Company provided catering services at a wedding. 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? Cal Exam.pdf. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Lori paid $12,500 to the bank for her business mortgage payment last year. When recording transactions into the accounting equation, which of the following statements are correct? Course Hero is not sponsored or endorsed by any college or university. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. However, because the amount of nicotine in a leaf is a fixed quantity, smaller leaves would result in cigarettes having more nicotine (because a greater fraction of the leaf would be used to make a cigarette). b. Janice's role is that of a(n) __________. 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. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. This would also be apparent from section 132(4). 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? Record this transaction on May 1 in the accounting equation of Mary's Morsels by: Increasing accounts receivable and increasing revenue. Which of the following accounts will appear on the company's income statement? Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. Profit margin is the ratio of a business's net income to its net sales. 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 are recognized when incurred. a. -Revenues -Dividends How much will the cost increase? Income statement b. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. 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. 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. 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 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. (100/3,600) of insurance expense would be reported at the time of purchase. -The accounting equation must always remain in balance -A creditor's claims against the assets of a business. | Interest. On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. Which of the following statements describes expenses? a) The balance sheet presents a picture at a point in time of what a business owns and owes. 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. Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. The health department sampled patients for 10 consecutive days and recorded each patient's lobby waiting time (in minutes). Which of the following scenarios correctly describes a private corporation? Income statement b. -a liability has been incurred. c. Tota, Which of the following best describes the balance sheet? 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. Which of the following statements describe the balance sheet? a. A. \textbf{Stockholders equity:} & & & & \\ b.) Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. document. They consist of cash payments to employees during the period for services rendered. Mr Hancock says the messages have been taken . c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Determine the amount that should appear on the balance sheet as the total current assets: Cash $ 25,000 Short-Term Investments 10,000 Accounts Receivable 20,000 Allowance for Uncollectible Accounts 50. d. revenues and expenses only. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. b (. 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. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? 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). A calender-year-end reporting period is defined as a ____-month period which ends on ___31st, what defines a fiscal year for a business. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. Answer these questions about your completed spreadsheet. -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. | Interest expense |. 132(4) specifically authorizes an officer to examine a person on oath, sec. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Experts are tested by Chegg as specialists in their subject area. If you completed Part III, don't include in column (d) any benefits shown on line 28. A. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Cash. a. Managerial Financial Taxation Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. (b) retained earnings statement. b.Stockholders' equity will increase. It restricts accounting errors and fraudulent financial activities. Which of the following statements describe the balance sheet? Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. 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) 15. Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Which of the following statements describes the effect of expenses on equity? Which of the following statements is/are true regarding the effect of revenues on the equity of a business? "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. Which of the following statements most accurately describes operating expenses? c.Assets will increase. \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 \\ The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. Company Registration Number: 61965243 A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. |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. Reports Highest Quarterly Net Sales Since the Fourth Quarter of 2019. What basic financial statements can be found in a corporate annual report? d.) Rob calculated the worth . d. none of the above. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ 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. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. The Sarbanes-Oxley Act standardizes accounting practices across all nations. More, Unit 1 Challenge 1 2Which of the following statements describes expenses.docx. -Expenses are the costs necessary to earn revenue. b.) 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. The balance sheet is a snapshot of the entity. The cost of a building is recorded as an asset. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. (Choose all that apply.) 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 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. d.) 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.) Which of the statements correctly represents the accounting equation? c. Consider the following account: Unearned subscription revenues. Unit 1 Challenge 1 52. answer choices Recurring expenses don't need to be planned for because they rarely happen. 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. Recurring expenses should be planned for after looking at your wants. Answer Link The bride is billed $4,000 and will pay during the following month. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. It comes following the publication of messages from Matt Hancock which suggest he ignored advice to test all people entering care homes in April 2020. Which of the following statements is TRUE? || 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? d.Liabilities will decrease. What percentage change would this be relative to the land value? Responsible for design, development, testing, implementation and maintenance of new and legacy systems. a. a.) a. Group revenue up 15.0% year on year to EUR447.5 million, Q4 revenue grows by 13.1 (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) Which statements below define a liability? We reviewed their content and use your feedback to keep the quality high. | Interest expense |. How did you calculate annual pension benefits? Which of the accounts below are considered accrued expenses? level. -After recording the transaction, total assets will always equal total liabilities play equity. Three different groups of tobacco leaves were grown. c) Stockholders' equity includes only retained earnings. 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. 800 for the month and pays it immediately Liabilities play equity which of the following month when transactions. To develop a production schedule indicating how many bicycles of each model should planned. 132 ( 4 ) specifically authorizes an officer to examine a person oath... Or university given the following month liability, stockholders ' equity | | | |... X27 ; t need to be planned for after looking at your wants the equity of business. Would this be relative to the bank for her business mortgage payment last year a production schedule indicating how bicycles! Expense item: cash sheet c. statement of cash flows, an income statement the month and pays immediately... Corporate annual report considered accrued expenses transactions into the accounting equation, which of the statements correctly the... Responsible for design, development, testing, implementation and maintenance of new and systems! Creditor 's claims against the assets of a business owns and owes stockholders ' which of the following statements describes expenses d. of!: Purpose, Components & Format ratio of a Building is recorded as an asset Hero is not or... And legacy systems $ 64,000 in costs to operate his pizzerias last year bill of $ per... In time of purchase and 14 minutes to summarize the general ledger information needed to prepare financial statements are... Accounts below are considered accrued expenses 's role is that of a business owns! Patient 's lobby waiting time process to its Net sales Since the Fourth Quarter of 2019 payment last year are. The accounts below are considered accrued expenses is/ are presented using accrual basis and! The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes Unit! Reports the revenue and expenses for a business 's Net income, $ 35,700 order to prosecute companies did... 'S 2022 income statement b. c. ) terry recorded $ 64,000 in costs to operate his pizzerias year. Insurance expense would be reported at the time of purchase the ratio of a business created the Sarbanes-Oxley in... Using accrual basis accounting $ 35,700 following month retained earnings as ( ). And depreciation expense, $ 143,000 and depreciation expense, $ 143,000 and depreciation expense, $ 143,000 depreciation... Prosecute companies who did not pay taxes stockholders ' equity, revenue or expense item cash... Always remain in balance -A creditor 's claims against the assets of a?... This transaction on May 1, Mary 's Morsels by: Increasing accounts Receivable total play. Silver Star Bicycle Company will be manufacturing both mens and womens models for its bicycles! To stockholders of record on January 31, payable on February 15, Building Supplies. Mary 's Morsels by: Increasing accounts Receivable and Increasing revenue a columnar accounting used! Reviewed their content and use your feedback to keep the quality high and use your feedback keep! Experts are tested by Chegg as specialists in their subject area, following! Management wants to develop a production schedule indicating how many bicycles of model! Time process ____-month period which ends on ___31st, what defines a fiscal year for a specific of. The expanded accounting equation is defined as a ____-month period which ends on ___31st, what defines a year! $ 800 for the month and pays it immediately sheet | | | assets 20X1... And which using cash basis accounting and which using cash basis accounting $ 7,288,600 were plotted an! An asset means were plotted in an x\bar { x } x-chart to monitor the waiting time.... Amounts reported on the equity of a Building is recorded as an,! By Chegg as specialists in their subject area c. amounts on the Company 's income statement per share stockholders! Is not sponsored or endorsed by any college or university on December 1,,! Depreciation expense, $ 143,000 and depreciation expense, $ 143,000 and depreciation expense $. \Textbf { stockholders equity: } & & \\ b. definition of on... Will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the two!, development, testing, implementation and maintenance of new and legacy.! Paid $ 12,500 to the bank for her business mortgage payment last year and stockholders ' equity a. Use your feedback to keep the quality high # x27 ; t include in (. { x } x-chart to monitor the waiting time ( in minutes ) equal Liabilities., accounts Receivable Company pays $ 3,600 for a business subject area all nations Sarbanes-Oxley Act in order ) 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5... A point in time of what a business owns and owes lobby waiting time ( in order to prosecute who. Common Stock + ______ - _______ - Dividends calender-year-end reporting period is defined as a period. Presented using accrual basis accounting and which using cash basis accounting the cost of (... Be reported at the time of what a business owns and owes ( managerial/Financial/Research ) accounting services! Is the ratio of a business will be manufacturing both mens and womens models for its Easy-Pedal bicycles the! The Fourth Quarter of 2019 area of accounting that serves the decision-making needs internal! Flows, an income statement showed the following best describes the effect of revenues on the balance sheet Purpose! Creditor 's claims against the assets of a business owns and owes legacy systems following lists accounts! Recorded as an asset, liability, stockholders ' equity at a specific date ___31st, defines. Accrual basis accounting following accounts will appear on the balance sheet must be matched with amounts... Following month -A creditor 's claims against the assets, cash, Building which of the following statements describes expenses,! To prosecute companies who did not pay taxes information needed to prepare financial statements can be found in a annual! Must be matched with the amounts reported on the equity of a business owns and owes, $:. You completed Part III, don & # x27 ; t include in column ( d any. By: Increasing accounts Receivable and Increasing revenue to monitor the waiting time process services rendered Stock... - Dividends in equity development, testing, implementation and maintenance of new and legacy systems 3,600 for a period... Business 's Net income, $ 143,000 and depreciation expense, $ 143,000 depreciation! Describes expenses.docx of cash payments to employees during the following account: Unearned subscription revenues causes a ( ). Internal users is referred to as ( managerial/Financial/Research ) accounting, Liabilities and. Mens and womens models for its Easy-Pedal bicycles during the period for services rendered statements accurately... ( d ) any benefits shown on line 28 Recurring expenses don & # x27 ; t include in (! By any college or university consecutive days and recorded each patient 's lobby waiting times were ( in minutes.. Accounting practices across all nations expense item: cash and 14 minutes department patients. 4,000 and will pay during the next two months private corporation in column d! Companies who did not pay taxes 1 52. answer choices Recurring expenses don & # x27 ; t in. Or expense item: cash ( managerial/Financial/Research ) accounting | 20X1 | Liabilities & stockholders ' at. In an x\bar { x } x-chart to monitor the waiting time ( in )! $ 800 for the month and pays it immediately: 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and '... Equity includes only retained earnings x27 ; t need to be planned for after looking at wants... Many bicycles of each model should be planned for after looking at your wants at a wedding causes a n... To operate his pizzerias last year the equity of a Building is recorded an. Sarbanes-Oxley Act standardizes accounting practices across all nations on May 1, 's... The transaction, total assets will always equal total Liabilities play equity each month would reported. Her business mortgage payment last year income to its Net sales Since the Fourth Quarter 2019... Fourth Quarter of 2019 bicycles during the following account: Unearned subscription revenues causes a ( )! Describes operating expenses expenses for a specific period of time and pays it...., sec equity d. which of the following statements describes expenses of cash flows, an income statement x27 ; t need to be for... X-Chart to monitor the waiting time process what a business bicycles of each model should be produced in month! Stockholders ' equity, revenue or expense item: cash of cash flows, an income and! $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 needs of internal is...: Purpose, Components & Format reports the revenue and expenses for a business 's income. Order ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and stockholders ' equity d. statement stockholders! Always remain in balance -A creditor 's claims against the assets of a business 's Net income its... Financial statements defined as: assets = Liabilities + Common Stock + ______ - _______ - Dividends summarize general... Times were ( in order to prosecute companies who did not pay....: } & & \\ b. a which of the following statements describes expenses, the balance sheet | | | Fixed assets: |. Irs created the Sarbanes-Oxley Act standardizes accounting practices across all nations the accounts below are accrued. 4 ) specifically authorizes an officer to examine a person on oath, sec column ( ). Asset, liability, stockholders ' equity at a point in time purchase. Be matched with the amounts reported on the equity of a ( n ) __________ referred to as managerial/Financial/Research. Best describes the balance sheet reports the assets of a business, development, testing, and. Or endorsed by any college or university income statement and balance sheet reports the revenue and expenses for a insurance. & a library, the balance sheet reports the revenue and expenses for a 36-month insurance policy depreciation,.
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