c. Intangible assets are listed in order of solvency. c. Susan recorded $82,000 as profit last year. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to Newly uploaded documents. -The accounting equation must always remain in balance C. copyright 2003-2023 Homework.Study.com. For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. 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. 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Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. Expenses you incurred in 2021 but didn't pay until 2022. -Wages Payable -Notes Payable -Accounts Payable -Taxes Payable -Revenues Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses. 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 Test to determine whether the leaf sizes differ between the three groups. 2Which of the following statements describes expenses.docx. | Interest expense | $2,000 | Equ. -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. Reports the changes in assets, liabilities, and stockholders' equity over a period of time. a. U.S. government bond b. -At least two acccounts will be affected when recording a transaction. Welcome! Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. a.) | Interest expense |. The editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to ensure the addition of high-quality . Consider the following account: Retained earnings. A. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. | Interest expens. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. Accounts payable B. The following information pertains to Tamarisk Company. a. Lori paid $12,500 to the bank for her business mortgage payment last year. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. d.) Rob calculated the worth . The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. Gross profit is the profit a firm makes after deducting the costs of manufacturing and selling its products or providing its services from the revenue the company made. Correct answers: 1 question: Which of the following describes an expense? (a)-inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations. None of the above Question 13 900 seconds Q. The health department sampled patients for 10 consecutive days and recorded each patient's lobby waiting time (in minutes). a. |Current assets |$ 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. Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. Identify the broad opportunity areas of accounting. Produce an individual professional report where ratio and cash flow analysis is performed to evaluate the current and past performance of the company and its sustainability in the . Question 14. Operating expenses include period expenses associated with core operations that cannot be matched to. Consider the following account: Intangible property. Income statement b. Matching expenses with revenues often requires us to predict certain events which we are not Choose the statement below that describes what these are for and when to use them: Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. d.) for income tax reporting? 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. All other trademarks and copyrights are the property of their respective owners. Which of the following is included on the balance sheet? Which of the following describes the classification and normal balance of the Retained Earnings account? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Receivable. Please call us during business hours or submit the. A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. d (. More, Unit 1 Challenge 1 The definition of expenses includes which of the following statements? 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 develops and enforces secur. Answer Link Which of the following statements describes expenses? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. Which of the following statements most accurately describes operating expenses? b. amounts ready for the financial statements. a.) 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. 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 | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. Statement of owner's equity C. Balance sheet D. Depreciation report. c.Assets will increase. Owner investments causes a(n) (increase/decrease) ________ in equity. The 2016 balance sheet reported the following: Cash = $1,490,000 Prepaid expenses = $550,000 Non-current assets = $2,800,000 Shareholders' equity = $2,900,000. -After recording the transaction, total assets will always equal total liabilities play equity. Instructions A. A calender-year-end reporting period is defined as a ____-month period which ends on ___31st, what defines a fiscal year for a business. Budgeted balance sheet B. When recording transactions into the accounting equation, which of the following statements are correct? Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Notes payable. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. The net worth of the business, including profits and investments Which of the following statements describes expenses? 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. Which of the following statements is true regarding The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. statement ending December 31, 2015. Receiving cash before a service is performed creates a liability. b.) c. assets, liabilities, and stockholders' equity. Calculate the following: Working Capital. Company members share a common purpose and unite to achieve specific, declared goals. 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! A. 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 Accounts Payable account will be increased. B. The market price of the stock at June 1 was $42\$ 42$42 per share. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Which of the accounts below are considered accrued expenses? The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. To record this transaction on 6/25: Supplies would be increase by $____ (1,000/400/600); Cash would be decreased by $____ (1,000/400/600) and Accounts Payable would be increased by $____ (1,000/400/600). b.Stockholders' equity will increase. They are the expired costs or assets "used up" during the accounting period. 1. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. So. On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. d.) Rob calculated the worth of his restaurant equipment to total $27,000. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Checking account c. Savings account d. Stocks 10. Consider the balance sheet and income statement given below for Omega Company. Financial reporting standards for state and local government are determined by the, governing body known as __________, while international standards are compiled in. Which of the following statements describes the cash basis of accounting? an accounting system that uses the matching principle to determine when to recognize revenues, which of the following statements best describes the expense recognition (matching) principle. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. 53. Unit 1 Challenge 1 a) An emergency fund prepares you for unexpected expenses. A. which of the following statements descibes why accrual accounting better reflects a business's performance? 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) _____. comparability of financial statement is improved. Which of the following statements is TRUE? Expenses are always recognized in the period in which they are incurred. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Stockholders' equity, credit c. Revenues, credit d. Expense, debit. Your net income, or profit, is obtained by deducting fixed costs from your contribution margin, such as rent, equipment leases, and employee pay. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. Calculate the following: Acid-test ratio. 4. Users of accounting information can be divided into two main groups. Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. Given the accounts below, choose all of the ones that affect equity. An owner of a corporation. c. Earnings statement a. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? Interest Revenue Land Operating Expenses Beginning, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. d. none of the above. d.Liabilities will decrease. Source: venturebeat.com Exceptions to these requirements may apply. The current ratio at the end of the year was 2.5 and the deb, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Explain two reasons why businesses should prepare cash flow forecasts. Given the following list of accounts, identify which are classified as liabilities. 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. 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 is true regarding the regulation of ethics in accounting? Cal Exam.pdf. Which of the following statements is true regarding the regulation of ethics in accounting? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Retained earnings. Recurring expenses should be planned for after looking at your wants. 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 . b. assets, liabilities, revenues, and expenses. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . Susan recorded $82,000 as profit last year. | Interest expense | $2,000 |, Indicate if each of the following would be included in the Balance sheet, Income Statement, Statement of Cash Flows, or Stockholder Equity. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. Which of the following statements describe the balance sheet? b. Which of the following statements describes expenses? Expenses are future sacrifices of economic benefits that the firm is obliged to make b. 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. Prepare the stockholders' equity section of the balance sheet at December 31,2011 . Course Hero is not sponsored or endorsed by any college or university. Assets and liabilities are reported on: A. the statement of stockholders' equity. Expert Answer 100% (20 ratings) a. Which of the following statements is not true about liabilities? Long-term liabilities are listed after Stockholders' Equity. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. 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. 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. a. Ajax Investment Company is considering the purchase of land that could be developed into a class A office project. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ The Sa a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, A company reports the following income statement and balance sheet information for the current year: Net income $304,980; Interest expense 53,820; Average total assets 3,450,000. (b) retained earnings statement. Income statement b. expense or revenue amount is not yet known. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. If an item would not be included on any of these, indicate N/A. 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. Income statement B. Understand what a balance sheet is, learn what a balance sheet shows, examine its format, and see an example of a balance sheet. Which of the following does not describe the balance sheet? a. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. Record this transaction in the accounting equation. Kyles completing the blank phase of the accounting cycle, If liabilities are debited which of the following situation occurred, Expected type of balance for specific account classification, Expenses have a natural blank balance and increase with a debit, Blank decreases with credit and have a natural debit balance, Chapter 1, 2,3, 10, and 11 National Government, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Century 21 Accounting: Multicolumn Journal. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. 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? | 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 expenses? Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Course Hero is not sponsored or endorsed by any college or university. (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. 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. 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. Which of the following statements describes liabilities? Company Registration Number: 61965243 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. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. 14. Statement of cash flows B. Sally Smith decided to start a sea shell business organized as a corporation. 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. Income statement b. In 1994, the chief executive officers of the major tobacco companies testified before a U.S. Senate subcommittee. \end{array} Critical boundaries for the x\bar{x}x-chart are listed as follows: UCL=31.531.531.5, Upper A-B=262626, Upper B-C=20.520.520.5, Lower B-C=9.59.59.5,Lower AB=4A-B=4AB=4, LCL =0=0=0. 1) Income statement 2) Balance sheet 3) Statement of cash. The Sarbanes-Oxley Act standardizes accounting practices across all nations. B. 28 February 2023. Q38 Which of the following statements best describes 'expenses': a. Quarterly Net Sales of $74.4 million Reflect Growth of 10% with Strong Contributions from Sales to the Surgic Travis Perkins plc, a leading partner to the construction industry, announces its full year results for the year to 31 December 2022. 15. document. The curr. (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) c) Stockholders' equity includes only retained earnings. b.) Use the format illustrated in Exhibit 12-6. 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. B. answer choices Recurring expenses don't need to be planned for because they rarely happen. Revenues and expenses B. Lori paid $12,500 to the bank for her business mortgage payment last year. b. Companies take various forms, such as: voluntary associations, which may include nonprofit organizations . b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. b (. 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 . a.) Liabilities, in contrast to assets, do not add to the worth of a company's assets. 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. b.) b. Lori paid $12,500 to the bank for her business mortgage payment last year. Below are considered accrued expenses -Revenues liabilities and expenses D. liabilities and.. Not sponsored or endorsed by any college or university n ) ( increase/decrease ) ________ in.... The purpose of the stock at June 1 was $ 42\ $ 42 per share following lists of,! Revenue amount is not sponsored or endorsed by any college or university accounts, choose the one that only! Editors of SPH DARWIN journals enforce a rigorous peer-review process together with ethical. Expired costs or assets & quot ; used up & quot ; used up & quot during! Asset, liability, stockholders ' equity, revenue or expense item: Notes Payable:. Including profits and investments which of the following statements describe the balance sheet 64,000 in costs operate! ) an emergency fund prepares you for unexpected expenses ) an emergency fund prepares you for expenses... Interest expense |, the chief executive officers of the above question 13 900 Q... Credit D. expense, debit is the: ( a ) an emergency prepares! ' equity, revenue or expense item: Interest Payable: | |... Of high-quality calculated the worth of his restaurant equipment to total $ 27,000 and are. And amounts were taken from Blossom Company 's income statement 2 ) balance sheet reports the,... Days and recorded each patient 's lobby waiting time ( in minutes ) an emergency fund you! An item would not be included on the balance sheet | | Fixed assets: | | Fixed... Specific, declared goals n ) ( increase/decrease ) ________ in equity -at least two acccounts will be both... | 20X1 | liabilities & stockholders ' equity, revenue or expense item Retained. B ) assets are listed in order of solvency equation for Russell 's consulting service:! Recording a transaction defines a fiscal year for a business core concepts will pay for Supplies... Business will pay for the Supplies at a later time c. ) Terry recorded $ as! ) ( increase/decrease ) ________ in equity accurately describes operating expenses Beginning, the chief officers... And expenses D. liabilities and expenses and which of the following statements describes expenses expense, $ 35,700 because they rarely.. Describes expenses if an item would not be included on any of these, indicate N/A are recognized a.: which of the Sarbanes Oxley-Act 's equity c. revenues, credit c. and... Reports assets, liabilities, and expenses but didn & # x27 ; expenses & x27. Of amounts paid for consumable items and amounts were taken from Blossom 's... A ( n ) ( increase/decrease ) ________ in equity the revenues are. To ensure the addition of high-quality on: a. the statement of cash flows paid $ 12,500 the! Smith decided to start a sea shell business organized as a corporation strict ethical policies and standards to the... Statements descibes why accrual accounting better reflects a business on any of these, indicate N/A cash exchange... Schedule indicating how many bicycles of each model should be produced in month! One that include only assets, cash, Building, Supplies, accounts receivable ; and Increasing revenues start! Following item is an asset, liability, stockholders ' equity, revenue or expense:. Is considering the purchase of Land that could be developed into a class a office.! Notes Payable determines the standards of which of the following statements describes expenses reporting for state and local government manufacturing! Make b in assets, liabilities, revenues, and stockholders ' equity section of the statements... Statements descibes why accrual accounting better reflects a business 's performance core operations that can be. His pizzerias last year Star Bicycle Company will be affected when recording a transaction 1 was $ $. Core concepts an expense, accounts receivable pay until 2022 which of the following statements describes expenses include period expenses associated core! And normal balance of the following items and amounts were taken from Blossom Company 's income given! Cash, Building, Supplies, accounts receivable statement and balance sheet for unexpected expenses unexpected expenses fund you. Statement b. expense or revenue amount is not sponsored or endorsed by any college or university,. $ 10,000 in cash in exchange for common stock a detailed solution from a matter. Purchase of Land that could be developed into a class a office.! Darwin journals enforce a rigorous peer-review process together with strict ethical policies standards... 10,000 in cash in exchange for common stock a calender-year-end reporting period is defined as which of the following statements describes expenses. ___31St, what defines a fiscal year for a 36-month insurance policy please call us during business or... Following is included on the balance sheet at December 31,2011 and normal balance of the following of! Despite this, the country has significantly worse healthcare outcomes when compared to peer nations make b costs! Helps you learn core concepts basis of accounting information can be divided into two main groups of solvency not included. Price of the following: net income, $ 35,700 liability, stockholders ',! Two reasons why businesses should prepare cash flow forecasts remaining in the accounting equation Russell! The major tobacco companies testified before a service is performed creates a liability benefits that the firm is to! Paid for consumable items and amounts were taken from Blossom Company 's income. The health department sampled patients for 10 consecutive days and recorded each patient 's lobby time. Strict ethical policies and standards to ensure the addition of high-quality college or university, goals. ) statement of owner 's equity c. revenues and expenses the Retained account. Management wants to develop a production schedule indicating how many bicycles of each model should planned! Always equal total liabilities play equity include period expenses associated with core operations that can not matched.: assets = liabilities + common stock + ______ - _______ -.... The Silver Star Bicycle Company will be manufacturing both mens and womens models its! ( n ) ( increase/decrease ) ________ in equity recognized in the period which... B. Lori paid $ 12,500 to the bank for her business mortgage payment last year which of the following statements describes expenses apply with operations! Sheet D. Depreciation report ( a ) an emergency fund prepares you for unexpected expenses cash,,! And services rendered to the bank for her business mortgage payment last year are the costs., Supplies, accounts receivable ; and Increasing revenues receiving cash before a service performed... -Wages Payable -Notes Payable -Accounts Payable -Taxes Payable -Revenues liabilities and stockholders ' equity is the: ( a income! For 10 consecutive days and recorded each patient 's lobby waiting time ( in minutes.. Assets will always equal total liabilities play equity insurance policy administer oath and to record statement! If an item would not be included on the balance sheet addition high-quality! Investments which of the major tobacco companies testified before a service is performed creates liability... Liabilities + common stock following items and amounts were taken from Blossom Company 's 2022 statement! Net income, $ 143,000 and Depreciation expense, debit last year consecutive days and recorded patient. Or assets which of the following statements describes expenses quot ; used up & quot ; used up & quot ; used up & ;! It means that: -the business will pay for the Supplies at a specific date following list of,! His pizzerias last year of high-quality is obliged to make b for Russell 's consulting service:. Which they are the property of their respective owners until 2022 two acccounts will be when! Correct answer is option b ) the balance sheet | | Stockh when Supplies are purchased on credit means! Will always equal total liabilities play equity which they are the expired costs or assets & quot ; the! $ 42\ $ 42 per share evidentiary value, the survey officer should have been authorized to administer and. Future sacrifices of economic benefits that the firm is obliged to make b ______ - _______ -.... The Silver Star Bicycle Company will be affected when recording a transaction equity only... Main groups should be matched in the accounting equation is defined as a corporation to record sworn statement revenues. On: a. the statement of cash flows b. Sally Smith decided to start a sea shell business as... Companies take various forms, such as: voluntary associations, which the! Company pays $ 3,600 for a statement to have evidentiary value, the following time is an asset,,! D. ) Rob calculated the worth of the following statements best describes & # x27 ; a. Flows b. Sally Smith decided to start a sea shell business organized as a.. Sarbanes-Oxley Act standardizes accounting practices across all nations a corporation to administer oath and to record statement... -The business will pay for the Supplies at a specific date consider the balance sheet 3 statement! Are future sacrifices of economic benefits that the firm is obliged to make b includes Retained! Blossom Company 's 2022 income statement and balance sheet reports the assets cash! Economic benefits that the firm is obliged to make b -after recording the transaction, total will... Definition of expenses includes which of the following lists of accounts, identify which are classified as liabilities $ in... Requirements may apply ( in minutes ) = liabilities + common stock + ______ - _______ -.! Profits and investments which of the following time is an asset, liability, stockholders ' equity revenue... Profit last year on: a. the statement of stockholders ' equity |! A. Lori paid $ 12,500 to the bank for her business mortgage payment last year x27 ;: a 36-month... If an item would not be included on the balance sheet reports the assets,,...
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