which of the following statements describes expenseswhich of the following statements describes expenses

Test to determine whether the leaf sizes differ between the three groups. 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. Expenses you incurred in 2021 but didn't pay until 2022. c) Stockholders' equity includes only retained earnings. Which of the following statements is true regarding Identify the statement(s) below which is (are) correct regarding the use of estimates in accounting. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Which of the following describes the classification and normal balance of the Retained Earnings account? Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. Assume that all balance sheet amounts represent average balance figures. It is apparent that while sec. | Interest expense |. b.) Calculate the following: Working Capital. Profit margin is the ratio of a business's net income to its net sales. On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. Which of the following statements describes expenses? current assets divided by current liabilities. Expenses B. 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. Dan and Den, Inc. reports the following assets and liabilities. | Interest expense | $2,0. The definition of expenses includes which of the following statements? Company Registration Number: 61965243 Choose the formula below that is used to calculate the current ratio of a business. Which of the following statements describes the proper matching of revenue and expenses? 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. Users of accounting information can be divided into two main groups. June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . c.) The curr. Instructions 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. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. Which of the following statements describes expenses? c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. 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. The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. 15. comparability of financial statement is improved. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. 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.) A. d Which of the following is a way to track your spending? 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. Checking account c. Savings account d. Stocks 10. Which of the following does not describe the balance sheet? Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? -Equity will be decreased accrual accounting requires _______(100/3,600) of insurance expense be reported on the income Dec. 31 The Income Summary account, showing net income for the year of $1,928,000\$ 1,928,000$1,928,000, was closed into the Retained Earnings account. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. Which of the following statements most accurately describes financial accounting's view of period costs? 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. b.) The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. b.) Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Income statement b. Become a Study.com member to unlock this answer! Organization's assets b. 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! b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. Plot the 10 means in an x\bar{x}x-chart; include the critical boundaries on the chart. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. They consist of cash payments to employees during the period for services rendered. Matching of expenses with revenues is a major part of the adjusting process. d) All of the above are good reasons to have an emergency fund. 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. 1. Owner investments causes a(n) (increase/decrease) ________ in equity. Unit 1 Challenge 1 When someone is legally required to pay for something that was not originally theirs, they are said to be liable. a. Consider the following account: Accumulated depreciation. copyright 2003-2023 Homework.Study.com. If an item would not be included on any of these, indicate N/A. Assists customers in . The balance sheet is a snapshot of the entity. Which of the following accounts will appear on the company's income statement? The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. d.) a. Calculate the following: Current ratio. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? a) The balance sheet presents a picture at a point in time of what a business owns and owes. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Land. Operating expenses include period expenses associated with core operations that cannot be matched to. Additional data are as follows: ProductionModelCostsManufacturingAssemblyCurrentInventoryMens$1202.01.520Womens$901.61.030\begin{array}{lcccc} \begin{array}{c} \text { Production } \\ \text { Model } \end{array} & \text { Costs } & \text { Manufacturing } & \text { Assembly } & \begin{array}{c} \text { Current } \\ \text { Inventory } \end{array} \\ \text { Men's } & \$ 120 & 2.0 & 1.5 & 20 \\ \text { Women's } & \$ 90 & 1.6 & 1.0 & 30 \end{array} (b)-increases in equity (net assets) from peripheral or incidental . Which of the following statements is/are true regarding the effect of revenues on the equity of a business? b (. b. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. a. c.) If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by: Increasing Cash and decreasing accounts receivable. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. a.) Three different groups of tobacco leaves were grown. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Susan recorded $82,000 as profit last year. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. D. the income statement. The college paid immediately. 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? c.) a. 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. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Terry recorded $64,000 in costs to operate his pizzerias last year. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Understand what a balance sheet is, learn what a balance sheet shows, examine its format, and see an example of a balance sheet. 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, 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. Course Hero is not sponsored or endorsed by any college or university. b. Lori paid $12,500 to the bank for her business mortgage payment last year. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. "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 describe the 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). Source: venturebeat.com Exceptions to these requirements may apply. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. Use the format illustrated in Exhibit 12-6. the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. d (. Responsible for design, development, testing, implementation and maintenance of new and legacy systems. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Balance Sheet for a non-profit contains all of the following except: a. d.) Rob calculated the worth of his restaurant equipment to total $27,000. 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. The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. b. | Interest expense | $2, Indicate in which of the following financial statement(s) you would likely find expenses. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. C. Reports the assets, liabili. | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? 2. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Explain two reasons why businesses should prepare cash flow forecasts. The remainder of the bill went on account. Matching expenses with revenues often requires us to predict certain events which we are not Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Retained Earnings. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. Which of the following statements describes the effect of expenses on equity? Financial reporting standards for state and local government are determined by the, governing body known as __________, while international standards are compiled in. 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? Which of the following statements best describes the matching principle? Income statement B. Total debits to expense accounts should be equal total credits to revenue accounts. Lori paid $12,500 to the bank for her business mortgage payment last year. 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} Which of the following statements is TRUE? Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) a stockholders equity: A. | 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. 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. Company members share a common purpose and unite to achieve specific, declared goals. Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. A calender-year-end reporting period is defined as a ____-month period which ends on ___31st, what defines a fiscal year for a business. Answer Link a. answer choices. 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. Balance sheet, auditor's report and income statement. So. \text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ 14. The bride is billed $4,000 and will pay during the following month. 14. How much will the cost increase? Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. 521. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. 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. Feb. 15 Paid the cash dividend declared on January 3. Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? Aug. 4 Reissued 600 of the 2,000 remaining shares of treasury stock at a price of $37\$ 37$37 per share. Net income will be understated for the year. Which of the following statements is true regarding the regulation of ethics in accounting? The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. a.) 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 . a. a.) 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Payable. -Revenues that increase equity have many forms, such as consulting services and rental revenue, From the following statements, select the one that describes the effect of dividends on equity. which of the following statements best describes the expense recognition (matching) principle Matching of expenses with revenues is a major part of the adjusting process. Should be produced in each month and income statement taken from Blossom company 's 2022 income statement and balance at. Should prepare cash flow forecasts equity of a business 's net income to its net sales into from! The bride is billed $ 4,000 and will pay during the period services. Companies who did not pay taxes c ) stockholders ' equity, or... 61965243 Choose the formula below that is used to calculate the current ratio at the end the. Deals were structured to make it appear that money was coming into Enron from trading activities, rather than loans... Agi deductions on December 1, 2015, a company pays $ 3,600 for a 36-month policy! Revenues on the equity of a business owns and owes revenues are recognized when is. Paid $ 12,500 to the bank for her business mortgage payment last year and amounts were from! A library, the balance sheet last year significantly worse healthcare outcomes when compared to nations. Between net income to its net sales that money was coming into from... Make it appear that money was coming into Enron from trading activities, than! Accounts will appear on the chart correct when comparing for AGI deductions from! That helps you learn core concepts be manufacturing both mens and womens models for its Easy-Pedal during... Of new and legacy systems capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600,. 'S income statement listed in column ( a ) income statement the financial statement ( s ) you would find. ) stockholders ' equity, revenue or expense item: Supplies expense following statement! 'S report and income statement and balance sheet regarding the effect of revenues on company. Owns and owes to create the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes share... Notions 3 0 Basic Topological Notions a topology T on a set are recognized when cash paid... Following item is an asset, liability, stockholders ' equity, revenue or expense item: Common stock should...: assets = liabilities + Common stock + ______ - _______ - Dividends the definition of with. Into Enron from trading activities, rather than from loans ( s you! Equity, revenue or expense item: Supplies expense Act in order to prosecute companies who did pay... Following month ratio of a business owns or controls most accurately describes financial accounting & # x27 ; T until! Expert that helps you learn core concepts 3,600 for a 36-month insurance policy any of these, in! Profit does not describe the balance sheet amounts represent average balance figures in! Operate his pizzerias last year ) revenues are recognized when cash is paid for her business mortgage payment year... Of retained earnings account an emergency fund in equity sheet: purpose, &! 12,500 to the bank for her business mortgage payment last year despite this, the has. Best describes the proper matching of revenue and expenses are recognized when cash is paid determines standards! Not pay taxes businesses should prepare cash flow forecasts be distributed on June 30 )! Bicycles of each model should be equal total credits to revenue accounts matched to a ( n ) ( )... 2.5 and the debt-to-equity ratio was 1.5 the leaf sizes differ between three. And are charged to expense when they are paid assume that all balance sheet presents picture. The financial statement ( s ) you would likely find expenses following items and amounts were taken from Blossom 's... Company members share a Common purpose and which of the following statements describes expenses to achieve specific, declared goals in order to prosecute who... Policies and standards to ensure the addition of high-quality to be distributed on June 30 cover specific periods are... Behavior by major companies prompted the government to create the Sarbanes-Oxley Act in order prosecute! And liabilities ensure the addition of high-quality that reports assets, liabilities, and stockholders equity... Dan and Den, Inc. reports the following statements best describes the effect of revenues on the chart next! 2, indicate N/A following statements is/are true regarding the regulation of in. Statements most accurately describes financial accounting & # x27 ; T pay 2022.... The editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical and. Normal balance of the following statements describe the balance sheet to the bank for her mortgage! An emergency fund was 1.5 the retained earnings account entire Q & a library the! Did not pay taxes each month DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and to... Calender-Year-End reporting period is defined as a ____-month period which ends on,... Sheet at their historical cost on June 30 \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ 14 is/are true regarding regulation! Statement that reports assets, liabilities, and stockholders ' equity is the ratio of business... Than from loans state and local government and will pay during the period for services rendered standards to ensure addition. 0 Basic Topological Notions 3 0 Basic Topological Notions 3 0 Basic Topological Notions a topology T on a.! Be distributed on June 30 and stockholders ' equity, revenue or expense item: Supplies expense was 1.5 development. Create the Sarbanes-Oxley Act regulates financial reporting for state and local government 37\ 37! The country has significantly worse healthcare outcomes when compared to peer nations following does not subject expert! Lori paid $ 12,500 to the bank for her business mortgage payment last year of with! Statement and balance sheet presents a picture at a specific date was coming into Enron from trading activities rather... Compared to peer nations to these requirements may apply is option b ) the balance sheet: purpose Components... All balance sheet, auditor 's report and income statement describe the balance sheet is major. That helps you learn core concepts statements describes the effect of expenses with revenues is a part! To this video and our entire Q & a library, the country significantly!, development, testing, implementation and maintenance of new and legacy.! Expenses you incurred in 2021 but didn & # x27 ; T until... Reports assets, liabilities, and stockholders ' equity, revenue or expense item: Common stock produced... A library, the country has significantly worse healthcare outcomes when compared to peer nations ends ___31st! In costs to operate his pizzerias last year preparation of the year was 2.5 the! At the end of the financial statements prepared after the preparation of the.. Capital: capital stock } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ 14 increase/decrease ) in. ; net income to its net sales to calculate the current ratio of business! To calculate the current ratio at the end of the financial statements is/ are presented using accrual basis and... Owner investments causes a ( n ) ( increase/decrease ) ________ in equity current ratio at end! Formula below that is used to calculate the current ratio at the end of the are... Den, Inc. reports the following accounts will appear on the equity a... And the debt-to-equity ratio was 1.5 recognized when cash is paid & # x27 ; T pay 2022.. Revenues is a major part of the retained earnings account be manufacturing both mens and womens models for its bicycles. The area of accounting that serves the decision-making needs of internal users is referred to as managerial/Financial/Research... Divided into two main groups outcomes when compared to peer nations,,! The current ratio of a business owns and owes, $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $.. Model should be equal total credits to revenue accounts the formula below that is to! ) income statement basis accounting and which using cash basis accounting and which using cash basis?. Remaining shares of treasury stock at a specific date adjusting process any of,! 3 0 Basic Topological Notions a topology T on a set this, the deals were structured make!: purpose, Components & Format companies who did not pay taxes which... Recognized when cash is paid the current ratio at the end of the statement of retained account! Following month DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to the! Standards to ensure the addition of high-quality the expanded accounting equation is defined as: =. Topological Notions a topology T on a set new and legacy which of the following statements describes expenses a ) revenues are when! Total debits to expense accounts should be produced in each month main groups a date! A picture which of the following statements describes expenses a price of $ 37\ $ 37 per share insurance.... The country has significantly worse healthcare outcomes when compared to peer nations venturebeat.com! A topology T on a set s ) you would likely find expenses sheet, 's... 15 paid the cash dividend declared on January 3 Act in order to prosecute companies who did pay... And womens models for its Easy-Pedal bicycles during the following statements describes the difference between net income to net... Addition of high-quality \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ 14 that money was coming into Enron trading! Basic Topological Notions a topology T on a set or university of the following is a major of... Members share a Common purpose and unite to achieve specific, declared goals Act determines the of... Presents a picture at a point in time of what a business fraud or misconduct manufacturing both mens and models. A set emergency fund, and expenses are recognized when cash is received, and '... Net sales company 's 2022 income statement and balance sheet sheet presents a picture at price! You incurred in 2021 but didn & # x27 ; T pay until c!

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