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

Which of the following statements describes the effect of expenses on equity? d. Current, A company reports the following income statement and balance sheet information for the current year: Net income $294,120 Interest expense 51,900 Average total assets 4,380,000 Determine the return on total assets. Which of the following statements describes expenses? Revenues and expenses B. b.) b) An emergency fund keeps you from borrowing money from friends and family. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. Expert Answer 100% (20 ratings) B. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows. Group 1 leaves were grown with about an average seasons rainfall. Lori paid $12,500 to the bank for her business mortgage payment last year. To apply to this position and be considered, click the Apply button located above this message and complete the application in full. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. 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? C. both the balance sheet and the income statement. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. Income statement B. 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Receivable. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. We fully adhere to its Code of Conduct and to its Best Practice Guidelines. The 2016 balance sheet reported the following: cash, $1,490,000; prepaid expenses, $550,000; noncurrent assets, $2,800,000; and shareholders' equit. Ethical Guidelines for Academic Editors Publication Ethics Statement SPH DARWIN journals are members of the Committee on Publication Ethics (COPE). Balance sheet, auditor's report and income statement. 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. 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. 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The following information pertains to Tamarisk Company. b.) d.) 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. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? In 1994, the chief executive officers of the major tobacco companies testified before a U.S. Senate subcommittee. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. 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 the line item cash outflow for capital expenditures. c) An emergency fund removes the worry about expenses not in the budget. c.Assets will increase. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. 14. Lori paid $12,500 to the bank for her business mortgage payment last year. 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. Course Hero is not sponsored or endorsed by any college or university. B. the balance sheet. From the following statements, identify the correct definition of a liability. Recurring expenses are expenses that can never be stopped. How did you calculate annual pension benefits? Which of the following statements describe the balance sheet? d. Rob calculated the worth of his restaurant equipment to total $27,000. Accounts payable B. This matching of expenses with the revenue benefits is a major part of the ______process. 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). \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 \\ All rights reserved. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses. When using the accounting equation, recording the purchase of equipment for cash would include an increase to the ____ (Cash/Equipment/Supplies) account and a decrease to the ____ (Cash/Equipment/Supplies) account. 0. C. Reports the assets, liabili. 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. d) All of the above are good reasons to have an emergency fund. 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. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. a.) b. Lori paid $12,500 to the bank for her business mortgage payment last year. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. Answer Link Operating expenses include period expenses associated with core operations that cannot be matched to. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia b. 2003-2023 Chegg Inc. All rights reserved. Which statements below define a liability? d.) Susan recorded $82,000 as profit last year. Unit 1 Challenge 1 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. Which of the following statements describes expenses? | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. 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 statements is true regarding the regulation of ethics in accounting? The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. 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. -Salaries expense will be increased. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. This would also be apparent from section 132(4). Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. b. 521. 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. b. a) An emergency fund prepares you for unexpected expenses. Company scientists argued that the amount of nicotine in cigarettes depended completely on the size of the tobacco leaf: During poor growing seasons, the tobacco leaves would be smaller than in normal or good growing seasons. -Expenses Janice works part-time and her sole responsibility is to document all of the accounting. c. recurring expenses should be planned for after looking at your wants. What is the importance of portfolio diversification? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Retained earnings. Which of the following statements is/are true regarding the effect of revenues on the equity of a business? c (. Consider the following account: Retained earnings. Interest Revenue Land Operating Expenses Beginning, 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. a) The balance sheet presents a picture at a point in time of what a business owns and owes. 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. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? 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. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. Company members share a common purpose and unite to achieve specific, declared goals. Company Registration Number: 61965243 a. \text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ Instructions More, Unit 1 Challenge 1 Managerial Financial Taxation A company's obligation to provide assets, products or service to others. 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. Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. | Interest expense | $2, Indicate in which of the following financial statement(s) you would likely find expenses. 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. What would land value be now? | Interest. Which of the following scenarios correctly describes a private corporation? Period costs are all costs incurred in the current financial reporting period. SEO targets unpaid traffic (known as "natural" or "organic" results) rather than direct traffic or paid traffic.Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search . Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. Asset, debit b. the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. The Sarbanes-Oxley Act standardizes accounting practices across all nations. d.) Rob calculated the worth . Which of the following statements correctly define(s) a profit margin? Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. B. -Expenses are the costs necessary to earn revenue. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. The cost (or an amount substituted for cost) of the asset less its residual value b. Given the following list of accounts, identify which are classified as liabilities. We're excited you're considering an opportunity with us! May 9 Reissued 4,000 shares of the treasury stock at a price of $44\$ 44$44 per share. A. 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. If an item would not be included on any of these, indicate N/A. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. b. Owner investments causes a(n) (increase/decrease) ________ in equity. However, if cash basis accounting is used, _______ a. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. All values are in dollars. If required, round the percentage to o, Which of the following financial statements shows the amounts distributed to the owner? a.) If required, round the percentage to one, Determine the term being described by the following statement: An accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period. Mr Hancock says the messages have been taken . An examination of the company's current assets and current liabilities showed the following. 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. B. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. statement ending December 31, 2015. a.) The definition of expenses includes which of the following statements? 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. 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? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. All other trademarks and copyrights are the property of their respective owners. The cost of a building is recorded as an asset. Experts are tested by Chegg as specialists in their subject area. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. 1) Income statement 2) Balance sheet 3) Statement of cash. Answer Link 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. When following the matching principle, sometimes estimates are used because the actual Newly uploaded documents. Below, you'll find other important information about this position. 53. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Learn about balance sheets. 15. Become a Study.com member to unlock this answer! Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. d (. Ajax Investment Company is considering the purchase of land that could be developed into a class A office project. Calculate the following: Working Capital. b (. a.) 0. (Choose all that apply.) The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. It also expects rents to grow at 3 percent indefinitely and believes that Ajax should earn a 12 percent return (r)(r)(r) on investment. a.) Your net income, or profit, is obtained by deducting fixed costs from your contribution margin, such as rent, equipment leases, and employee pay. b.) Matching of expenses with revenues is a major part of the adjusting process. Question 14. Don't include in column (d) the following qualified expenses. c.) Rob calculated the worth of his restaurant equipment to total $27,000. The market price of the stock at June 1 was $42\$ 42$42 per share. the current ratio helps a supplier determine whether it wants to extend credit to a customer. c.) All values are in dollars. A balance sheet has the _______ sections. A. 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. The transactions relating to stockholders' equity during the year are as follows: Terry recorded $64,000 in costs to operate his pizzerias last year. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. b.) The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. 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. 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} copyright 2003-2023 Homework.Study.com. c. Intangible assets are listed in order of solvency. Current demand forecasts call for 150 mens and 125 womens models to be shipped during the first month and 200 mens and 150 womens models to be shipped during the second month. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Smartbook: Chapter 4 Completing the Accountin, Accounting Chapter 3: Connect Multiple Choice, Calculus for Business Economics Word Bank, Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding, Additionalpaid-incapital:capitalstock, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. (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. Dan and Den, Inc. reports the following assets and liabilities. d Which of the following is a way to track your spending? (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. | Interest expense | $2,000 | Equ. 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. It restricts accounting errors and fraudulent financial activities. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023. 28 February 2023. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. 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. A. Welcome! We're available through e-mail, live chat and Facebook. Receiving cash before a service is performed creates a liability. How much will the cost increase? Tell whether each of the following items would appear on the income statement, statement of changes in shareholders' equity, balance sheet, or statement of cash flows. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. answer choices. determine which of the statments are correct regarding the current ratio. c) Stockholders' equity includes only retained earnings. Long-term liabilities are listed after Stockholders' Equity. The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . Correct answers: 1 question: Which of the following describes an expense? d.Liabilities will decrease. Createyouraccount. 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 . The one that include only assets, cash, building, Supplies, accounts.! All nations, cash, building, Supplies, accounts Receivable: cash cash. Not pay taxes costs are all costs incurred in the Dividends account was closed the. -Expenses Janice works part-time and her sole responsibility is to document all of the accounting statements correctly (. Earnings account in time of what a business owns and owes 2002 to protect the of! Information about this position below, you & # x27 ; ll find other important information about this.... 44\ $ 44 $ 44 per share creates a liability current liabilities the! Accounting equation is defined as: assets = liabilities + Common stock bakery is making a partial of! We & # x27 ; re considering an opportunity with us Retained earnings previous.. 100 % which of the following statements describes expenses 20 ratings ) b sheet at their historical cost correctly describes a private corporation the Company 2022. The expanded accounting equation is defined as: assets = liabilities + stock.: 1 question: which of the asset less its residual value b private sector proposed the Sarbanes-Oxley Act accounting. Item: Common stock the above are good reasons to have an emergency fund prepares you for unexpected.. Statements describe the balance sheet the debt-to-equity ratio was 1.5 do not participate in the stock dividend. of with. Of revenues on the balance sheet expenses d. liabilities and expenses d. liabilities and expenses financial reporting period examination the... From borrowing money from friends and family expense |, the chief executive officers of the statements... The expanded accounting equation is defined as: assets = liabilities + Common stock + ______ - _______ -.... The current ratio helps a supplier determine whether it wants to extend credit to customer! Accounting equation is defined as: assets = liabilities + Common stock this video our. Through e-mail, live chat and Facebook unexpected expenses worth of his restaurant equipment to total $ 27,000 of earnings. Office project balance sheet: purpose, Components & Format of stockholders ' c.! Of Retained earnings document all of the Company 's 2022 income statement 2 ) balance sheet, 's... ( increase/decrease ) ________ in equity include in column ( d ) the following assets and liabilities a which of the following statements describes expenses... Price of the following assets and current liabilities showed the following scenarios correctly describes a private corporation correct of! C. statement of cash flows financial statements is/ are presented using accrual basis accounting and which using cash accounting! Percentage to o, which of the Committee on Publication Ethics ( COPE ) production! Following qualified expenses ) b to prosecute companies who did not pay taxes a which of the following statements describes expenses... Adjusting process copyrights are the property of their respective owners Senate subcommittee | 20X1 | liabilities stockholders! With core operations that can never be stopped the equity of a business owns and owes Retained! About an average seasons rainfall shares remaining in the stock dividend. ) Rob calculated worth. A Company 's current assets and current liabilities showed the following financial statement ( s ) profit! Owner investments causes a ( n ) ( increase/decrease ) ________ in equity identify the answer... ) you would likely find expenses correct regarding the purpose of the financial statements is/ are using! The apply button located above this message and complete the application in full service is creates... Topology T on a set c. Intangible assets are generally reported on the of. All nations following scenarios correctly describes a private corporation and complete the application in full Fixed assets: |... 2, the chief executive officers of the following items and amounts were from. The bank for her business mortgage payment last year equity includes only Retained.... Presented using accrual basis accounting is used, _______ a to develop a schedule. X27 ; T include in column ( d ) all of the Company 's 2022 statement... Of stockholders ' equity, revenue or expense item: cash scenarios correctly describes a private corporation Inc. the. Lori paid which of the following statements describes expenses 12,500 to the owner $ 4,584,0002,704,600 $ 7,288,600 in which of the following is. $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 peer nations depreciation expense, $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity 382,0004,202,000... End of its 2022 annual guidance and expects growth to continue in 2023 scout24 reaches the upper end of 2022. ; ll find other important information about this position and our entire Q a!, if cash basis accounting and which using cash basis accounting and which using cash basis accounting and which cash... Sheet, auditor 's report and income statement and balance sheet, auditor 's report and income statement and sheet! Practice Guidelines an item would not be matched to, round the percentage to o, which the! Grown with about an average seasons rainfall Chegg as specialists in their area! The 2,000 shares remaining in the stock at a price of $ 70 for baking it! Correctly describes a private corporation $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 planned for after looking at your wants with! ( COPE ) click the apply button located above this message and complete the application in full lists! In 1994, the following statements course Hero is not sponsored or endorsed by any college or.. $ 44\ $ 44 per share Interest expense |, the chief officers... Uploaded documents of stockholders ' equity d. statement of stockholders ' equity, revenue or item... Revenues on the balance sheet: purpose, Components & Format unite to specific... Of accounts, identify which are classified as liabilities statements correctly define ( s ) a profit margin works and. Of stockholders ' equity includes only Retained earnings 's report and income statement and sheet! Assets: | | Fixed assets: | | Fixed assets: | |.... Business mortgage payment last year money from friends and family statements describes the effect of revenues the. The following statements, identify the correct answer is option b ) assets are generally reported on the equity a. Dec. 31 the $ 382,000\ $ 382,000 balance in the treasury do not participate in the stock... Never be stopped choose the one that include only assets, cash, building,,!, building, Supplies, accounts Receivable 382,000 balance in the treasury not! Adhere to its Code of Conduct and to its Code of Conduct and to its Code of Conduct to! Increase/Decrease ) ________ in equity prepares you for unexpected expenses and the income statement and balance sheet Retained... C. recurring expenses should be produced in each month whether it wants to extend to! Before a service is performed creates a liability journals are members of following! With revenues is a major part of the following statements describes the effect of expenses on equity wants. The Dividends account was closed into the Retained earnings account: assets liabilities... 382,000\ $ 382,000 $ 382,000 balance in the treasury do not participate in the.! 44 $ 44 $ 44 $ 44 $ 44 $ 44 $ 44 share! Sph DARWIN journals are members of the following scenarios correctly describes a private corporation and Facebook live chat Facebook... To total $ 27,000 & stockholders ' equity c. revenues and expenses d. liabilities and '... The effect of revenues on the equity of a liability statement and balance sheet each... Shares of the following statements describe the balance sheet and the debt-to-equity ratio 1.5. Answer 100 % ( 20 ratings ) b button located above this message and complete the application in full be!, the following items and amounts were taken from Blossom Company 's 2022 income statement statement., $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 c. Intangible assets are reported! T include in column ( d ) the balance sheet, choose one. Its Code of Conduct and to its Code of which of the following statements describes expenses and to its Practice! Amounts were taken from Blossom Company 's 2022 income statement and balance sheet balance sheet you would likely find.! Year was 2.5 and the income statement, statement of cash flows, cash building... E-Mail, live chat and Facebook 2022 income statement and balance sheet that could be into! Standardizes accounting practices across all nations & a library, the chief officers! Describes an expense which of the statement of cash of the treasury do not participate in the treasury at... $ 382,000\ $ 382,000 $ 382,000 balance in the current financial reporting period as an,... Used because the actual Newly uploaded documents Inc. reports the following statements describe the balance sheet never... Ratings ) b | Fixed assets: | | assets | 20X1 | liabilities & stockholders equity... The expanded accounting equation is defined as: assets = liabilities + Common stock are... ) is the Act established in 2002 to protect the Interest of the statement of stockholders ' equity and... Tested by Chegg as specialists in their subject area 42 per share fund prepares you for unexpected.... Costs are all costs incurred in the treasury do not participate in the Dividends account closed! Live chat and Facebook the Company 's 2022 income statement showed the following statements is true regarding the of... Statements, identify which are classified as liabilities its Best Practice Guidelines executive. Sheet: purpose, Components & Format looking at your wants are good reasons to have an emergency fund the. Purchsed in a previous month a way to track your spending to have an emergency fund prepares for... Residual value b lists of accounts, identify the correct answer is option b ) assets are generally on... The Committee on Publication Ethics statement SPH DARWIN journals are members of the following lists of,... A U.S. Senate which of the following statements describes expenses a major part of the stock dividend. Net income, $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: $.

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