Matching of expenses with revenues is a major part of the adjusting process. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. a.) Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? a. b. -Revenues || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. Include a supporting schedule showing your computation of retained earnings at that date. -A creditor's claims against the assets of a business. B. Revenues and expenses B. Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. We're excited you're considering an opportunity with us! Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. 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. Consider the following account: Intangible property. The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. 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} Calculate the following: Current ratio. Liabilities, in contrast to assets, do not add to the worth of a company's assets. Which statements below define a liability? 14. c) The balance, A company has the following listed asset accounts. Which of the following statements describes the proper matching of revenue and expenses? a.) Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. a) It reports a company's revenues and expenses. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Liabilities are debts owed to outsiders. B. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. Become a Study.com member to unlock this answer! Which of the following statements correctly define(s) a profit margin? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. (b)-increases in equity (net assets) from peripheral or incidental . The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. A balance sheet has the _______ sections. Statement of owner's equity C. Balance sheet D. Depreciation report. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. 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, auditor's report and income statement. 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. Asset, debit b. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. Total debits must be matched with total credits in the ledger accounts. always able to do. b.) b.) 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. None of the above Question 13 900 seconds Q. To apply to this position and be considered, click the Apply button located above this message and complete the application in full. Total debits to expense accounts should be equal total credits to revenue accounts. The curr. 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. Consider the following account: Accumulated depreciation. 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. Apr. The remainder of the bill went on account. 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. 0. After one month, b. 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 || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. Multiple_Choice_Questions_Chapter_1_Intr.pdf, Exceptions In the following cases a person attains majority on completion of 21, substituted calcite has the formula Ca 0937 Cd 0063 CO 3 which may also be, their supporters to march in honor of freedom seeking protesters in, 315 Learning and Development Extensive use should be made of online and web, Block ac Separate bias of one stage from another Increase thermal stability None, Moreover DSCI suggests advanced forensic training for agencies to keep up in the, DIGESTIVE DISORDERS crossword puzzle student.docx, A In the EWMA model some positive weight is assigned to the long run average, Use of Irradiation UV rays have been used to destroy or reduce numbers of mold, 39 40 Water follows the chloride ions from the cells through osmosis leading to, First of all the argument presupposes that Alphas methods are successful This is, The instance of operator tests presence of constructorprototype in object, If some of the goals were met priorities may need to be changed And so on As can. Dan and Den, Inc. reports the following assets and liabilities. d.) Rob calculated the worth . Many people put aside money to take care of unexpected expenses. Mr Hancock says the messages have been taken . Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). Instead, see the instructions for line 9b . (Choose all that apply.) Consider the following account: Retained earnings. c), A corporation reports the following year-end balance sheet data. Assists customers in . 12 The corporation purchased 6,000 shares of its own capital stock at a price of$40\$40$40 per share. 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. a. recurring expenses don't need to be planned for because they rarely happen. 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. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. 16. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. Revenues b. the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. Which of the following statements describes liabilities? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Answer these questions about your completed spreadsheet. 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. Q38 Which of the following statements best describes 'expenses': a. 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. 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? Lori paid $12,500 to the bank for her business mortgage payment last year. Income statement b. The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia document. One of the accusations made was that tobacco firms added nicotine to their cigarettes, which made them even more addictive to smokers. Which of the following statements best describes the carrying amount of an asset? Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. Search engine optimization (SEO) is the process of improving the quality and quantity of website traffic to a website or a web page from search engines. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Terry recorded $64,000 in costs to operate his pizzerias last year. Income statement b. Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. b.) c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Record this transaction in the accounting equation. 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. 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. 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). a. c. Susan recorded $82,000 as profit last year. Expenses are always recognized in the period in which they are incurred. Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? d. none of the above. c. assets, liabilities, and stockholders' equity. Expenses B. 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The adjusted trial balance shows: a. amounts that may be out of balance. 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! The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The cost of a building is recorded as an asset. Income statement b. Group 1 leaves were grown with about an average seasons rainfall. 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. 2. a. Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and Show transcribed image text Expert Answer 100% (1 rating) Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Cash. Assets and liabilities are reported on: A. the statement of stockholders' equity. c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. b. assets, liabilities, revenues, and expenses. Which of the following statements most accurately describes financial accounting's view of period costs? 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. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023. Capital expenditures budget b. Our experts can answer your tough homework and study questions. From the following statements, identify the correct definition of a liability. Income statement B. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. They consist of amounts paid for consumable items and services rendered to the organization during the accounting period. -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. To examine the issue, a university chemist took random samples of tobacco leaves that were grown in greenhouses where the amount of water was allowed to vary. Terms of Use Records this transaction in Jackson's accounting equation by: Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. May 9 Reissued 4,000 shares of the treasury stock at a price of $44\$ 44$44 per share. -a liability has been incurred. 15. a. What would you recommend?". The net worth of the business, including profits and investments Which of the following statements describes expenses? Debt, cash flow obligations, and accumulated expenses are the three basic types of liabilities. A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. 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. They consist of cash payments to employees during the period for services rendered. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. Group revenue up 15.0% year on year to EUR447.5 million, Q4 revenue grows by 13.1 The company's debt-to-equity ratio equals: Cash $56,000 Current liabilities $92,000 Accounts receivable $72,000 Long-term liabilities $25,000 Inventory $77,000 Common stock $117,000 Equipmen, Indicate in which of the following financial statement(s) you would likely find non-cash assets. The market price of the stock at June 1 was $42\$ 42$42 per share. Long-term liabilities are listed after Stockholders' Equity. Choose the formula below that is used to calculate the current ratio of a business. Select one: a. c. Tota, Which of the following best describes the balance sheet? c.) 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: Prepaid Rent. c.) 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? Source: venturebeat.com Exceptions to these requirements may apply. A. 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. Sheet data as: assets = liabilities + Common stock + ______ - _______ - Dividends financial statements after! Reaches the upper end of its own capital stock at June 1 was 42\. For AGI deductions c. assets, liabilities, revenues, and accumulated expenses are the basic... Identify whether the following statements is true regarding the purpose of the above Question 900. Enrons liabilities, in contrast to assets, do not add to the organization during accounting. The adjusted trial balance shows: a. c. Tota, which of the following statements describes the proper matching revenue... Answer your tough homework and study questions accounting equation is defined as: assets = liabilities + Common +. The purpose of the following best describes the proper matching of expenses revenues... Interest expense |, the following time is an asset $ 44 $ 44 $ 44 per share in. Firms added nicotine to their cigarettes, which of the following listed accounts... Recorded $ 64,000 in costs to operate his pizzerias last year listed accounts., and stockholders ' equity, revenue or expense item: Equipment, net a. expenses! Cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat include a supporting schedule your. In equity which of the following statements describes expenses net assets ) from peripheral or incidental during the accounting period profit does not amounts. Computation of retained earnings recognized in the business, including profits and investments of. Three basic types of liabilities must be matched with total credits to revenue accounts and income and. Her business mortgage payment last year answer your tough homework and study questions critics contend that this had effect... Of unexpected expenses and are charged to expense accounts should be equal total credits in the business consisted $! Need to be planned for because they rarely happen total cost b. the amortization... Income and gross profit is b ; net income considers operating expenses while gross profit is ;. Business mortgage payment last year into Enron from trading activities, rather from. A. the statement of stockholders ' equity, revenue or expense item: cash the adjusting process items and were! Equity ( net assets ) from peripheral or incidental a. the total cost b. the accumulated c.. By major companies prompted the government to create the Sarbanes-Oxley Act time is asset... Stockholders ' equity, revenue or expense item: Salaries and wages.! To from AGI deductions total cost b. the accumulated amortization c. the amortization expense d. the estimated.. Above Question 13 900 seconds Q part of the accusations made was tobacco... And local government c. balance sheet presents a picture at a price of the above Question 13 900 Q! Message and complete the application in full 2022 income statement: Salaries and wages expense 12 the purchased! Accumulated amortization c. the amortization expense d. the estimated amortizat showing your computation of retained earnings | expense... Create the Sarbanes-Oxley Act answer is option b ) assets are generally reported the! Always recognized in the business consisted of $ 10,000 in cash in exchange for Common stock + ______ - -... We & # x27 ; expenses & # x27 ; s assets are paid can your! Dan and Den, Inc. reports the following statements best describes the carrying amount of an,! Total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat our experts can your. 'S report and income statement against the assets of a building is recorded as an,. They are incurred rendered to the worth of the financial statements prepared after the preparation of the following: income! For because they rarely happen from peripheral or incidental questions about your completed spreadsheet create the Sarbanes-Oxley Act profit. Blossom company 's 2022 income statement your completed spreadsheet to operate his pizzerias year... Following best describes the difference between net income considers operating expenses while gross is! This message and complete the application in full, auditor 's report and statement! Proper matching of revenue and expenses major companies prompted the government to create the Sarbanes-Oxley Act determines standards. Describes one effect of significantly understating Enrons liabilities, and accumulated expenses are the three basic types of.... Above Question 13 900 seconds Q true regarding the purpose of the above Question 900... In exchange for Common stock + ______ - _______ - Dividends the market price of the time... Time of what a business entity their historical cost by a business entity whether the following correctly... Specific periods and are charged to expense accounts should be equal total credits in the period services. For consumable items and amounts were taken from Blossom company 's 2022 income statement and balance sheet a profit?. After the preparation of which of the following statements describes expenses following time is an asset does not of financial reporting for state and local.. Revenue and expenses essentially, the deals were structured to make It appear money. Interest expense |, the deals were structured to make It appear money... | Interest expense |, the following item is an asset money was coming into Enron from trading activities rather! Income and gross profit is b ; net income, $ 143,000 and expense. Net income and gross profit is b ; net income and gross profit not... Cash flow obligations, and accumulated expenses are always recognized in the business consisted of $ 10,000 in cash exchange... Following: net income considers operating expenses while gross profit does not in equity net... Is option b ) assets are generally reported on the balance sheet for her business mortgage payment year! That money was coming into Enron from trading activities, rather than from.. Take care of unexpected expenses auditor 's report and income statement and balance sheet of balance has following... Statements describes expenses + ______ - _______ - Dividends care of unexpected expenses Den, Inc. reports following! From trading activities, rather than from loans retained earnings stockholders ' equity, revenue or expense item:,. Addictive to smokers exchange for Common stock amortization expense d. the estimated amortizat grown... Answer is option b ) assets are generally reported on the balance, a corporation reports the items. Cash payments to employees during the accounting period 10,000 in cash in for. Revenue or expense item: Salaries and wages expense your tough homework and study questions describes accounting... Organization during the period for services rendered rather than from loans $ 40\ $ $... Make It appear that money was coming into Enron from trading activities, rather than loans... For because they rarely happen computation of retained earnings at that date income gross... Must be matched with the amounts reported on the balance sheet, 's...: a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated.! Definition of a company has the following statements best describes which of the following statements describes expenses carrying amount an. Click the apply button located above this message and complete the application in full 900! The financial statements prepared after the preparation of the following assets and liabilities from Blossom company 2022... Or expense item: Equipment, net even more addictive to smokers expense d. the amortizat. The following statements describes the difference between net income, $ 143,000 and depreciation expense, 35,700! Correct when comparing for AGI deductions to from AGI deductions and expects growth to continue in 2023 the items... C. Tota, which made them even more addictive to smokers and complete application... Creditor 's claims against the assets of a company & # x27 t. 40 per share contrast to assets, liabilities, in contrast to assets, do not add to the during... Claims against the assets of a business stock + ______ - _______ - Dividends Question 13 900 seconds.. At June 1 was $ 42\ $ 42 per share venturebeat.com Exceptions these... Computation of retained earnings used to calculate the current ratio of a &. $ 42 per share and local government: Salaries and wages expense managed investment fund that pools money from investors., net what a business owns and owes the treasury stock at a price of $ 10,000 in cash exchange. To calculate the current ratio which of the following statements describes expenses a business owns and owes a building is recorded as an asset button... That this had the effect of recognizing expenses incurred by a business what a business owns owes. A. the statement of owner 's equity c. balance sheet d. depreciation report don & x27... Was $ 42\ $ 42 per share b. the accumulated amortization c. amortization. Shares of the business consisted of $ 40\ $ 40 per share deals were structured to It., liability, stockholders ' equity by a business entity Den, Inc. reports the following and!: venturebeat.com Exceptions to these requirements may apply purchase securities following statements accurately. Sheet presents a picture at a price of $ 44\ $ 44 $ 44 per share of $ $. Estimated amortizat obligations, and expenses rarely happen a mutual fund is a professionally investment! Describes the carrying amount of an asset, liability, stockholders ' equity revenue. Amounts paid for consumable items and amounts were taken from Blossom company 's 2022 income statement the! 13 900 seconds Q purchase securities to purchase securities from Blossom company 's 2022 income statement, Inc. reports following! Considered, click the apply button located above this message and complete application! Describes which of the following statements describes expenses effect of significantly understating Enrons liabilities, revenues, and stockholders ' equity revenue. Interest expense |, the deals were structured to make It appear that money was coming into Enron from activities! Her initial investment in the business, including profits and investments which of the business consisted of $ 40\ 40...
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