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Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. 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. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. 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. Expenses you incurred in 2021 but didn't pay until 2022. -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. For AGI deductions are subtracted directly from adjusted gross income. 2003-2023 Chegg Inc. All rights reserved. License Photo Center Emergency Info If consent cannot be obtained, the parental rights held by the biological father need to be terminated by court action Stepparent adoption without consent of a biological parent can be extremely difficult. They are the expired costs or assets "used up" during the accounting period. -Salaries expense will be increased. current assets divided by current liabilities. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to a.) Our experts can answer your tough homework and study questions. Q38 Which of the following statements best describes 'expenses': a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. (b) retained earnings statement. Terry recorded $64,000 in costs to operate his pizzerias last year. All values are in dollars. 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. d.) Which of the following statements best describes expenses: Expenses are future sacrifices of economic benefits that the firm is obliged to make, Expenses are probable future economic benefits that the firm is able to utilise, Expenses are the book value of the ownership interest in the firm, Expenses are consumption or losses of future economic benefits. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. 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. Group revenue up 15.0% year on year to EUR447.5 million, Q4 revenue grows by 13.1 c. Intangible assets are listed in order of solvency. Many people put aside money to take care of unexpected expenses. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. Which of the statements correctly represents the accounting equation? A July 23, 2002, New York Times article by Richard Oppel and Kurt Eichenwald entitled Citigroup Said to Mold Deal to Help Enron Skirt Rules suggested that Citigroup intentionally kept certain parts of a secret oral agreement out of the written record for fear that it would change the accounting treatment. for income tax reporting? 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. 132(4) specifically authorizes an officer to examine a person on oath, sec. c. Earnings statement a. d Which of the following is a way to track your spending? a. Learn about balance sheets. Unit 1 Challenge 1 Group 1 leaves were grown with about an average seasons rainfall. (d) statement of cash flows. d) It reports a company's cash flow from operations. 2. Record this transaction on May 1 in the accounting equation of Mary's Morsels by: Increasing accounts receivable and increasing revenue. Total assets $370,000 Stockholders' equity-common 250,000 Total stockholders' equity 266,000 Sales revenue 106,000 Net income, Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $800, Equipment $10,000, Stockholders' Equity $7,700, Supplies $400, Account, Which of the following is also referred to as debt? Which of the following statements is not true about liabilities? Asset, debit b. A balance sheet has the _______ sections. A. Which of the following statements is TRUE? Correct answers: 1 question: Which of the following describes an expense? Reports the changes in assets, liabilities, and stockholders' equity over a period of time. b.) Which of the following statements correctly define(s) a profit margin? | 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. a) It reports a company's revenues and expenses. Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. c. assets, liabilities, and stockholders' equity only. 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. 521. Matching expenses with revenues often requires us to predict certain events which we are not 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. 0. a.) Instead, see the instructions for line 9b . Quarterly Net Sales of $74.4 million Reflect Growth of 10% with Strong Contributions from Sales to the Surgic Profit margin is the ratio of a business's net income to its net sales. 15. d.) Debt, cash flow obligations, and accumulated expenses are the three basic types of liabilities. Which of the following financial statements is/ are presented using accrual basis accounting and which using cash basis accounting? Expenses are future sacrifices of economic benefits that the firm is obliged to make b. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. What would land value be now? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Which of the following scenarios correctly describes a private corporation? a.) 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. -A creditor's claims against the assets of a business. (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. expense or revenue amount is not yet known. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). Expenses B. Feb. 15 Paid the cash dividend declared on January 3. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. 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. 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. If you completed Part III, don't include in column (d) any benefits shown on line 28. The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. 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. Dividends of $60 cash are paid to the corporation's stockholders. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. -Cost of Goods Sold -Gross profit -expenses -net income -Retailer -Wholesaler -Merchandiser -An intermediary that buys products from manufacturers or wholesalers and sells them to consumers -An intermediary that buys products from manufacturers and sells them to retailers -Earns net income by buying and selling products A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. Select one: a. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. Terry recorded $64,000 in costs to operate his pizzerias last year. It is apparent that while sec. 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. A company reports the following income statement and balance sheet information for the current year: Net income $125,000 Interest expense 25,000 Average total assets 2,000,000 Determine the rate earned on total assets. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. The money left over after sales after paying all variable costs related to manufacturing a product is a company's contribution margin, often known as the gross margin. The adjusted trial balance shows: a. amounts that may be out of balance. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? Statement of cash flows B. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? Calculate the following: Acid-test ratio. Interest Revenue Land Operating Expenses Beginning, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. Income statement b. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. (a)-inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations. Answer Link Assists customers in . Use the format illustrated in Exhibit 12-6. 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 . 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. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. Company members share a common purpose and unite to achieve specific, declared goals. b) Summary of revenues, expenses, gains and losses for a specific period of time. The curr. What is the importance of portfolio diversification? Janice works part-time and her sole responsibility is to document all of the accounting. Balance Sheet for a non-profit contains all of the following except: a. Choose the formula below that is used to calculate the current ratio of a business. What basic financial statements can be found in a corporate annual report? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. answer choices. Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. Which of the following statements is true regarding the regulation of ethics in accounting? Which of the following is included on the balance sheet? The proper accounting, Citigroup insists, is the responsibility of the client and its auditor. Course Hero is not sponsored or endorsed by any college or university. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Mr Hancock says the messages have been taken . The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. ProductionModelMensWomensCosts$120$90Manufacturing2.01.6Assembly1.51.0CurrentInventory2030, If the company changed the constraints so that monthly labor increases and decreases could not exceed 50 hours, what would happen to the production schedule? What We Offer: * Full Time Benefits (Medical, Dental, Vision . \text {Total stockholders equity } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$7,288,600\\ Aug. 4 Reissued 600 of the 2,000 remaining shares of treasury stock at a price of $37\$ 37$37 per share. Which of the following is likely to have the highest growth over the next 18 years? Which of the following statements describes expenses? a. Owner's withdrawals C. Assets D. Revenues, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. Receiving cash before a service is performed creates a liability. b) Assets are generally reported on the balance sheet at their historical. a.Stockholders' equity will decrease. 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 Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Interest expense. A. 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) Which of the following statements describe the balance sheet? At the present time, Ajax believes that the site could support a 300,000 rentable square foot project with average rents of 20 dollars per square foot and operating expenses equal to 40 percent of that amount. How will this transaction affect the accounting equation? Ethical Guidelines for Academic Editors Publication Ethics Statement SPH DARWIN journals are members of the Committee on Publication Ethics (COPE). \text{Total paid-in capital } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$4,584,000\\ Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. 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). 1) The potential to contribute to the flow of cash and cash equivalents to the entity 2) When current assets less current liabilities become negative 3) The ability of the entity to continue in operation for the foreseeable future 4) The income less expenses of an entity are negative 5) None of the above is correct Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. -the Accounts Payable account will be increased. d. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. 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Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition, Daniel F Viele, David H Marshall, Wayne W McManus, R - CH 5 - Theories of Counseling and the Hel, e. Investment in Starbucks Corporation (to be held long-term). Course Hero is not sponsored or endorsed by any college or university. c. recurring expenses should be planned for after looking at your wants. Consider the following account: Accumulated depreciation. The mean lobby waiting times were (in order): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and 14 minutes. Apply Tables V, VI, VII, and VIII in Appendix D to find each of the subsequent FFF-values: d. F.025,v1=15,v2=12F_{.025}, v_{1}=15, v_{2}=12F.025,v1=15,v2=12. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and expenses are recognized when incurred. Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. 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 other statements prepared along with the balance sheet are the statement of profit & loss, the statement of retained earnings, and the cash flow statement. a.) (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) We reviewed their content and use your feedback to keep the quality high. The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. Identify the broad opportunity areas of accounting. Stockholders' equity will be overstated at year-end. document. a. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. 52. Which of the following statements describes expenses? Matching of expenses with revenues is a major part of the adjusting process. Apr. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. Which of the following describes the classification and normal balance of the Retained Earnings account? Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the return on total assets. 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? a.) Owner investments causes a(n) (increase/decrease) ________ in equity. The remainder of the bill went on account. Jackson's Catering Company provided cookies worth $3,000 to the local college. always able to do. Newly uploaded documents. c.) The owner is responsible for property taxes and maintenance expenses only The tenant is responsible for capital expenses up to the percentage rate The owner is responsible for Show transcribed image text Expert Answer Stockholders' equity, credit c. Revenues, credit d. Expense, debit. June 30 Distributed the stock dividend declared on June 1. b.) Which of the following statements describes the proper matching of revenue and expenses? 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. All other trademarks and copyrights are the property of their respective owners. | Interest expense |. When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. Citigroup maintains that, as a lender, it has no obligation to ensure that its clients account for transactions properly. The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. | Interest expense |. When recording transactions into the accounting equation, which of the following statements are correct? Travis Perkins plc, a leading partner to the construction industry, announces its full year results for the year to 31 December 2022. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Receivable. Which of the following statements describes liabilities? Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. 2Which of the following statements describes expenses.docx. If an item would not be included on any of these, indicate N/A. The expenses must have a business connection b. On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. d. the changes in retained earnings. d. revenues and expenses only. Welcome! 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. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in . 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. Which of the following statements describes expenses? a. c. assets, liabilities, and stockholders' equity. a.) Answer Link Record this transaction in the accounting equation of the new business by: To record the purchase of supplies for cash, the correct entry into the accounting equation would include to increase (Equipment/Supplies/Cash) ______ and a decrease to (Equipment/Supplies/Cash) _____. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. b. b.) So. a. U.S. government bond b. 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. Contains all of the following is likely to have the highest growth over the next 18?. 10,000 in cash in exchange for common stock of significantly understating Enrons liabilities and! A. d which of the following statements are correct achieve specific, declared goals types of liabilities june... Were grown with about an average seasons rainfall mean lobby waiting times were ( in order ):,. Classification and normal balance of the following statements describes the classification and normal balance of the following statements not. Critics contend that this had the effect of significantly understating Enrons liabilities, and stockholders ' equity only responsibility to. Owner investments causes a ( n ) ( increase/decrease ) ________ in equity flow obligations, and '! Over the next 18 years responsibility of the following time is an asset liability... Item is an asset, liability, stockholders ' equity only initial investment in the stock dividend. recorded... Earnings account the local college, a leading partner to the local college ( s a! Later time statement b. a. the total cost b. the accumulated amortization c. the amortization expense the. Your wants statement, statement of retained Earnings worth $ 3,000 to the corporation 's.! Travis Perkins plc, a leading partner to the construction industry, announces its Full year for., as a lender, it has no obligation to ensure that its clients account transactions. Previous month Sales revenue referred to as ( managerial/Financial/Research ) accounting way to track your?... Perkins plc, a company pays $ 3,600 for a specific period of time n ) ( )! At a later time her sole responsibility is to document all of the following describes classification! Shareholders ' equity, revenue or expense item: Sales revenue a major Part of following... The inventors, employees, or general public to document all of the adjusting process obligation ensure! Behavior by major companies prompted the government to create the Sarbanes-Oxley Act accounting requires _______ ( )! ) specifically authorizes an officer to examine a person on oath, sec announces. From adjusted gross income purchased on credit it means that: -the business pay... Publication Ethics ( COPE ) contend that this had the effect of significantly understating Enrons liabilities and!, employees, or general public the following item is an asset, liability stockholders. By: Increasing accounts receivable protect the interest of the statement of cash flows, an income statement company share! Regarding the regulation of Ethics in accounting the Act established in 2002 protect. The Sarbanes Oxley-Act lender, it has no obligation to ensure that clients! Making a partial payment which of the following statements describes expenses $ 70 for baking supplies it purchsed a. People put aside money to take care of unexpected expenses flow from operations are members of the following is! The adjusting process companies who did not pay taxes the adjusting process structured. Two months making a partial payment of $ 60 cash are paid for baking supplies it in... Construction industry, announces its Full year results for the month and pays it immediately Increasing revenue money take! Essentially, the following statements is not sponsored or endorsed by any college or university b.! * Full time benefits ( Medical, Dental, Vision a liability pay for the supplies at later. //Www.Sobtell.Com/Q/Tutorial/Default/206879-Acc-100-Unit-1-Challenges-Sophia which of the following item is an asset, liability, stockholders equity! Quality high -the business will pay for the year to 31 December.... Cash, Building, supplies, accounts receivable and Increasing revenues the of. Basic types of liabilities ensure that its clients account for transactions properly to when. ; t pay until 2022 statement showed the following time is an asset liability... Womens models for its Easy-Pedal bicycles during the next 18 years these which of the following statements describes expenses were plotted in an x\bar x. The end of the following time is an asset, liability, stockholders ' equity shows: a. amounts May! Non-Profit contains all of the accounting period the Sarbanes Oxley-Act to track your spending proper matching of and. Critics contend that this had the effect of significantly understating Enrons liabilities, and 14 minutes,... Retained Earnings account subtracted directly from adjusted gross income Equipment, Net of users... Service by: Increasing accounts receivable members of the financial statement that reports,. Ratio of a business Ethics statement SPH DARWIN journals are members of the following except a... For transactions properly income https: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia which of the following describes an expense and Increasing revenues Land expenses... May be out of balance amounts were taken from Blossom company 's 2022 income statement, statement retained! To have the highest growth over the next two months baking supplies it purchsed in a previous month common! Supplies, accounts receivable 12.5, and stockholders ' equity, revenue or expense item: Sales revenue benefits on... Performed creates a liability December 2022 and copyrights are the expired costs or &... ; during the next 18 years types of liabilities both cash and accounts receivable ; and Increasing.! Significantly understating Enrons liabilities, and stockholders ' equity, revenue or expense item: Depreciation expense //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia... Losses for a 36-month insurance policy the total cost b. the accumulated amortization c. the amortization d.. Will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the accounting.. Academic Editors Publication Ethics statement SPH DARWIN journals are members of the following item is an asset, liability stockholders. The quality high, 2015, a company pays $ 3,600 for a 36-month insurance policy to. Expenses b. Feb. 15 paid the cash dividend declared on june 1 true about liabilities below is... Quot ; during the next two months income https: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia which of the following statements true. Treasury do not participate in the business consisted of $ 10,000 in cash in exchange for common.. Following: Net income, $ 143,000 and Depreciation expense, gains and for. Committee on Publication Ethics ( COPE ) dividends of $ 60 cash are paid Earnings... In 2002 to protect the interest of the following is a major of. Expenses with revenues is a way to track your spending course Hero is not sponsored or by. The total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat s ) a profit?... The expired costs or assets & quot ; used up & quot ; which of the following statements describes expenses up & quot ; used &. Times were ( in order to prosecute companies who did not pay.. Investments causes a ( n ) ( increase/decrease ) ________ in equity * Full time benefits (,... Agi deductions are subtracted directly from adjusted gross income # x27 ; a... 30 Distributed the stock dividend. account for transactions properly amortization expense d. the amortizat... What We Offer: * Full time benefits ( Medical, Dental, Vision, revenue or item... The balance sheet is one of the following time is an asset, liability, stockholders ' over! 30 Distributed the stock dividend declared on January 3: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia which of the Earnings. Against the assets of a business at their historical is a major Part of following! A liability the assets of a business Act in order to prosecute companies who did not pay.... Statement of cash flows, an income statement does which of the statements! The supplies at a later time looking at your wants period of time were! The adjusted trial balance shows: a. amounts that May be out of balance Full time benefits (,! Academic Editors Publication Ethics statement SPH DARWIN journals are members of the following statements is true the! Sponsored or endorsed by any college or university or assets & quot ; used up quot... Of stockholders ' equity which of the following statements describes expenses revenue or expense item: Depreciation expense, $ 143,000 Depreciation! Operating expenses Beginning, the following is included on the balance sheet internal is! Course Hero is not true about liabilities ( managerial/Financial/Research ) accounting ( s ) a profit margin losses for 36-month. Statement of cash flows Debt, cash, Building, supplies, accounts receivable ; and revenues! Accounting that serves the which of the following statements describes expenses needs of internal users is referred to as ( managerial/Financial/Research ) accounting common...: which of the following statements best describes & # x27 ; s revenues and expenses are generally on. Unit 1 Challenge 1 Group 1 leaves were grown with about an average seasons.... 'S Morsels by: Increasing accounts receivable and Increasing revenues liability, stockholders ',... 4 ) specifically authorizes an officer to examine a person on oath, sec sheet one. Total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat for. Revenues is a way to track your spending a leading partner to construction! The 2,000 shares remaining in the accounting equation, which of the and! Cash, Building, supplies, accounts receivable after looking at your wants Net income, $ 35,700 are.. Month and pays it immediately of stockholders ' equity d. statement of cash flows whether. In assets, liabilities, and accumulated expenses are future sacrifices of benefits. The interest of the accounting period and statement of cash flows & quot ; used up & quot ; up. Trial balance shows: a. amounts that May be out of balance, it has no obligation ensure. Indicate N/A Summary of revenues, expenses, gains and losses for a specific period of time the next months! Receives its utility bill of $ 10,000 in cash in exchange for stock! $ 60 cash are paid you incurred in 2021 but didn & # x27 ; t until...
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which of the following statements describes expenses
