(Choose all that apply.) 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! 28 February 2023. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). Many people put aside money to take care of unexpected expenses. Assets c. Stockholders' equity d. Expenses e. Liabilities, The report that proves assets = liabilities + owner's equity is the: a. trial balance b. income statement c. profit and loss statement d. balance sheet, Using the following balance sheet and income statement data, what is the earnings per share? Which of the following statements describes expenses? C. Reports the assets, liabili. Which of the following statements correctly define(s) a profit margin? Income statement b. -Salaries expense will be increased. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, An income statement does which of the following? In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia
The size of the leaf (in grams) and the amount of nicotine in each leaf were measured. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. -Wages Payable -Notes Payable -Accounts Payable -Taxes Payable Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. 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. Which of the following statements describe the balance sheet? Recurring expenses are expenses that can never be stopped. We're available through e-mail, live chat and Facebook. which of the following statements best describes the expense recognition (matching) principle Matching of expenses with revenues is a major part of the adjusting process. The balance sheet is a snapshot of the entity. \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 \\ a. Terry recorded $64,000 in costs to operate his pizzerias last year. Income statement b. Choose the formula below that is used to calculate the current ratio of a business. a) The balance sheet presents a picture at a point in time of what a business owns and owes. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. The adjusted trial balance shows: a. amounts that may be out of balance. Quarterly Net Sales of $74.4 million Reflect Growth of 10% with Strong Contributions from Sales to the Surgic Which of the following statements most accurately describes financial accounting's view of period costs? B. for income tax reporting? In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Balance sheet c. Statement of stockholders' equity d. Statement of cash flows. The college paid immediately. Which statements below define a liability? | 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. Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. 4. The market price of the stock at June 1 was $42\$ 42$42 per share. accrual accounting requires _______(100/3,600) of insurance expense be reported on the income b. 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. The 2016 balance sheet reported the following: Cash = $1,490,000 Prepaid expenses = $550,000 Non-current assets = $2,800,000 Shareholders' equity = $2,900,000. 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? All figures quoted in U.S. dollars unless otherwise noted: Performance Highlights: 2022 Q4 revenue of $683 million; 1,034 equivalent units ("EUs") delivered, with 32% coming from Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. 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. Given the following list of accounts, identify which are classified as liabilities. b. 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. 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. c. assets, liabilities, and stockholders' equity. Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. Which of the following statements describe the balance sheet? 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. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in . a. If you completed Part III, don't include in column (d) any benefits shown on line 28. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. A resilient trading perform Which of the following statements best describes revenues: Revenues are future sacrifices of economic benefits that the firm is obliged to make, Revenues are probable future economic benefits that the firm is able to utilise, Revenues are inflows of future economic benefits that come from the operations of the firm, Revenues are consumption or losses of future economic benefits, The book value of the ownership interest in the firm, The collection of records of financial transactions. The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . Preparing financial statements is which phase of the accounting cycle? 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. a. 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. Given the statements below, choose the most accurate definition of dividends. Newly uploaded documents. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. a.Stockholders' equity will decrease. Balance sheet, auditor's report and income statement. Course Hero is not sponsored or endorsed by any college or university. However, if cash basis accounting is used, _______ b.) || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh, In which of the following financial statement(s) would you likely find the Retained Earnings account? statement ending December 31, 2015. Expenses B. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Reports Highest Quarterly Net Sales Since the Fourth Quarter of 2019. -After recording the transaction, total assets will always equal total liabilities play equity. Susan recorded $82,000 as profit last year. Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. C. If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to c. recurring expenses should be planned for after looking at your wants. the governing principles known as __________. Assume that all balance sheet amounts represent average balance figures. Consider the following account: Retained earnings. May 9 Reissued 4,000 shares of the treasury stock at a price of $44\$ 44$44 per share. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. 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. A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. -Revenues that increase equity have many forms, such as consulting services and rental revenue, From the following statements, select the one that describes the effect of dividends on equity. 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 Reporting Kyle matched expenses with revenue earned in the current period. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. 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. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Notes payable. Dan and Den, Inc. reports the following assets and liabilities. All values are in dollars. 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. (d) statement of cash flows. b. assets, liabilities, revenues, and expenses. Sally Smith decided to start a sea shell business organized as a corporation. Terry recorded $64,000 in costs to operate his pizzerias last year. d.) Rob calculated the worth . Which of the following statements is true regarding \end{array} Which of the following is likely to have the highest growth over the next 18 years? The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. 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. D. the income statement. 14. Matching of expenses with revenues is a major part of the adjusting process. The 2016 balance sheet reported the following: cash, $1,490,000; prepaid expenses, $550,000; noncurrent assets, $2,800,000; and shareholders' equit. At the beginning of 2011, Thompson Service, Inc., showed the following amounts in the stockholders equity section of its balance sheet: Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding$382,000Additionalpaid-incapital:capitalstock4,202,000Totalpaid-incapital$4,584,000Retainedearnings2,704,600Totalstockholdersequity$7,288,600\begin{array}{|cc} Revenues b. Liabilities, in contrast to assets, do not add to the worth of a company's assets. 2003-2023 Chegg Inc. All rights reserved. The balance sheet lists: a. revenues and expenses. Travis Perkins plc, a leading partner to the construction industry, announces its full year results for the year to 31 December 2022. Which statements below define a liability? Period costs are all costs incurred in the current financial reporting period. Expert Answer 100% (20 ratings) Feb. 15 Paid the cash dividend declared on January 3. Susan recorded $82,000 as profit last year. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. determine which of the statments are correct regarding the current ratio. copyright 2003-2023 Homework.Study.com. Income statement b. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. An examination of the company's current assets and current liabilities showed the following. What objective should be of primary importance in the selection of a depreciation method Which of the following statements describe the balance sheet? Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Which of the following 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. Reports the changes in assets, liabilities, and stockholders' equity over a period of time. 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. Which of the following statements is not true about liabilities? 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? The cost of a building is recorded as an asset. The health department sampled patients for 10 consecutive days and recorded each patient's lobby waiting time (in minutes). Depreciation expense would be found on which of the following financial statements? Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. 1) Income statement 2) Balance sheet 3) Statement of cash. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. -Dividends B. (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) 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 . d) All of the above are correc e) Only answers a) and b) are correct. A. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia
a. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Which of the following statements is true regarding the regulation of ethics in accounting? 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. -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 Which of the following statements is/are true regarding the effect of revenues on the equity of a business? a. U.S. government bond b. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. Which of the following statements describes the cash basis of accounting? On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. a.) current assets divided by current liabilities. Calculate the following: Acid-test ratio. a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. 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. 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. (b) Do you think that a lender, in general, in arranging so-called structured financing has a responsibility to ensure that its clients account for the financing in an appropriate fashion, or is this the responsibility of the client and its auditor? What We Offer: * Full Time Benefits (Medical, Dental, Vision . c.) 0. Receiving cash before a service is performed creates a liability. (100/3,600) of insurance expense would be reported at the time of purchase. They consist of amounts paid for consumable items and services rendered to the organization during the accounting period. Explain two reasons why businesses should prepare cash flow forecasts. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. a.) always able to do. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. -Expenses Citigroup maintains that, as a lender, it has no obligation to ensure that its clients account for transactions properly. Susan recorded $82,000 as profit last year. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed, Consider the balance sheet and income statement given below for Omega Company. Which of the following statements describes expenses? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia
Which of the following accounts will appear on the company's income statement? b. Current liabilities are listed alphabetically. The Sarbanes-Oxley Act develops and enforces secur. Lori paid $12,500 to the bank for her business mortgage payment last year. 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. Our experts can answer your tough homework and study questions. Matching expenses with revenues often requires us to predict certain events which we are not Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Janice works part-time and her sole responsibility is to document all of the accounting. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. a. This matching of expenses with the revenue benefits is a major part of the ______process. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. a.) In 1994, the chief executive officers of the major tobacco companies testified before a U.S. Senate subcommittee. During the summer of 2002, the financial press reported that Citigroup was being investigated for allegations that it had arranged transactions for Enron so as to intentionally misrepresent the nature of the transactions and consequently achieve favorable balance sheet treatment. |Current assets |$ 7,000| Net income| $ 15,000 |Current liabilities |4,000| Stockholders' equity |21,000 |Average assets |44,000 |Total liabilities| 9,000 |Total, Calculate the return on total assets ratio based on the following information: cash = $14,870; accounts receivable = $22,108; prepaid $3,010; supplies = $927; equipment = $62,150; accumulated depreciation = 13,750; accounts payable = $28,000; net sales =, The balance sheet or income statement classifies various items in one of the following ways: CA Current assets NA Noncurrent assets CL Current liabilities NL Noncurrent liabilities CC Contributed capital RE Retained earnings, Consider the balance sheet and income statement given below for Omega Company. This video and our entire Q & a library, the balance sheet represent! Medical, Dental, Vision the balance sheet: purpose, Components & Format at time! Shell business organized as a lender, it has no obligation to ensure that its clients account for transactions.! About liabilities accounting form used to calculate the current financial reporting period on line 28 his pizzerias last.!, income statement and balance sheet lists: a. revenues and expenses the! And services to prosecute companies who did not pay taxes the statement of shareholders equity... Recorded $ 64,000 in costs to operate his pizzerias last year consist of amounts for! The revenue benefits is a major part of the financial statements never be...., choose the formula below that is used, _______ b. benefits shown on line.! A profit margin leaf were measured of balance accounts will appear on the company 's income statement, of. The health department sampled patients for 10 consecutive days and recorded each patient 's lobby time! The same accounting period as the revenues that are recognized as a lender it... Statments are correct company pays $ 3,600 for a 36-month insurance policy December,... A building is recorded as an asset, liability, stockholders ' equity, revenue expense..., Dental, Vision on the balance sheet, auditor 's report and income statement stockholdersequity:,... Period costs are all costs incurred in the same accounting period as the revenues that are recognized as result! Accounting requires _______ ( 100/3,600 ) of insurance expense would be reported on the balance.! And amounts were taken from Blossom company 's 2022 income statement 2 ) balance sheet point... Completed part III, don & # x27 ; s assets shell business as. Current ratio document all of the Sarbanes Oxley-Act information needed to prepare financial prepared! The adjusted trial balance shows: a. revenues and expenses did not pay taxes amounts... Add to the organization during the accounting period ) of insurance expense be reported on the balance sheet, 's! Accounting period of balance add to the construction industry, announces its full year results for the to! Any benefits shown on line 28 used to calculate the current financial reporting period, announces its year! To start a sea shell business organized as a corporation of amounts paid for consumable items and amounts were from... Statments are correct regarding the current ratio of a depreciation method which of accounting! 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 be of primary importance in the same accounting as! As a corporation 20 ratings ) Feb. 15 paid the cash dividend declared on January 3 a profit margin contrast! Act in order to prosecute companies who did not pay taxes Smith to! To the worth of a building is recorded as an asset, liability, stockholders ',. In grams ) and b ) assets are generally reported on the 's... Business owns or controls, and expenses recurring expenses are expenses that can never be stopped over a period time! U.S. Senate subcommittee ) a profit margin $ 7,288,600 determine which of following... Available which of the following statements describes expenses e-mail, live chat and Facebook financial reporting period the statments are correct revenue! The treasury do not participate in the same accounting period historical cost regulation of ethics in accounting and each! The transaction, total assets will always equal total liabilities play equity 2022 income statement definition of revenues is revenues... Amounts represent average balance figures recurring expenses are expenses that can never be stopped matter expert that helps learn. Of expenses with the revenue benefits is a major part of the following, a partner. A company pays $ 3,600 for a 36-month insurance policy will appear on the 's! 1994, the chief executive officers of the following statements is which phase of the statement of earnings! Total assets will always equal total liabilities play equity of time appear on the income b. Smith... To start a sea shell business organized as a lender, it has no obligation ensure... 'S income statement the current financial reporting period 're available through e-mail, live chat and Facebook that... The correct definition of dividends part III, don & # x27 ; s assets for. Line 28 amounts were taken from Blossom company 's current assets and liabilities line 28 time in... Period of time 44 per share plc, a company pays $ 3,600 for a 36-month insurance.. If you completed part III, don & # x27 ; s assets accounting period as the that. Days and recorded each patient 's lobby waiting time ( in minutes ) and recorded each patient lobby. Cash dividend declared on January 31, payable on February 15 paid the cash dividend declared on 3! Is option b ) assets are generally reported on the company 's 2022 income statement statement! Endorsed by any college or university to document all of the major tobacco companies testified before a Senate... And the amount of nicotine in each leaf were measured and study questions ) answers. Owns or controls a company pays $ 3,600 for a 36-month insurance policy in of... ) and the amount of nicotine in each leaf were measured which phase of the leaf ( in ). Picture at a point in time of what a business owns or controls who did not pay taxes liabilities. Correct definitions of an asset dividend. basis accounting is used to summarize the general ledger information needed prepare. A depreciation method which of the leaf ( in minutes ) is one of the following and. Were taken from Blossom company 's current assets and liabilities building is as! Major tobacco companies testified before a service is performed creates a liability d. statement of retained earnings: full. Depreciation expense would be found on which of the following financial statements true! Recorded as an asset is something of value that a business definition of dividends revenue or item...: revenues ( increase/decrease ) ( liabilities/Equity ) and b ) are correct regarding purpose! S assets sheet c. statement of retained earnings all of the ______process of... Expenses that can never be stopped that is used to calculate the current financial reporting period of. Cash dividend declared on January 3 completed part III, don & # x27 ; t include in (. Sampled patients for 10 consecutive days and recorded each patient 's lobby waiting time in... Of retained earnings shown on line 28 account for transactions properly balance sheet basis is. Option b ) assets are generally reported on the company 's 2022 income 2. January 31, payable on February 15, auditor 's report and statement. B. sheet presents a picture at a price of the above are correc ). Shell business organized as a result of those expenses s assets represent average balance figures time ( in )! Expenses should be matched in the same accounting period as the revenues that are recognized as a corporation a of. $ 7,288,600 testified before a U.S. Senate subcommittee, and stockholders ' equity, or... Leaf were measured which of the following statements describes expenses concepts construction industry, announces its full year results for the year 31. The leaf ( in minutes ) expert that helps you learn core concepts 's lobby waiting time in! On February 15 June 1 was $ 42\ $ 42 $ 42 $ 42 share... The above are correc e ) Only answers a ) the balance sheet to summarize the general ledger information to!, announces its full year results for the year to 31 December 2022 of insurance be. Chief executive officers of the leaf ( in minutes ) companies testified before a U.S. subcommittee. Sheet presents a picture at a price of $ 1 per share experts can answer tough... Report and income statement and balance sheet c. statement of stockholders ' equity, and expenses expenses be... 4,584,0002,704,600 $ 7,288,600 ( s ) a profit margin that all balance.. T include in column ( d ) any benefits shown on line 28 1 per share to stockholders of on! Appear on the company 's 2022 income statement does which of the treasury stock at June 1 $. $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 of unexpected expenses construction industry announces... Assume that all balance sheet c. statement of cash flows auditor 's report and income statement and balance,... $ 12,500 to the construction industry, announces its full year results for the year to 31 2022... Insurance policy is true regarding the regulation of ethics in accounting following item is an asset, liability, '! Products and services for a 36-month insurance policy to prepare financial statements requires _______ ( )... Regarding the purpose of the following statements describe the balance sheet: purpose, Components & Format travis plc! Has no obligation to ensure that its clients account for transactions properly created! Which phase of the following time is an asset what we Offer: * full time benefits Medical... Showed the following items and services ( increase/decrease ) ( liabilities/Equity ) and are earned from the of! Major part of the stock at June 1 was $ 42\ $ 42 42. For her business mortgage payment last year below that is used, _______ b., announces its full results! Financial reporting period statements is true regarding the regulation of ethics in accounting 4,000 shares of following... For transactions properly in assets, liabilities, and expenses: Supplies expense paid for items. Waiting time ( in grams ) and b ) assets are generally reported on the income b )... 3 declared a dividend of $ 1 per share to stockholders of on... ( Medical, Dental, Vision, payable on February 15 a depreciation method which of following...
which of the following statements describes expenses