c.) Rob calculated the worth of his restaurant equipment to total $27,000. Group 1 leaves were grown with about an average seasons rainfall. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Question 14. The Sarbanes-Oxley Act develops and enforces secur. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Which of the following statements describes liabilities? 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. b.) Reports Highest Quarterly Net Sales Since the Fourth Quarter of 2019. 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 expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. Checking account c. Savings account d. Stocks 10. the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. One of the accusations made was that tobacco firms added nicotine to their cigarettes, which made them even more addictive to smokers. Note From Glenn Greenwald: The following is the full show transcript, for subscribers only, of a recent episode of our System Update program, broadcast live on Friday, Febraury 24, 2023. d. Current, A company reports the following income statement and balance sheet information for the current year: Net income $294,120 Interest expense 51,900 Average total assets 4,380,000 Determine the return on total assets. Which of the following statements correctly define(s) a profit margin? Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. b) Summary of revenues, expenses, gains and losses for a specific period of time. What is gross profit? Which of the following describes the classification and normal balance of the Retained Earnings account? Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. 2Which of the following statements describes expenses.docx. -Expenses Record this transaction in the accounting equation. Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. Balance Sheet for a non-profit contains all of the following except: a. The Sarbanes-Oxley Act standardizes accounting practices across all nations. Stockholders' equity, credit c. Revenues, credit d. Expense, debit. Which of the following is likely to have the highest growth over the next 18 years? a. Operating expenses include period expenses associated with core operations that cannot be matched to. When using the accounting equation, recording the purchase of equipment for cash would include an increase to the ____ (Cash/Equipment/Supplies) account and a decrease to the ____ (Cash/Equipment/Supplies) account. a.) The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? 0. 1. Consider the following account: Accumulated depreciation. A. Consider the balance sheet and income statement given below for Omega Company. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) a stockholders equity: A. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. \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 \\ Which of the following statements describes the effect of expenses on equity? Citigroup maintains that, as a lender, it has no obligation to ensure that its clients account for transactions properly. These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? Lori paid $12,500 to the bank for her business mortgage payment last year. a.) Period costs are all direct costs incurred in the current financial reporting period. Feb. 15 Paid the cash dividend declared on January 3. The transactions relating to stockholders' equity during the year are as follows: 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. 16. B. the balance sheet. The Sarbanes-Oxley Act standardizes accounting practices across all nations. Aug. 4 Reissued 600 of the 2,000 remaining shares of treasury stock at a price of $37\$ 37$37 per share. 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 $____ (1,000/400/600). |Current assets |$ 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. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. When following the matching principle, sometimes estimates are used because the actual Which of the following statements describes expenses? Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. Explain two reasons why businesses should prepare cash flow forecasts. b.Stockholders' equity will increase. Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. -Common stock, Net income is calculated using the following formula: ____ (expenses/revenues/assets) - ____ (expenses/revenues/assets) = net income, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. 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). Identify the broad opportunity areas of accounting. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. Statement of cash flows B. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. which of the following statements descibes why accrual accounting better reflects a business's performance? 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. The net worth of the business, including profits and investments Which of the following statements describes expenses? Susan recorded $82,000 as profit last year. 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) 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. Expert Answer 100% (20 ratings) Interest Revenue Land Operating Expenses Beginning, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. A company reports the following amounts: Assets $7,400 Liabilities $2,700 Stockholders' equity $4,700 Dividends $600 Revenues $5,400 Expenses $3,400 What amount is reported for net income? a) An emergency fund prepares you for unexpected expenses. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. | Interest expense |. c), A corporation reports the following year-end balance sheet data. The proper accounting, Citigroup insists, is the responsibility of the client and its auditor. A balance sheet has the _______ sections. d.) Susan recorded $82,000 as profit last year. Cal Exam.pdf. 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. c.) b.) 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. Income statement B. SEO targets unpaid traffic (known as "natural" or "organic" results) rather than direct traffic or paid traffic.Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search . A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. When recording transactions into the accounting equation, which of the following statements are correct? An owner of a corporation. a. 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. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the rate earned on total assets. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. Company Registration Number: 61965243 What objective should be of primary importance in the selection of a depreciation method Our experts can answer your tough homework and study questions. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. a. U.S. government bond 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 . We fully adhere to its Code of Conduct and to its Best Practice Guidelines. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. It restricts accounting errors and fraudulent financial activities. a) It reports a company's revenues and expenses. Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. Calculate the following: Acid-test ratio. c. assets, liabilities, and stockholders' equity only. | Interest. c. Tota, Which of the following best describes the balance sheet? All rights reserved. Welcome! c. Intangible assets are listed in order of solvency. (b) retained earnings statement. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. c.Assets will increase. The remainder of the bill went on account. Many people put aside money to take care of unexpected expenses. b.) Expenses B. Receiving cash before a service is performed creates a liability. c) Stockholders' equity includes only retained earnings. c. recurring expenses should be planned for after looking at your wants. Expenses are future sacrifices of economic benefits that the firm is obliged to make b. 1) Income statement 2) Balance sheet 3) Statement of cash. 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. It is apparent that while sec. (Choose all that apply.) Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. The Sa 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. Dividends of $60 cash are paid to the corporation's stockholders. Assume that all balance sheet amounts represent average balance figures. Expenses you incurred in 2021 but didn't pay until 2022. Below, you'll find other important information about this position. Which statements below define a liability? Expenses are always recognized in the period in which they are incurred. When someone is legally required to pay for something that was not originally theirs, they are said to be liable. Answer these questions about your completed spreadsheet. 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? A. Which of the following does not describe the balance sheet? 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. What a business owns will always equal what it owes to creditors and owners. C. Your net income, or profit, is obtained by deducting fixed costs from your contribution margin, such as rent, equipment leases, and employee pay. Lori paid $12,500 to the bank for her business mortgage payment last year. Which of the following scenarios correctly describes a private corporation? level. Total debits must be matched with total credits in the ledger accounts. A. c.) None of the above Question 13 900 seconds Q. Assets and Liabilities B. Which of the following statements describes the cash basis of accounting? If you completed Part III, don't include in column (d) any benefits shown on line 28. Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. Terry recorded $64,000 in costs to operate his pizzerias last year. Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. All values are in dollars. (c) balance sheet. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. comparability of financial statement is improved. The size of the leaf (in grams) and the amount of nicotine in each leaf were measured. c (. Which of the following statements describes expenses? 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. Mr Hancock says the messages have been taken . Income statement b. What would you recommend?". The definition of expenses includes which of the following statements? d.) Reports the changes in assets, liabilities, and stockholders' equity over a period of time. Answer Link Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. Organization's assets b. 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. The bank claims ownership of the building space Tom has bought on loan, totaling $243,000. 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. a. 12 The corporation purchased 6,000 shares of its own capital stock at a price of$40\$40$40 per share. A. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. 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.
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