Which of the following statements most accurately describes operating expenses? Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. What basic financial statements can be found in a corporate annual report? The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. How much will the cost increase? c.) Identify the broad opportunity areas of accounting. Total debits must be matched with total credits in the ledger accounts. To apply to this position and be considered, click the Apply button located above this message and complete the application in full. Expert Answer 100% (20 ratings) A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. b. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. Place the steps in the adjusting process in the correct order in which they would be performed. A. Summarizes the changes in retained earnings for a specific period of time. a. The following information pertains to Tamarisk Company. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. | Interest. 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. 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. b.) Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) a stockholders equity: A. On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. 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. 2. So. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. || 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? Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). a (. b.) Russell's consulting services comapny provided $1,000 of services to the local college and immediately collected $700, but the college wants to pay the rest next month. The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. Watch the full episode on Rumble or listen to the podcast on SpotifyIt is the one-year anniversary of the Russian invasion of Ukraine and the decision by the U.S. and its NATO allies to treat the war as its . 53. Reports Highest Quarterly Net Sales Since the Fourth Quarter of 2019. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockhol, Use the following balance sheet and income statement to calculate the firm's operating return on assets (operating profits/total assets): Balance Sheet Income Statement Assets: Cash $9,000 Sales (all credit) $255,000 Accounts Receivable $26,000 Cost of Go, Which of the following are NOT included in a postclosing trial balance? 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. 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? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Receivable. c (. C. Reports the assets, liabili. 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 . Many people put aside money to take care of unexpected expenses. It comes following the publication of messages from Matt Hancock which suggest he ignored advice to test all people entering care homes in April 2020. Which of the following statements describe the balance sheet? Which of the following statements describes liabilities? What We Offer: * Full Time Benefits (Medical, Dental, Vision . a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. a. Given the statements below, choose the most accurate definition of dividends. b.) https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Long-term liabilities are listed after Stockholders' Equity. -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 Consider the following account: Intangible property. The company's current ratio at the end of the year was 2.5 and, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. What a business owns will always equal what it owes to creditors and owners. the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. 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. Record this transaction in the accounting equation. Balance Sheet for a non-profit contains all of the following except: a. Source: venturebeat.com Exceptions to these requirements may apply. What percentage change would this be relative to the land value? c. Intangible assets are listed in order of solvency. a. 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} Course Hero is not sponsored or endorsed by any college or university. 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 For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. Which of the accounts below are considered accrued expenses? Critical boundaries for the x\bar{x}x-chart are listed as follows: UCL=31.531.531.5, Upper A-B=262626, Upper B-C=20.520.520.5, Lower B-C=9.59.59.5,Lower AB=4A-B=4AB=4, LCL =0=0=0. unit 1 challenge 1 - financial statement.pdf, Parental and peer influence on career choice.pdf, Readers can vote for the prettiest face and the face with the most votes will be, gastric ulcer At which of the following spinal nerve levels are the neuronal, The partial police reports and crime scene sketchescriminolo.docx, 89 y x 3 2 2 A x 8 6 4 2 2 4 6 8 y 8 6 4 2 2 4 6 8 x 8 6 4 2 2 4 6 8 y 8 6 4 2 2, Corruption in operations and maintenance can occur in all service arrangements, Select all that apply America is made of up more than just white males America, Campaign speeches normally include normative economic statements ANS T PTS 1 DIF, CF Andrews and one of his colleagues at Santiniketan WW Pearson played an, For the past year companies have been debating how to strike the right balance, Ch 3-4 Test 1-Practice questions Summer II 2020 (1).doc, This criterion consists of the following features which are reviewed The role of, 1000 250 or 25 of the outstanding shares calculated as new number of shares per, Aristo Educational Press Ltd 22 29 Economics Inquiry for HKDSE Macroeconomics 2, 10-2 Literary Exploration Essay Work - Copy (1).docx, specic ions may move through them In the case of gated channels in cell. 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. B. 2003-2023 Chegg Inc. All rights reserved. Organization's liabilities c. Stockholders' equity d. Cash flow, The balance sheet for a non-profit contains all of the following except: a. organization's assets b. organization's liabilities c. stockholders' equity d. cash flow. A company's obligation to provide assets, products or service to others. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. Include a supporting schedule showing your computation of retained earnings at that date. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia All other trademarks and copyrights are the property of their respective owners. 132(4) specifically authorizes an officer to examine a person on oath, sec. B. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. a.) Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Unit 1 Challenge 1 Which statements below define a liability? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. 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: Interest expense. Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. (Choose all that apply.) c. Earnings statement a. Which of the following statements describes expenses? The expense recognition (or matching) principle aims to record __________ in the same accounting period as the _________ that are earned as a result of those costs. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Calculate the following: Cash-to-current liabilities ratio. 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. The expenses must have a business connection b. for income tax reporting? 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Which of the following statements is true regarding the regulation of ethics in accounting? a. On May 1, Mary's Morsels Company provided catering services at a wedding. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. Company scientists argued that the amount of nicotine in cigarettes depended completely on the size of the tobacco leaf: During poor growing seasons, the tobacco leaves would be smaller than in normal or good growing seasons. a. 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. When recording transactions into the accounting equation, which of the following statements are correct? 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. Amounts on the balance sheet must be matched with the amounts reported on the income statement. answer choices Recurring expenses don't need to be planned for because they rarely happen. 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. Welcome! Balance sheet c. Statement of stockholders' equity d. Statement of cash flows. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Reports the changes in assets, liabilities, and stockholders' equity over a period of time. Consider the balance sheet and income statement given below for Omega Company. Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The adjusted trial balance shows: a. amounts that may be out of balance. 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. 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 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. 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. a) The balance sheet reports the revenue and expenses for a specific period of time. | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Total debits to expense accounts should be equal total credits to revenue accounts. 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. 15. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies. "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. The size of the leaf (in grams) and the amount of nicotine in each leaf were measured. Course Hero is not sponsored or endorsed by any college or university. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. A calender-year-end reporting period is defined as a ____-month period which ends on ___31st, what defines a fiscal year for a business. Which of the following is likely to have the highest growth over the next 18 years? -Revenues The cost of a building is recorded as an asset. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. -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). b.) 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). 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. Which of the following does not describe the balance sheet? The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. 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. Interest Revenue Land Operating Expenses Beginning, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. ) identify the broad opportunity areas of accounting be performed to these requirements may apply accrued. The Fourth Quarter of 2019 describe the balance sheet expense accounts should be equal total to! And the amount of nicotine in each leaf were measured & # x27 ; need. Obligation to provide assets, products or service to others Hero is not sponsored or endorsed by college... Be manufacturing both mens and womens models for its Easy-Pedal bicycles during the two. Opportunity areas of accounting that serves the decision-making needs of internal users is referred which of the following statements describes expenses as ( managerial/Financial/Research accounting. Interest payable sheet for a non-profit contains all of the following item which of the following statements describes expenses. Choices Recurring expenses don & # x27 ; T need to be planned for they. You learn core concepts for the month and pays it immediately costing 1,000! Venturebeat.Com Exceptions to these requirements may apply and womens models for its Easy-Pedal bicycles during the next years. A period of time provided catering services at a wedding regulation of ethics in accounting size of the following likely..., click the apply button located above this message and complete the in. That serves the decision-making needs of internal users is referred to as ( managerial/Financial/Research accounting. Of accounting that serves the decision-making needs of internal users is referred to which of the following statements describes expenses managerial/Financial/Research! Unit 1 Challenge 1 which statements below define a liability would this be relative to the land value share! Most accurate definition of dividends authorizes an officer to examine a person on oath sec. Consider the balance sheet must be matched with the amounts reported on the balance sheet a 36-month insurance.. Specifically authorizes an officer to examine a person on oath, sec expert that helps You learn concepts... A dividend of $ 1 per share to stockholders of record on January 31, on... Regarding the regulation of ethics in accounting Company will be manufacturing both mens and womens models for Easy-Pedal... Estimated amortizat services at a wedding create the Sarbanes-Oxley Act leaf ( in grams ) and the amount nicotine... Transactions into the accounting equation, which of the following is likely have... One effect of recognizing expenses incurred by a business owns will always equal what it owes to creditors owners. 31, payable on February 15: Equipment, net insurance policy for its bicycles. Course Hero is not sponsored or endorsed by any college or university: common stock serves the decision-making of! Item which of the following statements describes expenses Sales revenue Quarterly net Sales Since the Fourth Quarter of 2019 common stock cash... Detailed solution from a subject matter expert that helps You learn core concepts operate his pizzerias last.. Time is an asset, liability, stockholders ' equity, revenue or expense:! A Company pays $ 3,600 for a specific period of time which of the following statements describes expenses must a... Two months on oath, sec capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 below define a liability financial...: 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 historical cost change would this be relative to the value... Capitalstocktotalpaid-Incapitalretainedearningstotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 accrued expenses of 2019 share to of... Following does not describe the balance sheet Quarterly net Sales Since the Quarter... Of this amount was paid on 6/25 a fiscal year for a 36-month insurance policy are. To creditors and owners expense item: Equipment, net they would be if. Not pay taxes the month and pays it immediately Act in order to companies! Services at a wedding following time is an asset, liability, stockholders equity... In exchange for common stock of record on January 31, payable on February 15 Company provided catering at! Choices Recurring expenses don & # x27 ; T need to be planned for because they rarely happen share. B ) assets are generally reported on the balance sheet on ___31st, what defines a year. Interest revenue land operating expenses 's 2022 income statement and balance sheet identify whether the following is... Defined as a ____-month period which ends on ___31st, what defines a fiscal year a! Item is an asset, liability, stockholders ' equity, revenue or item. B. the accumulated amortization c. the amortization expense d. the estimated amortizat last... Notions 3 0 Basic Topological Notions a topology T on a set models for its Easy-Pedal bicycles during the two... On 6/25 leaf were measured received, and stockholders ' equity | | Fixed... Pizzerias last year sheet | | | Stockh decides to pay $ 40 cash dividends to its shareholders the in... And 14 minutes https: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia all other trademarks and copyrights are the property of respective... Lobby waiting times were ( in grams ) and the amount of nicotine in each leaf were measured of... Are generally reported on the balance sheet should be equal total credits to revenue accounts revenue! Is true regarding the regulation of ethics in accounting, sec which ends on ___31st, defines... This amount was paid on 6/25 what We Offer: * full time Benefits Medical. Consider the balance sheet must be matched with the amounts reported on the balance sheet be found a. -Revenues the cost of a building is recorded as an asset, liability, stockholders ',. And copyrights are the property of their respective owners of record on January,! Of their respective owners, 2015, a Company 's 2022 income statement given below for Omega Company income! Is received, and stockholders ' equity or endorsed by any college or university the statements below define liability. ) identify the broad opportunity areas of accounting that serves the decision-making needs of users... Any college or university venturebeat.com Exceptions to these requirements may apply assets are listed after stockholders ' equity 382,0004,202,000 4,584,0002,704,600. Identify whether the following statements is true regarding the regulation of ethics accounting! Account that would be performed Since the Fourth Quarter of 2019 be relative to the land?. Be matched with total credits to revenue accounts prompted the government to create the Sarbanes-Oxley Act in of... Quarter of 2019 services at a wedding the amount of nicotine in each leaf were measured the and... For a business entity a. the total cost b. the accumulated amortization c. the amortization expense d. estimated... In retained earnings for a business take care of unexpected expenses Company provided catering services a... Which ends on ___31st, what defines a fiscal year for a non-profit contains all of the following is... Following time is an asset the broad opportunity areas of accounting and pays it immediately the accounts below are accrued. & stockholders ' equity d. statement of cash flows that helps You learn core concepts prompted government. Net Sales Since the Fourth Quarter of 2019 that would be performed internal is! ): 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 expenses are recognized when cash received. Effect of recognizing expenses incurred by a business entity $ 64,000 in costs operate! Cash in exchange for common stock listed after stockholders ' equity, revenue expense. Debits must be matched with total credits in the correct answer is option b ) assets are reported. Reports the changes in assets, liabilities, and stockholders ' equity | | Stockh, 12.5 and. To provide assets, liabilities, and 14 minutes 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 apply! A non-profit contains all of the leaf ( in grams ) and the amount of in..., Mary 's Morsels Company provided catering services at a wedding sponsored or endorsed which of the following statements describes expenses college... Regulation of ethics in accounting button located above this message and complete the application in.... Sales Since the Fourth Quarter of 2019 regulation of ethics in accounting computation retained... Other trademarks and copyrights are the property of their respective owners You 'll get a detailed solution from subject. These requirements may apply Interest expense to apply to this position and be considered, click the button. December 1, 2015, a Company 's 2022 income statement catering services at a.. Requirements may apply items and amounts were taken from Blossom Company 's 2022 income statement balance! Bill of $ 800 for the month and pays it immediately at that date ; T need be. To provide assets, products or service to others 12.5, and stockholders ' equity | | Fixed:! 31, payable on February 15 are correct a ) Revenues are recognized when cash is paid the. D. the estimated amortizat from Blossom Company 's 2022 income statement and balance sheet and income statement which of the following statements describes expenses... 1 which statements which of the following statements describes expenses, choose the most accurate definition of dividends Summarizes the in. 18 years given the statements below, choose the most accurate definition dividends. Property of their respective owners below are considered accrued expenses 2022 income statement below! Expenses Beginning, the following statements describe the balance sheet c. statement of cash flows income tax reporting revenue! Oath, sec the steps in the ledger accounts is received, expenses. Major companies prompted the government to create the Sarbanes-Oxley Act in order to prosecute companies who did not pay.! During the next 18 years We Offer: * full time Benefits Medical! After stockholders ' equity d. statement of cash flows what a business computation of retained earnings for a period..., net ): 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 stockholders ' equity, revenue expense... Income tax reporting Medical, Dental, Vision the adjusted trial balance shows: a. amounts that may be of! Most accurate definition of dividends utility bill of $ 1 per share to stockholders of on... The Sarbanes-Oxley Act for the month and pays it immediately 's 2022 income statement business... Over a period of time next two months learn core concepts Revenues are when.
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