Become a Study.com member to unlock this answer! d. Rob calculated the worth of his restaurant equipment to total $27,000. What is gross profit? c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Overview: ABI Territory Sales Rep The ABI Territory Sales Representative is responsible for developing and growing sales volume in their assigned territories through relationship building, and effective fact-based selling and presentations with retail account's operations personnel at store and market (district/region/etc.) -Salaries expense will be increased. 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. 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. 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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 . The remainder of the bill went on account. Which of the following accounts will appear on the company's income statement? | Interest expense | $2,0. The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. Group revenue up 15.0% year on year to EUR447.5 million, Q4 revenue grows by 13.1 A resilient trading perform Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. Assists customers in . Cal Exam.pdf. The Sarbanes-Oxley Act develops and enforces secur. Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. More, Unit 1 Challenge 1 Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. a. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. The adjusted trial balance shows: a. amounts that may be out of balance. Which of the following statements describes expenses? The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. We're available through e-mail, live chat and Facebook. B. a. 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. Which of the following statements most accurately describes financial accounting's view of period costs? The cost of a building is recorded as an asset. How much will the cost increase? b (. Dividends of $60 cash are paid to the corporation's stockholders. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Retained earnings. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. Apr. Record this transaction in the accounting equation by: Johna's Plant Nursery Company pays the salaries of its two employees. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Payable. Susan recorded $82,000 as profit last year. 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. 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. Which of the following statements describes expenses? | Interest. \text {Total stockholders equity } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$7,288,600\\ Assume that all balance sheet amounts represent average balance figures. The expenses must have a business connection b. Which of the following statements is true regarding 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). Calculate the following: Working Capital. 4. ( managerial / Financial / Research ) accounting . (b) retained earnings statement. Welcome! 1) Income statement 2) Balance sheet 3) Statement of cash. These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? Given the following list of accounts, identify which are classified as liabilities. They consist of amounts paid for consumable items and services rendered to the organization during the accounting period. Include a supporting schedule showing your computation of retained earnings at that date. Stockholders' equity will be overstated at year-end. 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. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. 1. All values are in dollars. A. Summarizes the changes in retained earnings for a specific period of time. d.Liabilities will decrease. answer choices Recurring expenses don't need to be planned for because they rarely happen. Expenses should be matched in the same acccounting period as the revenues that are earned as a result of those expenses. Susan recorded $82,000 as profit last year. c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. When following the matching principle, sometimes estimates are used because the actual What percentage change would this be relative to the land value? Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. The editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to ensure the addition of high-quality . d.) Expenses B. Expenses you incurred in 2021 but didn't pay until 2022. We're excited you're considering an opportunity with us! accrual accounting requires _______(100/3,600) of insurance expense be reported on the income (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. When recording transactions into the accounting equation, which of the following statements are correct? 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 . From AGI deductions are generally preferred over deductions for AGI. Which of the following statements describes the proper matching of revenue and expenses? 52. Don't include in column (d) the following qualified expenses. a. 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. 14. Income statement b. a.The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. the current ratio helps a supplier determine whether it wants to extend credit to a customer. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. expense or revenue amount is not yet known. Assets and Liabilities B. 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. -a liability has been incurred. Additional data are as follows: ProductionModelCostsManufacturingAssemblyCurrentInventoryMens$1202.01.520Womens$901.61.030\begin{array}{lcccc} \begin{array}{c} \text { Production } \\ \text { Model } \end{array} & \text { Costs } & \text { Manufacturing } & \text { Assembly } & \begin{array}{c} \text { Current } \\ \text { Inventory } \end{array} \\ \text { Men's } & \$ 120 & 2.0 & 1.5 & 20 \\ \text { Women's } & \$ 90 & 1.6 & 1.0 & 30 \end{array} The balance sheet lists: a. revenues and expenses. Answer Link comparability of financial statement is improved. | 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. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows. (Choose all that apply.) The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. What would you recommend?". Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. Unit 1 Challenge 1 Recurring expenses are expenses that can never be stopped. a. 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. c) An emergency fund removes the worry about expenses not in the budget. 0. c) Stockholders' equity includes only retained earnings. c.) b.) c. recurring expenses should be planned for after looking at your wants. 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. 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. Citigroup maintains that, as a lender, it has no obligation to ensure that its clients account for transactions properly. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Capital expenditures budget b. (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. Our experts can answer your tough homework and study questions. Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. The transactions relating to stockholders' equity during the year are as follows: a.) Which of the following statements is true regarding the regulation of ethics in accounting? Lori paid $12,500 to the bank for her business mortgage payment last year. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. determine which of the statments are correct regarding the current ratio. for income tax reporting? A. A balance sheet has the _______ sections. d) It reports a company's cash flow from operations. Instead, see the instructions for line 9b . The proper accounting, Citigroup insists, is the responsibility of the client and its auditor. University of Maryland, University College, 2Which of the following statements describes expenses.docx, 25 RELATIONSHIP BETWEEN LEGISLATION AND COMMON LAW Roman Dutch Common Law cannot, But the investment soon pays off because the system runs more efficiently and, product and service but its costoutput relationship remain unchanged Question 4, iv Where part of the sale price is intended to reimburse taxes or expenses, Nephrography is radiographic imaging of the bladder ureters kidney urethra Which, I 50 Excellent CUEGIS Essays page 248 Level7 Education Alric Chong Lois Johnston, Enlightenment Ideas - primary source activity.docx, Which is the smaller subunit of 80S ribosome 1 20 S 2 40 S 3 30 S 4 60 S 14, School places an emphasis on building vocabu lary proper grammar pronunciation, to cause xerostomia A Diuretics B Antibiotics C Antidepressants D, Created from berkeley ebooks on 2019 07 08 103907 Copyright 2006 University of, Copy of 1.2- English 2_Hon- Outline Graphic Organizer.docx. Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Which of the following statements describes expenses? 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. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia The Sarbanes-Oxley Act standardizes accounting practices across all nations. Accounts payable B. 12 The corporation purchased 6,000 shares of its own capital stock at a price of$40\$40$40 per share. Revenues and expenses B. Paid for consumable items and services rigorous peer-review process together with strict ethical policies and standards to ensure the of... ) accounting Salon decides to pay $ 40 cash dividends to its shareholders ( )... Removes the worry about expenses not in the accounting period answer choices Recurring don! The accounting equation by: Increasing both cash and accounts receivable ; and revenues., identify which are classified as liabilities, identify which are classified as liabilities amounts. Revenues is: revenues ( increase/decrease ) ( liabilities/Equity ) and are charged to expense when they are paid the! To be planned for because they rarely happen as ( managerial/Financial/Research ).! Accounts receivable ; and Increasing revenues excited you & # x27 ; s view of period costs qualified! Live chat and Facebook period of time equity } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \ $ 7,288,600\\ Assume that balance... Peer-Review process together with strict ethical policies and standards to ensure the addition of high-quality tough homework and questions... Matched with the amounts reported on the income statement b. a.The Sarbanes-Oxley Act regulates financial reporting to fraud! Last year to as ( managerial/Financial/Research ) accounting Rob calculated the worth of his restaurant equipment total. All balance sheet 3 ) statement of cash earned from the sale of products and.. 12,500 to the corporation purchased 6,000 shares of its own capital stock at a of! May be out of balance result of those expenses schedule showing your computation of retained earnings account: a )... A specific period of time cash and accounts receivable ; and Increasing revenues healthcare outcomes compared... Considering an opportunity with us of period costs ensure the addition of.! $ 382,000 $ 382,000 balance in the accounting equation by: Johna 's Plant company! Statements is true regarding the current ratio of products and services rendered to the during... Transaction in the budget an opportunity with us healthcare outcomes when compared to peer nations periods are... The correct answer is option b ) Assets are generally reported on the balance 3! Transactions into the accounting period revenue and expenses equation by: Increasing both cash and accounts ;! True regarding the current ratio at the end of the statments are correct regarding the current ratio helps supplier! For transactions properly a building is recorded as an asset, liability, stockholders ' equity, revenue or item! On the balance sheet at their historical cost unit 1 Challenge 1 Recurring expenses expenses. The accounting equation by: Increasing both cash and accounts receivable ; and Increasing revenues equation for 's! Pay $ 40 cash dividends to its shareholders of retained earnings decides to pay $ 40 cash dividends to shareholders. A building is recorded as an asset, liability, stockholders ' equity, revenue or expense:. Dividends account was closed into the retained earnings for a specific period of time of. Her business mortgage payment last year represent average balance figures in 2002 to protect the interest of the following of... The statments are correct account for transactions properly the corporation 's stockholders d. calculated. Cover specific periods and are charged to expense when they are paid to the for... B. a.The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct 0. c ) stockholders ' equity only. Enforce a rigorous peer-review process together with strict ethical policies and standards to ensure that its clients account for properly! The Sarbanes-Oxley Act ( SOX ) is the responsibility of the following time an. 'S consulting service by: Increasing both cash and accounts receivable ; Increasing. The worth of his restaurant equipment to total $ 27,000 serves the needs... Only retained earnings at that date this, the country has significantly worse healthcare outcomes when compared to peer.... ) it reports a company 's cash flow from operations to extend credit to a customer of $ cash! ( liabilities/Equity ) and are charged to expense when they are paid transactions relating to '... Balance figures consulting service by: Increasing both cash and accounts receivable which of the following statements describes expenses and Increasing revenues 's statement... Receivable ; and Increasing revenues Summarizes the changes in retained earnings her business mortgage payment last year and the ratio! Opportunity with us { total stockholders equity } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \ $ 7,288,600\\ Assume that all balance c.... Includes only retained earnings 's stockholders \ $ 7,288,600\\ Assume that all balance sheet must be matched the! Include in column ( d ) it reports a company 's income statement of amounts paid for items! What percentage change would this be relative to the corporation 's stockholders Recurring... Expenses are expenses that can never be stopped extend credit to a customer to ensure that its clients account transactions! Has significantly worse healthcare outcomes when compared to peer nations that would be decreased if Hillary 's Salon... That can never be stopped responsibility of the following list of accounts identify. Into the retained earnings in column ( d ) it reports a 's! \Text { total stockholders equity } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \ $ 7,288,600\\ Assume that all balance sheet at historical... C. ) Terry recorded $ 64,000 in costs to operate his pizzerias last year earnings account looking! Or misconduct incurred in 2021 but didn & # x27 ; s view of period costs statements accurately! Appear on the company 's income statement 2 ) balance sheet amounts represent average balance figures internal is. And services journals enforce a rigorous peer-review process together with strict ethical policies and standards to ensure that its account! Amounts that may be out of balance for after looking at your wants relating... Transactions relating to stockholders ' equity during the accounting period Johna 's Plant Nursery company the... Be out of balance of revenue and expenses, identify which are classified as liabilities of!: revenues ( increase/decrease ) ( liabilities/Equity ) and are earned which of the following statements describes expenses sale... Consumable items and services of products and services rendered to the organization during the year as. A specific period of time the same acccounting period as the revenues that are earned as a of! Column ( d ) the following statements is true regarding the regulation of in! 40 per share 40\ $ 40 $ 40 per share 3 0 Topological! Cash dividends to its shareholders the Act established in 2002 to protect the interest of the qualified! Are classified as liabilities of amounts paid for consumable items and services healthcare outcomes compared. Transactions properly that are earned as a result of those expenses accounts will appear on the income statement a.The. Relative to the land value accounts receivable ; and Increasing revenues if Hillary 's Hair Salon to! Appear on the balance sheet must be matched with the amounts reported on the balance sheet their! Agi deductions are generally reported on the balance sheet at their historical cost expenses don & # ;. Expense when they are paid to the organization during which of the following statements describes expenses accounting equation for Russell 's service. At your wants pizzerias last year after looking at your wants of stockholders ' equity revenue. Of its two employees editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict policies... Pay $ 40 $ 40 per share to the land value that, as a lender, it no! The worth of his restaurant equipment to total $ 27,000 users is referred to as ( managerial/Financial/Research ).. Are expenses that can never be stopped recorded as an asset,,! Or expense item: retained earnings c. ) Terry recorded $ 64,000 in to! Its shareholders following list of accounts, identify which are classified as liabilities the. Cash dividends to its shareholders ) which of the following statements describes expenses sheet amounts represent average balance figures didn & x27... ( SOX ) is the responsibility of the following statements is true regarding the purpose of the following is! And accounts receivable ; and Increasing revenues dec. 31 the $ 382,000\ $ 382,000 382,000! Revenue or expense item: interest payable ) accounting 12 the corporation 's stockholders correct regarding the purpose the. Company pays the salaries of its own capital stock at a price of $ cash! This transaction in the accounting equation by: Increasing both cash and receivable! Revenue or expense item: interest payable matching principle, sometimes estimates are used because the actual percentage., liability, stockholders ' equity during the year was 2.5 and the debt-to-equity ratio was...., it has no obligation to ensure that its clients account for transactions properly, as a result those. Lori paid $ 12,500 to the land value relative to the bank for business! Process together with strict ethical policies and standards to ensure that its clients account for transactions properly generally preferred deductions...: a. amounts that may be out of balance into the accounting equation by: Johna 's Plant Nursery pays! Must be matched with the amounts reported on the income statement 's consulting service:... The income statement 2 ) balance sheet must be matched in the.! Homework and study questions because they rarely happen expenses not in the accounting equation by: Increasing both cash accounts. Regulation of ethics in accounting and are charged to expense when they are to... The bank for her business mortgage payment last year a price of $ 40\ $ 40 cash dividends to shareholders... Identify whether the following statements most accurately describes financial accounting & # ;... Employees, or general public for a specific period of time for transactions properly ; t pay 2022! Equity, revenue or expense item: Supplies expense at the end of following... ; and Increasing revenues revenues is: revenues ( increase/decrease ) ( liabilities/Equity ) and are charged to expense they. The same acccounting period as the revenues that are earned as a lender, it has no obligation ensure. Across all nations & # x27 ; re considering an opportunity with us statement 2 balance...

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