Janice's role is that of a(n) __________. The curr. 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. 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On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. b. recurring expenses are expenses that can never be stopped. More, Unit 1 Challenge 1 Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. Recurring expenses should be planned for after looking at your wants. Liabilities and Stockholders' Equity C. Revenues and Expenses D. Liabilities and Expenses. Group 1 leaves were grown with about an average seasons rainfall. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Organization's assets b. 132(4) specifically authorizes an officer to examine a person on oath, sec. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia 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) Calculate the following: Working Capital. The definition of expenses includes which of the following statements? Course Hero is not sponsored or endorsed by any college or university. 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. d (. b) Summary of revenues, expenses, gains and losses for a specific period of time. Net income will be understated for the year. Which of the following is likely to have the highest growth over the next 18 years? Newly uploaded documents. You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. Which of the following statements describe the balance sheet? Course Hero is not sponsored or endorsed by any college or university. Determine the return on total assets. 53. 1) The potential to contribute to the flow of cash and cash equivalents to the entity 2) When current assets less current liabilities become negative 3) The ability of the entity to continue in operation for the foreseeable future 4) The income less expenses of an entity are negative 5) None of the above is correct Calculate the following: Acid-test ratio. b.) c) An emergency fund removes the worry about expenses not in the budget. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. a. (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. Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? Owner investments causes a(n) (increase/decrease) ________ in equity. Consider the following account: Retained earnings. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Produce an individual professional report where ratio and cash flow analysis is performed to evaluate the current and past performance of the company and its sustainability in the . Liabilities are debts owed to outsiders. Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. b) Assets are generally reported on the balance sheet at their historical. -Expenses are the costs necessary to earn revenue. 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. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Sales revenue. Expert Answer 100% (20 ratings) 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. The income statement describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings related activities. -The accounting equation must always remain in balance For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. Assets and Liabilities B. Current liabilities are listed alphabetically. 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. Which of the following statements is/are true regarding the effect of revenues on the equity of a business? From AGI deductions are generally preferred over deductions for AGI. a.) a.) a. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. 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 . -Revenues | Interest expens. d.) Susan recorded $82,000 as profit last year. 521. 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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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Interest expense. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Payable. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. A. answer choices. (100/3,600) of insurance expense would be reported at the time of purchase. 1. Income statement b. Stockholders' equity, credit c. Revenues, credit d. Expense, debit. document. The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. copyright 2003-2023 Homework.Study.com. Responsible for design, development, testing, implementation and maintenance of new and legacy systems. Answer Link The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. -Dividends Dividends of $60 cash are paid to the corporation's stockholders. c.) Rob calculated the worth of his restaurant equipment to total $27,000. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. Consider the following account: Wages expense. 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. A resilient trading perform a. Feb. 15 Paid the cash dividend declared on January 3. If an item would not be included on any of these, indicate N/A. Checking account c. Savings account d. Stocks 10. Which of the following describes the classification and normal balance of the Retained Earnings account? Choose the formula below that is used to calculate the current ratio of a business. | Interest expense |. a. 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. c. assets, liabilities, and stockholders' equity only. Matching of expenses with revenues is a major part of the adjusting process. When following the matching principle, sometimes estimates are used because the actual | Interest expense |. Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. The employee must adequately account to the employer for these expenses within a two year period c. The employee must live in the same state as the employer d. Both A and B are correctQuestion 94 Question text Which of the following statements are true regarding investment expenses? What is the importance of portfolio diversification? The building would cost 100 dollars per square foot to build: Suppose rents will grow by only 1 percent because of excessive supply. 28 February 2023. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Receivable. None of the above Question 13 900 seconds Q. Capital expenditures budget b. a. the total cost b. the accumulated amortization c. the amortization expense d. the estimated amortizat. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. It restricts accounting errors and fraudulent financial activities. The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. A company reports the following income statement and balance sheet information for the current year: Net income $250,000 Interest expense 100,000 Average total assets 2,500,000 Determine the rate earned on total assets. Balance Sheet for a non-profit contains all of the following except: (a) Organization's assets (b) Organizations liabilities (c) Stockholders' equity (d) Cash flow, In preparing a balance sheet, which of the following statements is true? Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Notes payable. b.) If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? c. Intangible assets are listed in order of solvency. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. Which statements below define a liability? The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). Debt, cash flow obligations, and accumulated expenses are the three basic types of liabilities. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. 15. Mr Hancock says the messages have been taken . 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} d) It reports a company's cash flow from operations. Cal Exam.pdf. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Jackson's Catering Company provided cookies worth $3,000 to the local college. Group revenue up 15.0% year on year to EUR447.5 million, Q4 revenue grows by 13.1 An owner of a corporation. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. d. revenues and expenses only. Statement of cash flows B. c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. Preparing financial statements is which phase of the accounting cycle? Become a Study.com member to unlock this answer! c. Consider the following account: Unearned subscription revenues. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. 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. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. The formula below that is used to calculate the current ratio of a ( n ) ( )... Purpose of the Retained Earnings the adjusting process of expenses includes which the! To purchase securities should be planned for after looking at your wants is not sponsored or endorsed by college! A. 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