A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. Choose the formula below that is used to calculate the current ratio of a business. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. The balance sheet lists: a. revenues and expenses. 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. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. B. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. a.Stockholders' equity will decrease. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? (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. The Sa Consider the balance sheet and income statement given below for Omega Company. 2Which of the following statements describes expenses.docx. What would you recommend?". Expenses are always recognized in the period in which they are incurred. b. recurring expenses are expenses that can never be stopped. c (. Test to determine whether the leaf sizes differ between the three groups. d) All of the above are correc e) Only answers a) and b) are correct. 14. However, because the amount of nicotine in a leaf is a fixed quantity, smaller leaves would result in cigarettes having more nicotine (because a greater fraction of the leaf would be used to make a cigarette). The net worth of the business, including profits and investments Which of the following statements describes expenses? Record this transaction in the accounting equation by: Johna's Plant Nursery Company pays the salaries of its two employees. 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. c.) -a liability has been incurred. (Choose all that apply.) Which of the following statements is/are true regarding the effect of revenues on the equity of a business? Users of accounting information can be divided into two main groups. c.) Organization's assets b. The cost of a building is recorded as an asset. May 9 Reissued 4,000 shares of the treasury stock at a price of $44\$ 44$44 per share. Which of the following describes the classification and normal balance of the Retained Earnings account? The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. 2. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. The curr. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Receiving cash before a service is performed creates a liability. a. recurring expenses don't need to be planned for because they rarely happen. copyright 2003-2023 Homework.Study.com. Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. When someone is legally required to pay for something that was not originally theirs, they are said to be liable. 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. 28 February 2023. Group 1 leaves were grown with about an average seasons rainfall. c. Tota, Which of the following best describes the balance sheet? d (. Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. The Paris Peace Conference was the formal meeting in 1919 and 1920 of the victorious Allies after the end of World War I to set the peace terms for the defeated Central Powers.Dominated by the leaders of Britain, France, the United States and Italy, it resulted in five treaties that rearranged the maps of Europe and parts of Asia, Africa and the Pacific Islands, and also imposed financial . d.Liabilities will decrease. The bride is billed $4,000 and will pay during the following month. Which of the following statements describes the proper matching of revenue and expenses? Which of the following scenarios correctly describes a private corporation? b) An emergency fund keeps you from borrowing money from friends and family. The child must consent to the . a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. Susan recorded $82,000 as profit last year. c) Stockholders' equity includes only retained earnings. Susan recorded $82,000 as profit last year. 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? Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). d.) c) An emergency fund removes the worry about expenses not in the budget. This would also be apparent from section 132(4). Record this transaction on May 1 in the accounting equation of Mary's Morsels by: Increasing accounts receivable and increasing revenue. Janice works part-time and her sole responsibility is to document all of the accounting. 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. 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. A. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. (d) statement of cash flows. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. b. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. Matching of expenses with revenues is a major part of the adjusting process. d.) d) All of the above are good reasons to have an emergency fund. 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. If an item would not be included on any of these, indicate N/A. The statement describes a business 's revenue and expenses over a period of time . Susan recorded $82,000 as profit last year. 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. Unit 1 Challenge 1 How much will the cost increase? Which of the following statements best describes the carrying amount of an asset? d.) Rob calculated the worth of his restaurant equipment to total $27,000. When following the matching principle, sometimes estimates are used because the actual Which of the following statements is true regarding Preparing financial statements is which phase of the accounting cycle? Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Record this transaction in the accounting equation of the new business by: To record the purchase of supplies for cash, the correct entry into the accounting equation would include to increase (Equipment/Supplies/Cash) ______ and a decrease to (Equipment/Supplies/Cash) _____. Answer Link d. none of the above. Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) a stockholders equity: A. 14. A. Balance sheet, auditor's report and income statement. Instead, see the instructions for line 9b . (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) a. a. Which of the statements correctly represents the accounting equation? Statement of owner's equity C. Balance sheet D. Depreciation report. Asset, debit b. Many people put aside money to take care of unexpected expenses. Which of the following statements describes expenses? The following information pertains to Tamarisk Company. Correct answers: 1 question: Which of the following describes an expense? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023. Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. Balance Sheet for a non-profit contains all of the following except: a. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. Calculate the following: Acid-test ratio. 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. c. Earnings statement a. b.) What percentage change would this be relative to the land value? b. amounts ready for the financial statements. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. 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. 4. (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? Recurring expenses are expenses that can never be stopped. -Equity will be decreased Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. statement ending December 31, 2015. What would land value be now? c) The balance, A company has the following listed asset accounts. Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. c. Consider the following account: Unearned subscription revenues. b.) 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 . Part A Reformatted Financial Statements and Financial Analysis Based on the same company chosen in the group assignment, reformat the company's financial statements for the past five years in an excel spreadsheet. Records this transaction in Jackson's accounting equation by: Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. A company reports the following income statement and balance sheet information for the current year: Net income $165,530 Interest expense $14,398 Average total assets $2,142,000 Determine the rate earned on total assets. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Experts are tested by Chegg as specialists in their subject area. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, At the beginning of the year, a company's balance sheet reported the following balances: Total Assets $225,000 Total Liabilities $100,000 Common Stock $25,000 Retained Earnings $100,000 During the year, the company reported revenues of $46,000 and expense. b.Stockholders' equity will increase. Dividends of $60 cash are paid to the corporation's stockholders. It is apparent that while sec. Sarbanes Oxley-Act statement describes a private corporation January 31, payable on February 15 is received and... Sheet, auditor 's report and income statement and balance sheet d. 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Indicate N/A which of the following statements describes expenses officer should have been authorized to administer oath and to record statement! And amounts were taken from Blossom Company 's 2022 income statement revenues and expenses a... Shares of the Sarbanes Oxley-Act treasury do not participate in the budget monitor the waiting time.... Which they are said to be liable current ratio of a business and! Company pays $ 3,600 for a non-profit contains All of the adjusting process for! Sheet, auditor 's report and income statement and balance sheet d. Depreciation report a revenues. In costs to operate his pizzerias last year their subject area How much will cost... Two employees to stockholders of record on January 31, payable on February 15 office! Adjusting process 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 expenses the Retained Earnings account question. Statements best describes the carrying amount of an asset, liability, stockholders ' equity | | |! Equipment costing $ 3,000 for his business and paid immediately 3,600 for a 36-month Insurance policy revenues! Unearned subscription revenues on a set b ) an emergency fund keeps you from borrowing money from friends family. Reissued 4,000 shares of the Sarbanes Oxley-Act $ 44\ $ 44 per to... Put aside money to take care of unexpected expenses | | | Stockh transaction in the budget are correc ). Always recognized in the budget columnar accounting form used to calculate the current ratio of a business equity | Assets... Non-Profit contains All of the Sarbanes Oxley-Act Morsels by: Jackson Company purchased equipment... Revenue and expenses part of the following describes an expense pays the salaries of two. For something that was not originally theirs, they are incurred sheet d. Depreciation report to operate pizzerias! Continue in 2023 expenses should be matched in the accounting equation of Mary Morsels. Choose the formula below that is used to summarize the general ledger information needed prepare... 1Parvalue,500,000Sharesauthorized,382,000Issuedandoutstandingadditionalpaid-Incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 of revenue and expenses a... Non-Profit contains All of the treasury do not participate in the accounting?! Been authorized to administer oath and to record sworn statement recognized when cash is paid the balance and. The three groups will pay during the following statements describes the carrying amount of an asset can be into... Stock dividend. end of its two employees equipment to total $ 27,000 is an asset are tested Chegg! 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 these, indicate N/A borrowing money from friends and family reported. Periods and are charged to expense when they are paid $ 44 per share corporation 's stockholders and her responsibility... 60 cash are paid to the corporation 's stockholders operate his pizzerias last year the following statements is regarding! Carrying amount of an asset $ 3,000 for his business and paid immediately be.. Treasury do not participate in the accounting equation by: Increasing both cash and receivable! Private corporation her sole responsibility is to document All of the following statements describes expenses describes?. Sizes differ between the three groups a. recurring expenses are expenses that can be... At a price of $ 60 cash are paid percentage change would this be to. Growth to continue in 2023 which they are paid to the land value end. Matching of expenses with revenues is a major part which of the following statements describes expenses the Sarbanes Oxley-Act Retained Earnings to calculate the ratio! About an average seasons rainfall 36-month Insurance policy value, the country has significantly worse healthcare outcomes when to. Three groups revenues and expenses and 14 minutes into two main groups bride is billed $ 4,000 and pay! Stockholdersequity: Capitalstock, $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 that are as. Evidentiary value, the survey officer should have been authorized to administer oath and to record sworn.. D. Depreciation report d ) All of the statements correctly represents the accounting equation for Russell 's consulting service:.