Homework Answers
Question 1
Correct answer----------Balance sheet.
.
Total assets, total liabilities and total equity are reported on the balance sheet.
Net income is reported on income statement and change in retained earnings is shown on statement of retained earnings.
Question 2
Correct answer----------All of the above.
Cash flow statement is divided in three parts. Operating section reports cash from operations, Investing section cash used or generated from investing activities such as purchase or sale of assets & investments and finally financing section reports cash used or generated from financing activities.
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Total assets and total liabilities of a company are reported on which of the following? Income...
show work for each question as necessary, please be neat 1. A list of assets, liabilities...
show work for each question as necessary, please be neat
1. A list of assets, liabilities and equity can be found on which of the following? A) Balance Sheet B) Income Statement C) Statement of Assets and Liabilities D) Statement of Cash Flows E) Statement of Stockholders' Equity 2. A company's net cash flow will equal its net income A) Almost always B) Rarely C) Occasionally D) Only when the company has no investing cash flow for the period E)...
Which of the following statements are correct (Select all that apply): Select one or more: A....
Which of the following statements are correct (Select all that apply): Select one or more: A. A balance sheet reports on investing and financing activities. B. An income statement reports on financing activities. C. The statement of equity reports on changes in the accounts that make up equity. D. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. E. A balance sheet reports on a company's assets and liabilities...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Building...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 9,400 Accounts payable $ 14,800 3,500 Salaries payable 5,200 5,200 Notes payable 37,000 89,000 Common stock 40,000 Retained earnings 10,100 In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $94.000 Employee salaries 37,000 Supplies 35,400 Dividends Purchase building $39,000 21,000 15,000 96,000 Required: 1. Prepare a...
The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: EEB (Click the...
The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: EEB (Click the icon to view the income statement) ell (Click the icon to view the comparative balance sheet.) Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities Net Cash Provided by (Used...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities and Stockholders' Equity $ 9,200 Accounts payable $ 14,200 3,300 Salaries payable 5,000 35,000 5,000 Notes payable 40,000 87,000 Common stock Retained earnings 10,300 Building In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $90,000 Employee salaries 35,000 Supplies 32,500 Dividends Purchase building $ 37,000 19,000 14,000 92,000 Required: 1. Prepare...
Assets Cash Accounts Receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Equity Accounts Payable Common...
Assets Cash Accounts Receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 7,500 40,000 47,500 $ 95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. 1 Acquired $20,000 cash from the issue of common stock. 1 Paid $6,000 cash in advance for a one-year lease for office space. 1 Paid a $2,000 cash dividend to the stockholders. 1...
Which of the following statements is NOT correct? Select one or more: O a. The statement...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
Waddell Company had the following balances in its accounting records as of December 31, Year 1:...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $35,000 9,000 51,000 $95,000 Land $ 7,500 40,000 47,500 $95,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a $2,000 cash dividend to the stockholders. April 1 Purchased additional land...
Simpson Company had the following balances in its accounting records as of December 31, Yeart Assets...
Simpson Company had the following balances in its accounting records as of December 31, Yeart Assets Cash Accounts Receivable Land Total $ 40,000 9,000 51,000 $100,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 7,500 45,000 47,500 $100,000 The following accounting events apply to Simpson Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Feb. 1 Paid $6,000 cash in advance for a one-year lease for office space. Mar. 1...
Which of the following statements is NOT correct? Select one or more a. The statement of...
Which of the following statements is NOT correct? Select one or more a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time b. A balance sheet reports on a company's assets and liabilities over a period of time C. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point of...
show work for each question as necessary, please be neat
1. A list of assets, liabilities and equity can be found on which of the following? A) Balance Sheet B) Income Statement C) Statement of Assets and Liabilities D) Statement of Cash Flows E) Statement of Stockholders' Equity 2. A company's net cash flow will equal its net income A) Almost always B) Rarely C) Occasionally D) Only when the company has no investing cash flow for the period E)...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Building Liabilities and Stockholders' Equity $ 9,400 Accounts payable $ 14,800 3,500 Salaries payable 5,200 5,200 Notes payable 37,000 89,000 Common stock 40,000 Retained earnings 10,100 In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $94.000 Employee salaries 37,000 Supplies 35,400 Dividends Purchase building $39,000 21,000 15,000 96,000 Required: 1. Prepare a...
The 2018 income statement and comparative balance sheet of Get Wired, Inc. follow: EEB (Click the icon to view the income statement) ell (Click the icon to view the comparative balance sheet.) Statement of Cash Flows Year Ended December 31, 2018 Cash Flows from Operating Activities: Net Income Adjustments to Reconcile Net Income to Net Cash Provided by (Used for) Operating Activities Net Cash Provided by (Used for) Operating Activities Cash Flows from Investing Activities Net Cash Provided by (Used...
Squirrel Tree Services reports the following amounts on December 31. Assets Cash Supplies Prepaid insurance Liabilities and Stockholders' Equity $ 9,200 Accounts payable $ 14,200 3,300 Salaries payable 5,000 35,000 5,000 Notes payable 40,000 87,000 Common stock Retained earnings 10,300 Building In addition, the company reported the following cash flows. Cash Inflows Customers Borrow from the bank (note) Sale of investments Cash Outflows $90,000 Employee salaries 35,000 Supplies 32,500 Dividends Purchase building $ 37,000 19,000 14,000 92,000 Required: 1. Prepare...
Assets Cash Accounts Receivable Land Total $35,000 9,000 51,000 $95,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 7,500 40,000 47,500 $ 95,000 The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. Feb. Mar. Apr. May July Sept. Oct. Dec. 1 Acquired $20,000 cash from the issue of common stock. 1 Paid $6,000 cash in advance for a one-year lease for office space. 1 Paid a $2,000 cash dividend to the stockholders. 1...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
Waddell Company had the following balances in its accounting records as of December 31, Year 1: Assets Cash Accounts receivable Liabilities and Stk. Equity Accounts payable Common stock Retained earnings Total $35,000 9,000 51,000 $95,000 Land $ 7,500 40,000 47,500 $95,000 Total The following accounting events apply to Waddell Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Mar. 1 Paid a $2,000 cash dividend to the stockholders. April 1 Purchased additional land...
Simpson Company had the following balances in its accounting records as of December 31, Yeart Assets Cash Accounts Receivable Land Total $ 40,000 9,000 51,000 $100,000 Liabilities and Equity Accounts Payable Common Stock Retained Earnings Total $ 7,500 45,000 47,500 $100,000 The following accounting events apply to Simpson Company's Year 2 fiscal year: Jan. 1 Acquired $20,000 cash from the issue of common stock. Feb. 1 Paid $6,000 cash in advance for a one-year lease for office space. Mar. 1...
Which of the following statements is NOT correct? Select one or more a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time b. A balance sheet reports on a company's assets and liabilities over a period of time C. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point of...
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