1) Using check marks, identify the financial statement(s) on which each of the following items /...
1) Using check marks, identify the financial statement(s) on which each of the following items / accounts appear.
|
Item |
Income Statement |
Shareholders’ Equity |
Balance Sheet |
||
|
Asset |
Liability |
Shareholder Equity |
|||
|
Sales Revenue |
|||||
|
Unearned Revenue |
|||||
|
Notes Payable |
|||||
|
Retained Earnings |
|||||
|
Accounts Receivable |
|||||
|
Income Tax Expense |
|||||
|
Pre-paid Rent |
|||||
|
Land |
|||||
|
Cash |
|||||
|
Dividends |
|||||
2) Circle the one correct answer for each of the following two statements:
At the end of Celebrity Imports’ first year of operations, assets are $750,000 and owners' equity is $680,000.
a. The business’ liabilities are $70,000.
b. The owner must have invested $750,000 to start the business.
c. The business’ liabilities are $1,430,000.
d. The business must be operating profitably.
A company pays back $1 million on a loan it had received earlier from a bank,
a. Assets are unchanged, liabilities and stockholders' equity both increased by $1 million.
b. Assets are unchanged, liabilities increase by $1 million, contributed capital decreases by $1 million.
c. Assets decrease by $1 million, liabilities are unchanged, contributed capital decreases by $1 million.
d. Assets decrease by $1 million, liabilities decrease by $1 million, stockholders' equity is unchanged.
Homework Answers
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1) Using check marks, identify the
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1. For each of the items of other data (a)
through (h) provided below, identify and analyze adjustment
necessary on April 30, 2017. Do not round intermediate
calculations. If required, round your final answers to the nearest
dollar.
a. The monthly insurance cost is $50.
b. Office supplies on hand on April 30, 2017,
amount to $180.
c. The office equipment was purchased on April
1, 2016. On that date, it had an estimated useful life of ten
years. Use...
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