Homework Answers
Solution:
Question 2:
The answer is None of the Above
Reason:
1) Balance Sheet is the only financial statement which presents at a point in time and it is not available in options
2) Statement of cash flows is incorrect because it presents data of a particular reporting period and comparison with income statement.
3) Statement of retained earnings is incorrect because it presents data of a particular reporting period or year end.
4) Statement of net income is incorrect because it presents data of a particular reporting period.
5) Statement of comprehensive income is incorrect because it presents data of a particular reporting period
Question 3:
Retained Earnings at December 31, 2018 = $ 12,700
| Particular | Amount | Amount |
| Retained Earnings as on 1/1/18 | $ 4,000 | |
| Add: Net Income | ||
| Sales revenue | $ 25,000 | |
| Expenses | $ (16,000) | $ 9,000 |
| Less: Dividends | $ (300) | |
| Retained Earnings as on 31/12/18 | $ 12,700 |
| Asset | Truck |
| Liabilities | Deferred/Unearned Revenue |
| Equity | Dividends |
| Liabilities | Accounts Payable |
| Asset | Accounts receivable |
| Liabilities | Bonds Payable |
| Equity | Sales Revenue |
| Equity | Salaries expense |
Add Answer to:
QUESTION 2 2.5 points Save Answer Which financial statement is presented at a point in time?...
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create a statement:) Show Attem, Current Attempt in Progress The following items and amounts were taken...
create a statement:)
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Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
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Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
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create a statement:)
Show Attem, Current Attempt in Progress The following items and amounts were taken from Sheridan Inc.'s 2022 Statement of income and statement of financial position Cash Retained earnings Salaries expense Office expense Prepaid insurance Inventory Income tax expense $77.960 113,554 403,566 100,489 7,454 59,494 5,416 Accounts receivable Service revenue Income tax payable Accounts payable Rent revenue Interest expense $81,535 538,161 5,799 45,507 4,429 2,195 a) Your answer is correct. In each case, identify whether the item is...
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Oriole Limited reports the following statement of financial
position accounts, in alphabetical order:
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600
Cash
9,350
Common shares
20,000
Equipment
35,500
Income tax payable
1,200
Intangible assets
5,000
Interest payable
300
Inventory
10,000
Prepaid insurance
1,000
Retained earnings
30,200
Salaries payable
800
Supplies
2,500
Unearned revenue
1,200
Vehicles
22,900
A. Classify each account as an Asset, Liability, or
Shareholders’ Equity item.
Accounts payable
$13,850
Accounts receivable
13,900
Bank loan payable
32,600...
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Anmum Berhad provided the following financial statement items as at 31 December 2018. (RM) 5,000 3,000 23,000 47,000 18,000 50,000 38,000 26,000 90,000 (RM) 24,000 12,000 15,000 20,000 7,500 10,000 30,000 18,500 3,000 Salaries and Wages Payable Salaries and Wages Expense Accumulated Dep. – Off. Equip. Dividends Utilities Expense Interest Expense Accounts Payable Service Revenue Retained Earnings (1 January) Share Capital-Ordinary Depreciation Expense Commission Revenue Note Payable (Long-term) Advertising Expense Interest Payable Cash Accounts Receivable Office Equipment Required: (a) Prepare...
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