Homework Answers
Answer is C. Operating Expense.
In Balance sheet, items showing the financial position of the entity are included. Main Parts of the Balance sheet are Assets, Liability , Share Holder's Equity.
Operating Expense is part of Profit and Loss account. That statement is prepared to know the profit and financial result of the entity for the year.
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1. Which of the following will not be found on a Balance Sheet? a. Assets b....
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b....
1. The balance sheet lists which of the following? a. revenues, expenses, gains, and losses b. assets, liabilities, and owners’ equity c. revenues, expenses, gains, and distributions to owners d. assets, liabilities, and investments by owners 2. Exchanges of assets for assets have what effect on equity? a. There is no relationship between assets and equity b. increase equity c. may have no impact on equity d. decrease equity 3. Identify the correct components of the income statement. a. revenues,...
EBIT is a: Balance sheet item, found among the assets Income statement item, relating to earnings...
EBIT is a: Balance sheet item, found among the assets Income statement item, relating to earnings Balance sheet item, found among the liabilities Income statement item, found among the operating expenses
Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and tiabilities of...
Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and tiabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and dividends of $33,500 were paid for the year. The retained earmings were $62,000 on October 1,20YS, the beginning of the current year. Duiring the current year Accounts recelvable 34,973 15,000 242,177 015,000 6, 340 Common stock Fees earmed 0,430 16,900 63,390 Supplies expense Wages expense 《 Previous...
2. Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000...
2.
Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000 $26,300 Accounts receivable 19,000 22,000 62,000 59,000 Inventory Prepaid expenses 12,400 10,200 126,400 117,500 Total current assets Property, plant, and equipment 398,000 378,000 199,000 170,100 207,900 Less accumulated depreciation 199,000 Net property, plant, and equipment $325,400 $325,400 Total assets Liabilities and stockholders' equity: Current liabilities: $ 16,200 Accounts payable $11,000 Accrued liabilities 54,000 58,000 Income taxes payable 72,000 74,000 Total current liabilities 142,200 143,000...
Using the following balance sheet, prepare and analyze the common size balance sheet: Assets &nb...
Using the following balance sheet, prepare and analyze the common size balance sheet: Assets Liabilities and stockholders’ equity Current assets Current liabilities Cash 4 Accounts payable 28 Short term investments 9 Current portion of long term debt 12 Accounts receivable 32 Total current liabilities 40 Inventory 41 Prepaid expenses 2 Long term liabilities Deferred taxes, current 7 Long term debt 48 Total current assets 95 Total liabilities 88 Long term assets Stockholders equity Property & equipment 53 Common stock...
The manager of Top Runner, Inc., prepared the company's balance sheet as of June 30, 2018,...
The manager of Top Runner, Inc., prepared the company's balance sheet as of June 30, 2018, while the company's accountant was ill. The balance sheet contains numerous errors. In particular, the manager knew that the balance sheet should balance, so she plugged in the stockholders' equity amount needed to achieve this balance. The stockholders' equity amount is not correct. All other amounts are accurate. (Click the icon to view the manager's balance sheet.) Read the requirements. Requirement 1. Prepare the...
QUESTION 6 Which of the following is NOT a limitation of the balance sheet discussed in...
QUESTION 6 Which of the following is NOT a limitation of the balance sheet discussed in class? O Many assets are measured at their historical costs rather than their current market values Some balance sheet items involve estimates or judgments rather than determinate amounts. The balance sheet does not allow one to evaluate current conditions relative to past conditions. Some assets that cannot be reliably measured are omitted, even if they represent valuable resources to the compa QUESTION 7 If...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B)...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B) solvency. c) profitability. D) financial flexibility. 2. The net assets of a business are equal to A) current assets minus current liabilities. W B) total assets plus total liabilities. C) total assets minus total stockholders' equity. (D) none of these answer choices are correct. 3. The basis for classifying assets as current or noncurrent is conversion to cash within A) the accounting cycle or...
Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of...
Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and liabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and expenses for the year. The retained earnings were $37,490, and the common stock was $7,500 as of October 1, 20Y5, the beginning of the current year. During the current year, dividends of $19,900 were paid. Accounts payable $13,060 Accounts receivable 84,901 Common stock 15,000 Cash 141,109 Fees...
Income Statement, Retained Earnings Statement, and Balance Sheet The amounts of the assets and tiabilities of Glacier Travel Service at September 30, 20Y6, the end of the current year, and its revenue and dividends of $33,500 were paid for the year. The retained earmings were $62,000 on October 1,20YS, the beginning of the current year. Duiring the current year Accounts recelvable 34,973 15,000 242,177 015,000 6, 340 Common stock Fees earmed 0,430 16,900 63,390 Supplies expense Wages expense 《 Previous...
2.
Comparative Balance Sheet Ending Beginning Balance Balance Assets: Current assets: Cash and cash equivalents 33,000 $26,300 Accounts receivable 19,000 22,000 62,000 59,000 Inventory Prepaid expenses 12,400 10,200 126,400 117,500 Total current assets Property, plant, and equipment 398,000 378,000 199,000 170,100 207,900 Less accumulated depreciation 199,000 Net property, plant, and equipment $325,400 $325,400 Total assets Liabilities and stockholders' equity: Current liabilities: $ 16,200 Accounts payable $11,000 Accrued liabilities 54,000 58,000 Income taxes payable 72,000 74,000 Total current liabilities 142,200 143,000...
The manager of Top Runner, Inc., prepared the company's balance sheet as of June 30, 2018, while the company's accountant was ill. The balance sheet contains numerous errors. In particular, the manager knew that the balance sheet should balance, so she plugged in the stockholders' equity amount needed to achieve this balance. The stockholders' equity amount is not correct. All other amounts are accurate. (Click the icon to view the manager's balance sheet.) Read the requirements. Requirement 1. Prepare the...
QUESTION 6 Which of the following is NOT a limitation of the balance sheet discussed in class? O Many assets are measured at their historical costs rather than their current market values Some balance sheet items involve estimates or judgments rather than determinate amounts. The balance sheet does not allow one to evaluate current conditions relative to past conditions. Some assets that cannot be reliably measured are omitted, even if they represent valuable resources to the compa QUESTION 7 If...
c. partnership d. governmental unit 58. Accumulated Depreciation appears on the a. balance sheet in the current assets section b. balance sheet in the property, plant, and equipment section c. balance sheet in the long-term liabilities section d. income statement as an operating expense 59. The first item appearing on the statement of owner's equity is a. net income b. the ending balance of owner's equity c. owner withdrawals d. the beginning balance of owner's equity What 60. In the...
1. The balance sheet is useful for analyzing all of the following except A) liquidity. B) solvency. c) profitability. D) financial flexibility. 2. The net assets of a business are equal to A) current assets minus current liabilities. W B) total assets plus total liabilities. C) total assets minus total stockholders' equity. (D) none of these answer choices are correct. 3. The basis for classifying assets as current or noncurrent is conversion to cash within A) the accounting cycle or...
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