Homework Answers
Answer: (d) Accounts Payable is correct because it is a balance sheet item.
Accounts payable are short-term credit obligations purchased by a company for products/services from their supplier.
(a) Sale Revenue is incorrect because it is item of Income Statement. Revenue is what a company receives from the sale of products, usually adjusted for returns.
(b) Utilities expenses is incorrect because it is item of Income Statement. Utilities expense is the cost incurred by using utilities such as electricity, water etc.
(c) Cost of goods sold is incorrect because it is item of Income Statement. The cost of goods sold is the cost of the products that has to sold.
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QUESTION 4 Which one of the following items appears on a balance sheet? a. Sales revenue...
QUESTION 4 Which one of the following items appears on a balance sheet? O a. Sales...
QUESTION 4 Which one of the following items appears on a balance sheet? O a. Sales revenue b. Utilities expense O c. Cost of goods sold O d. Accounts payable
Indicate the financial statement on which each of the following items appears. Use / for Income...
Indicate the financial statement on which each of the following items appears. Use / for Income statement, E for statement of retained earnings, and B for balance sheet. a. Supplies Furniture c. Warehouse d. Fuel Expense e. Haircutting Revenue f. Accounts Payable 9. Taxes Payable h. Unearned Store Sales i Consulting Revenue Salaries Payable k. Unearned Ticket Revenue I Dividends < Prev 37 of 63 !!! Next > MacBook Air
Indicate the financial statement on which each of the following items appears. Use I for income...
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet. a. Wages Expense b. Wages Payable c. Warehouse d. Janitorial Expense e. Accounts Payable f. Accounts Receivable 9. Advertising Expense h. Buildings i. Cash j. Commission Revenue k. Consulting Revenue 1. Delivery Expense
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of owner's equity, and B for balance sheet.
QS 2-9 Classifying accounts in financial statements p3 Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of owner's equity, and B for balance sheet. a. Services Revenue b. Interest Payable c. Accounts Receivable d. Salaries Expense e. Equipment f. Prepaid Insurance g. Buildings h. Rental Revenue i. Owner Withdrawals j. Office Supplies k. Interest Expense i. Insurance Expense
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B)...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
Indicate the financial statement on which each of the following items appears. Use I for income...
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of owner's equity. and B for balance sheet a Office Equipment b. Store Equipment C Utilities Payable d Prepaid Insurance e Rent expense t Uneaned Subscriptions g Salanies Expense h. Postage expense Interest Expense k Insurance Expense 1 Rent Payable
Question 1 (4 points) Which one of the following appears on the job cost sheet? The...
Question 1 (4 points) Which one of the following appears on the job cost sheet? The cost to date of all completed jobs The total materials purchased during the year Direct materials chargeable to a specific job The total cost of goods sold
Question 23 0.4 pts Which of these items is most likely to appear on a balance...
Question 23 0.4 pts Which of these items is most likely to appear on a balance sheet? Operating Profit Accounts Payable Cost of Goods Sold Earnings per Share 0.4 pts Question 24 Calculate the Gross Profit for a company which has $1 million in Sales; $640,000 in Cost of Goods Sold; Sales/General/Administrative (SG&A) expenses of $150,000; Interest expense of $50,000; and Taxes of $75,000. $85,000 $160,000 $210,000 $360,000 0.4 pts Question 25 A Balance Sheet is a statement of a...
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet....
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet. 6,500 Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,800 Accounts receivable $ 89,300 122,900 Sales revenue 580,500 437,300 Notes payable 115,700 Accounts payable 52,100 7,800 Service revenue 4,900 65,000 Interest expense 1,860 repare an income statement for Crane Company for the year ended December 31, 2022. CRANE COMPANY Income Statement
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet...
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
QUESTION 4 Which one of the following items appears on a balance sheet? O a. Sales revenue b. Utilities expense O c. Cost of goods sold O d. Accounts payable
Indicate the financial statement on which each of the following items appears. Use / for Income statement, E for statement of retained earnings, and B for balance sheet. a. Supplies Furniture c. Warehouse d. Fuel Expense e. Haircutting Revenue f. Accounts Payable 9. Taxes Payable h. Unearned Store Sales i Consulting Revenue Salaries Payable k. Unearned Ticket Revenue I Dividends < Prev 37 of 63 !!! Next > MacBook Air
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of retained earnings, and B for balance sheet. a. Wages Expense b. Wages Payable c. Warehouse d. Janitorial Expense e. Accounts Payable f. Accounts Receivable 9. Advertising Expense h. Buildings i. Cash j. Commission Revenue k. Consulting Revenue 1. Delivery Expense
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of owner's equity. and B for balance sheet a Office Equipment b. Store Equipment C Utilities Payable d Prepaid Insurance e Rent expense t Uneaned Subscriptions g Salanies Expense h. Postage expense Interest Expense k Insurance Expense 1 Rent Payable
Question 1 (4 points) Which one of the following appears on the job cost sheet? The cost to date of all completed jobs The total materials purchased during the year Direct materials chargeable to a specific job The total cost of goods sold
Question 23 0.4 pts Which of these items is most likely to appear on a balance sheet? Operating Profit Accounts Payable Cost of Goods Sold Earnings per Share 0.4 pts Question 24 Calculate the Gross Profit for a company which has $1 million in Sales; $640,000 in Cost of Goods Sold; Sales/General/Administrative (SG&A) expenses of $150,000; Interest expense of $50,000; and Taxes of $75,000. $85,000 $160,000 $210,000 $360,000 0.4 pts Question 25 A Balance Sheet is a statement of a...
The following items and amounts were taken from Crane Company's 2022 income statement and balance sheet. 6,500 Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory $ 84,800 Accounts receivable $ 89,300 122,900 Sales revenue 580,500 437,300 Notes payable 115,700 Accounts payable 52,100 7,800 Service revenue 4,900 65,000 Interest expense 1,860 repare an income statement for Crane Company for the year ended December 31, 2022. CRANE COMPANY Income Statement
The following items and amounts were taken from Skysong, Inc.'s 2017 income statement and balance sheet Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 94,300 122,000 438,800 118,800 8,100 64,700 87,400 583,700 6,800 53,200 5,400 1,850 In each case, identify whether the item is an asset, liability, stockholders' equity, revenue, or expense item. Asset Cash Stockholders' Equity Retained earnings Expense Cost...
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