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UCSLIUI LUI. PUILLS Unearned revenue is reported in the financial statements as: A revenue on...
The order in which the financial statements are prepared is:
The order in which the financial statements are prepared is:Multiple Choicebalance sheet, statement of cash flows, statement of retained earnings, income statement.income statement, balance sheet, statement of retained earnings, statement of cash flows.balance sheet, Income statement, statement of retained earnings, statement of cash flows.income statement, statement of retained earnings, balance sheet, statement of cash flows.Net income appears on which of the following financial statements?Multiple Choiceincome statement and statement of retained earningsBalance sheet and statement of retained earnings.Balance sheet and income...
when unearned revenue is initially recorded as revenue , the adjusting entry has the following affect...
when unearned revenue is initially recorded as revenue , the adjusting entry has the following affect on financial statement a) net income increases and assets decrease b) revenue increases and liabilities decrease c) net income increases and owners equity decreases d) revenue decreases and owners equity increases
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...
Clark Bell started a personal financial planning business when he accepted $67.000 cash as advance payment...
Clark Bell started a personal financial planning business when he accepted $67.000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1. Required a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for...
Identify the events that result in revenue or expense recognition and those which affect the statement...
Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.) Cordell Inc, experienced the following events in...
Takaki Inc. reported net income of $53,000 for 2017. The liability and equity accounts from the...
Takaki Inc. reported net income of $53,000 for 2017. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2017 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share. Prepare the Cash...
The following are categories of accounts reported in the financial statements: Current Assets  
The following are categories of accounts reported in the financial statements: Current Assets E. Stockholders’ Equity Non-Current Assets F. Revenue Current Liabilities G. Expense Non-Current Liabilities H. Not Applicable Indicate where each of the following accounts would be reported (classified) in the financial statement categories noted above (categories may be used more than once or not at all). Identify only one category for each account listed below. ___G___Accrued Liabilities ________Accumulated Depreciation _______Rental Income ________Intangible Property _______Wages Expense ________Unearned Subscription Revenues _______Bonds Payable ___E___Retained Earnings 2. _____i. What is total Stockholders’ Equity based on...
1. Which of the following regarding financial statement analysis is false? a) According to the DuPont...
1. Which of the following regarding financial statement analysis is false? a) According to the DuPont identity, Return on Equity is affected by operating efficiency (or profitability), asset use efficiency, and financial leverage. b) We can calculate the market value based measures of firm performance using only financial statements prepared according to GAAP. c) Asset management ratios measure the intensity and efficiency of asset use. d) For common size statements, we divide balance sheet items by total assets and income...
A. On which two financial statements would the Retained Earnings account appear?
A. On which two financial statements would the Retained Earnings account appear?Income Statement and Balance SheetIncome Statement and Statement of EquityBalance Sheet and Statement of Cash FlowsBalance Sheet and Statement of EquityB. On which financial statement would the Supplies account appear?Income StatementStatement of EquityStatement of Cash FlowsBalance SheetC. Services or products provided would be classified asRevenueAssetEquityLiability
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accu...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
6. On a worksheet, the unearned consulting revenue account has a $3,000 normal balance When preparing the income statement columns on the worksheet, the unearned consulting revenue amount would be put into which column? a. Debit Income Statement b. Credit Income Statement c. Debit Balance Sheet d. Credit Balance Sheet 7. As you look at the bottom totals of the following worksheet, you see that it has not been completed. Does this company have a net income or a net...
Clark Bell started a personal financial planning business when he accepted $67.000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1. Required a. Show the effects of the advance payment and revenue recognition on the Year 1 financial statements using a horizontal statements model given below. In the Statement of Cash Flows column, use OA to designate operating activity, IA for...
Identify the events that result in revenue or expense recognition and those which affect the statement of cash flows. In the Statement of Cash Flows column, use OA to designate operating activity, FA for financing activity, or IA for investing activity. If the element is not affected by the event, leave the cell blank. (Enter any decreases to account balances and cash outflows with a minus sign. Not all cells will require entry.) Cordell Inc, experienced the following events in...
Takaki Inc. reported net income of $53,000 for 2017. The liability and equity accounts from the company's comparative balance sheet are as follows: Dec. 31, 2017 Dec. 31, 2016 Accounts payable $31,900 $28,400 Dividends payable 5,000 3,000 Common stock, $5 par value 80,000 75,000 Paid-in capital in excess of par-common stock 37,000 30,000 Retained earnings 130,600 81,600 During the year, the company declared dividends of $4,000 and issued 1,000 shares of common stock for $12 per share. Prepare the Cash...
7) The entry to record depreciation includes a debit to: A) the Equipment account. B) the Cash account. C) the Accumulated Depreciation account. D) the Depreciation Expense account. 8) An adjusting entry is completed: A) at the beginning of the accounting period. B) at the end of the accounting period. C) when the balance sheet is prepared. D) when accounts need to be balanced in the ledger. 9) Prior to recording adjusting entries, the Office Supplies account had a $359...
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