Claims to economic resources” are known as Assets and liabilities Liabilities and stockholders’ equity Owners’ equity and stockholders’ equity Retained earnings and revenues
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Claims to economic resources” are known as Assets and liabilities Liabilities and stockholders’ equity Owners’ equity...
The retained earnings statement O reports the assets, liabilities, and stockholders' equity at a specific date. O reports the changes in assets, liabilities, and stockholders' equity over a period of time. O presents the revenues and expenses for a specific period of time. O summarizes the changes in retained earnings for a specific period of time.
An income statement reports the assets, liabilities, and stockholders' equity at a specific date. reports the changes in assets, liabilities, and stockholders' equity over a period of time. presents the revenues and expenses for a specific period of time. summarizes the changes in retained earnings for a specific period of time.
Balance Sheet Assets Cash Inventory Buildings Total assets $12,000 15,000 40,000 $67,000 Liabilities and Stockholders' Equity iabilities Accounts payable Stockholders' Equity $5,800 Common stock Retained earnings Total liabilities and stockholders' equity $67,000 DONAVAN, INC. Income Statement $84,200 Revenues Cost of goods sold Salaries and wages expense Net Income 10,430 DONAVAN, INC. Retained Earnings Statement $17,000 Beginning retained earnings Add: Net income Less: Dividends Ending retained earnings 4,610 $32,000
#1 and #2 1. The accounting equation may be expressed as: A. Assets + Stockholders= Equity = Liabilities B. Assets = Liabilities + Stockholders= Equity C. Assets = Stockholders= Equity - Liabilities D. Assets + Liabilities - Stockholders= Equity 2. Probable future economic benefits obtained or controlled by an entity as a result of past transactions or events are known as: A. Assets B.Liabilities C.Stockholder's Equity D. Revenues
BALANCE SHEET ACCOUNTING EQUATION ASSETS STOCKHOLDERS' EQUITY LIABILITIES + ICONTRIBUTED ICAPITAL RESOURCES OF THE DEBT OWED TO OTHERS RETAINED EARNINGS COMPANY BEG BAL R/E NET INCOME +-NET GAIN/LOSS DIVIDENDS = END BALANCE R/E Put the following ending balances into the balance sheet and income statement. Note, Net Income will be used twice! Then use this information to answer the Extra Credit Quiz on CANVAS INCOME OPERATING EXPENSES $3,000, DIVIDENDS $7,000, INVENTORY STATEMENT $20,000, ACCOUNTS RECEIVABLE $1,000, PREFERRED STOCK $15,000, SALES/REVENUES...
BLOSSOM COMPANY Balance Sheet Assets Cash $28,600 Supplies Equipment (net) 62,100 Total assets Liabilities and Stockholders' Equity Liabilities Notes payable $22.000 Stockholders' Equity Common stock 39,000 Retained earnings Total liabilities and stockholders' equity BLOSSOM COMPANY Income Statement Revenues $61,500 Depreciation expense Salaries and wages expense 11,500 Interest expense 1,800 Net Income $26,400 Notes payable $22,000 Stockholders' Equity Common stock 39,000 Retained earnings Total liabilities and stockholders' equity (d) BLOSSOM COMPANY Income Statement Revenues $61,500 Depreciation expense Salaries and wages expense...
this is all one question Balance Sheet Assets Cash Inventory Buildings Total assets Liabilities and Stockholders' Equity Liabilities Accounts payable Stockholders' Equity $13,000 16,000 39,000 $68,000 $ 5,000 Common stock (a) Retained earnings (b) Total liabilities and stockholders' equity $68,000 CARLA VISTA CO. Income Statement Revenues $84,700 Cost of goods sold (c) Salaries and wages expense 10,180 Net income $ (d) CARLA VISTA CO. Income Statement Revenues $84,700 Cost of goods sold (c) Salaries and wages expense 10,180 Net income...
4 of 15 MULTIPLE CHOICE Stockholders' equity can be described as claims of owners on total assets creditors on total assets customers on total assets debtors on total assets
JUST DEW IT CORPORATION . 2017 and 2018 Balance Sheets Assets Liabilities and Owners' Equity 2017 2018 2017 2018 Current assets Current liabilities $ 39,040 48,720 17,280 $ 4,000 11.280 20,400 90,480 $80,800 122,160 Cash Accounts Accounts payable Notes payable 14,880 12,960 receivable Inventory 61,920 Total $52.000 66,000 $ 48,000 36,000 Total Long-term debt Owners' equity surplus Common stock and paid-in $60,000 60,000 160,000 318,000 $220,000 $378.000 Total liabilities and owners' $320,000 $480,000 Retained earnings Net plant and equipment $239,200...
-Explain the difference between assets, liabilities, owners equity, revenues and expenses.