The statement of retained earnings:
The statement of retained earnings:
Reports how retained earnings changes at a point in time.
Reports how retained earnings changes over a period of time.
Reports on cash flows for operating, financing and investing activities over a period of time.
Reports on cash flows for operating, financing and investing activities at a point in time.
Reports on amounts for assets, liabilities and equity at a point in time.
Homework Answers
Which of the following statements is NOT correct? Select one or more a. The statement of...
Which of the following statements is NOT correct? Select one or more a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time b. A balance sheet reports on a company's assets and liabilities over a period of time C. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point of...
Which of the following statements is NOT correct? Select one or more: O a. The statement...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
Which of the following statements are correct (Select all that apply): Select one or more: A....
Which of the following statements are correct (Select all that apply): Select one or more: A. A balance sheet reports on investing and financing activities. B. An income statement reports on financing activities. C. The statement of equity reports on changes in the accounts that make up equity. D. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. E. A balance sheet reports on a company's assets and liabilities...
The retained earnings statement O reports the assets, liabilities, and stockholders' equity at a specific date....
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.
The statement of cash flows is: 11 Multiple Choice 3 points 92:27:30 A financial statement that...
The statement of cash flows is: 11 Multiple Choice 3 points 92:27:30 A financial statement that reports the cash inflows and cash outflows for an accounting period, and that classifies those cash flows as operating activities, investing activities, or financing activities. Another name for the statement of financial position. A financial statement that presents information about changes in equity during a period A financial statement that lists the types and amounts of the revenues and expenses of a business for...
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...
statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31,...
statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, Dec. 31, 2011 Assets 2012 Cash $145 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation equipment (18) Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid in capital: Excess of issue price over par- common stock Retained earnings Total liabilities and stockholders equity Total liabilities and stockholders' equity...
Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended...
Following are a statement of cash flows (indirect method) for
Harris, Inc., for the year ended December 31, 2017, and the firm’s
balance sheet at December 31, 2016:
HARRIS, INC.
Statement of Cash Flows
For the year Ended December 31, 2017
Cash Flows from Operating Activities:
Net income
$
13,600
Add (deduct) items not affecting cash:
Depreciation expense
32,000
Increase in accounts receivable
(7,000
)
Decrease in merchandise inventory
32,800
Increase in accounts payable
4,900
Net cash provided by operating...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31,...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $128 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment (16) Total Assets $395 $269 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par- common stock Retained earnings 244 Total liabilities and stockholders' equity $395 The following additional...
Ch 16-3 Exercises and Problems Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones...
Ch 16-3 Exercises and Problems Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2001, is as follows: Dec. 31, 20Y2 Dec. 31, 2011 Assets $32 Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment Total Assets (12) $298 $212 $38 $32 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par common stock Retained earnings 189 Ch 16-3...
Which of the following statements is NOT correct? Select one or more a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time b. A balance sheet reports on a company's assets and liabilities over a period of time C. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point of...
Which of the following statements is NOT correct? Select one or more: O a. The statement of cash flows reports on cash flows from operating, investing, and financing activities over a period of time. b. A balance sheet reports on a company's assets and liabilities over a period of time. c. The statement of equity reports on changes in the accounts that make up equity d. A balance sheet reports on resources and the claim of resources at a point...
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.
The statement of cash flows is: 11 Multiple Choice 3 points 92:27:30 A financial statement that reports the cash inflows and cash outflows for an accounting period, and that classifies those cash flows as operating activities, investing activities, or financing activities. Another name for the statement of financial position. A financial statement that presents information about changes in equity during a period A financial statement that lists the types and amounts of the revenues and expenses of a business for...
statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 2012 and 2041, is as follows: Dec. 31, Dec. 31, 2011 Assets 2012 Cash $145 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation equipment (18) Total Assets Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid in capital: Excess of issue price over par- common stock Retained earnings Total liabilities and stockholders equity Total liabilities and stockholders' equity...
Following are a statement of cash flows (indirect method) for
Harris, Inc., for the year ended December 31, 2017, and the firm’s
balance sheet at December 31, 2016:
HARRIS, INC.
Statement of Cash Flows
For the year Ended December 31, 2017
Cash Flows from Operating Activities:
Net income
$
13,600
Add (deduct) items not affecting cash:
Depreciation expense
32,000
Increase in accounts receivable
(7,000
)
Decrease in merchandise inventory
32,800
Increase in accounts payable
4,900
Net cash provided by operating...
Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2041, is as follows: Dec. 31, 20Y2 Dec. 31, 20Y1 Assets Cash $128 Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment (16) Total Assets $395 $269 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par- common stock Retained earnings 244 Total liabilities and stockholders' equity $395 The following additional...
Ch 16-3 Exercises and Problems Statement of Cash Flows-Indirect Method The comparative balance sheet of Olson-Jones Industries Inc. for December 31, 20Y2 and 2001, is as follows: Dec. 31, 20Y2 Dec. 31, 2011 Assets $32 Cash Accounts receivable (net) Inventories Land Equipment Accumulated depreciation-equipment Total Assets (12) $298 $212 $38 $32 Liabilities and Stockholders' Equity Accounts payable (merchandise creditors) Dividends payable Common stock, $1 par Paid-in capital: Excess of issue price over par common stock Retained earnings 189 Ch 16-3...
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