Homework Answers
02. Assets
Assets are the resources which are held in the business for use in business or rendering of services.
Inventories are assets which are help in business in production or selling.
So Inventory are Assets and hence reported in Assets section of the balance sheet
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On which section of the balance sheet is inventory reported? 01. O Revenue 02. O Assets...
MC Qu. 2-173 The classified balance sheet for a... The classified balance sheet for a company reported current assets o...
MC Qu. 2-173 The classified balance sheet for a... The classified balance sheet for a company reported current assets of $1,818,796, total liabilities of $802,540, Common Stock of $1,030,000, and Retained Earnings of $133,260. The current ratio was 2.8. Which of the following statements is not correct? Multiple Choice C) Noncurrent liabilities are $133,260. Total Stockholders' equity is $1,163,260. Total Assets are $1,965,800. o The amount or The amount of current assets is 2.8 times the amount of current liabilities.
Which is the acid? 01. H2504 02. H₂O 03. OH 04. O 5022
Which is the acid? 01. H2504 02. H₂O 03. OH 04. O 5022
In which classified balance sheet section would patents be reported? Property, plant, and equipment Intangible assets...
In which classified balance sheet section would patents be reported? Property, plant, and equipment Intangible assets Investments Current assets
Unearned Fees appear on the O balance sheet in the stockholders' equity section Oincome statement as...
Unearned Fees appear on the O balance sheet in the stockholders' equity section Oincome statement as revenue O balance sheet as a current liability O balance sheet in the current assets section
Total assets and total liabilities of a company are reported on which of the following? Income...
Total assets and total liabilities of a company are reported on which of the following? Income statement. Balance sheet. Statement of cash flows. Statement of owner's equity. O None of the above. A statement of cash flows will report cash flows from which of the following activities? Operating activities. Investing activities. Financing activities. O All of the above. Only A and C are correct.
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $24,600 Accounts payable 33,500 Supplies 11,200 Prepaid insurance 20,000 Land 246,700 Total current assets $336,000 Property, plant, and equipment: Building $516,300 Equipment 116,900 Total property, plant, and equipment 869,100 Total assets $1,205,100 Liabilities Current liabilities: Accounts receivable $55,800 Accumulated depreciation—building 212,600 Accumulated depreciation—equipment 34,600 Net income 191,300 Total liabilities $494,300...
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...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $16,700 28,400 Accounts payable Supplies 7,600 < Prepaid insurance 13,500 Land 216,600 Total current assets $282,800 Property, plant, and equipment: Building $453,200 Equipment 102,500 Total property, plant, and equipment 736,900 Total assets $1,019,700 Liabilities Current liabilities: Accounts receivable $37,900 186,600 Accumulated depreciation--building Accumulated depreciation-equipment 30,300 Calculator eBook Building $453,200 Equipment...
Question 87 1 pts Accounts payable would be reported in the sheet section of the December...
Question 87 1 pts Accounts payable would be reported in the sheet section of the December 31, 2019, balance current asset property, plant and equipment current abilities long-term liabilities owner's equity
MC Qu. 2-173 The classified balance sheet for a... The classified balance sheet for a company reported current assets of $1,818,796, total liabilities of $802,540, Common Stock of $1,030,000, and Retained Earnings of $133,260. The current ratio was 2.8. Which of the following statements is not correct? Multiple Choice C) Noncurrent liabilities are $133,260. Total Stockholders' equity is $1,163,260. Total Assets are $1,965,800. o The amount or The amount of current assets is 2.8 times the amount of current liabilities.
Which is the acid? 01. H2504 02. H₂O 03. OH 04. O 5022
Unearned Fees appear on the O balance sheet in the stockholders' equity section Oincome statement as revenue O balance sheet as a current liability O balance sheet in the current assets section
Total assets and total liabilities of a company are reported on which of the following? Income statement. Balance sheet. Statement of cash flows. Statement of owner's equity. O None of the above. A statement of cash flows will report cash flows from which of the following activities? Operating activities. Investing activities. Financing activities. O All of the above. Only A and C are correct.
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...
Question 1 Which of the following is NOT true about the Balance Sheet? The balance sheet shows Assets O The balance sheet shows retained earnings The balance sheet shows that total assets equals to liabilities plus equity Deferred revenue is NOT an item on the balance sheet. Which of the following statement is NOT true? O Current Assets are assets that can be converted into cash in a year or less O Current liabilities are liabilities that needs to be...
Balance Sheet Below is the balance sheet for Labyrinth Services Co., which contains errors. Labyrinth Services Co. Balance Sheet For the Year Ended August 31, 2019 Assets Current assets: Cash $16,700 28,400 Accounts payable Supplies 7,600 < Prepaid insurance 13,500 Land 216,600 Total current assets $282,800 Property, plant, and equipment: Building $453,200 Equipment 102,500 Total property, plant, and equipment 736,900 Total assets $1,019,700 Liabilities Current liabilities: Accounts receivable $37,900 186,600 Accumulated depreciation--building Accumulated depreciation-equipment 30,300 Calculator eBook Building $453,200 Equipment...
Question 87 1 pts Accounts payable would be reported in the sheet section of the December 31, 2019, balance current asset property, plant and equipment current abilities long-term liabilities owner's equity
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