Homework Answers
Dear student, only one question is allowed at a time. I am answering the first question
Retained earnings is the balance of earnings retained for future by an entity. It is the cumulative balance of net income earned over a period of time by an entity
As Net income has a credit balance, retained earnings being a resultant of cumulative net income also has a credit balance in general
So, as per above discussion, option A is not correct as retained earnings has a credit balance and not a debit balance
Retained earnings does not decrease but increase stockholder’s equity and so option B is also not correct
Retained earnings not necessarily should be in cash as income is invested somewhere else or is distributed. So, option C is also not correct
So, as per above discussion, option D is the correct option
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Retained Earnings normally has an account balance that: Multiple Choice Has a normal debit balance. Decreases...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Which of the following best describes the relationship between revenue and retained earnings? Multiple Choice A....
Which of the following best describes the relationship between revenue and retained earnings? Multiple Choice A. Revenue represents a cash receipt; retained earnings is an element of stockholders' equity. B. Retained earnings is equal to assets minus expenses. C. Revenue represents the price of goods sold or services rendered; retained earnings represents cash available for paying dividends. D. Revenue increases net income, which in turn increases retained earnings. Which of the following is not a right of stockholders? Multiple Choice...
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice...
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice It allows investors to verify or change their prior assessments of a company's performance. It helps investors predict a company's future earnings. It helps investors predict a company's future cash flows. O It allows investors to compare the performance of a company over time. Permanent accounts do not include: Multiple Choice Prepaid rent. Interest expense. Salaries payable. Deferred sales revenue. The accounting processing cycle:...
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680....
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
The statement of cash flows: Multiple Choice Presents the financial position of a company at a...
The statement of cash flows: Multiple Choice Presents the financial position of a company at a point in time. Indicates if a company is profitable. Shows the net change in cash over a period of time. Reports the difference between revenues and expenses. Knowledge Check 01 Catalina Corporation begins the year with a $195,000 balance in Retained Earnings and a $320,000 balance in Common Stock Dung the year, the company generated net income of $46,000, issued additional common stock for...
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
These are all multiple choice questions. I need your help, and I need them for tonight....
These are all multiple choice questions. I need your help, and
I need them for tonight. Please... Thank you ?
We were unable to transcribe this imageMultiple Choice Question 136 When admitting a new partner by investment, a bonus to old partners is sometimes justified because goodwill may exist and it is not reflected in the accounts. is usually unjustified because book values clearly reflect partnership net worth. results if the debit to cash is equal to the new partner's...
Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows...
Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Maple Park Theatres Corp. The amounts shown for balance sheet items are balances as of September 30, 2017 (with the exception of retained earnings, which is the balance on September 1, 2017), and the amounts shown for income statement items are balances for the month ended September 30, 2017. Accounts payable $17,910 Furniture...
1. 2. an expense account normally has a credit balance - T / F ? 3....
1.
2. an expense account normally has a credit balance - T / F
?
3. The financial statement that summarizes how equity changes
over the reporting period is called the balance sheet. true or
false
4.
The Dividends account is normally closed by debiting it. - true
or false
Use the following information as of December 31 to determine equity. Cash Buildings Equipment Liabilities $ 57,000 175,000 206,000 141,000 Multiple Choice $57,000 O $141,000 $297,000. O $438,000. $579,000.
The following balance sheet Information is provided for Duke Company for Year 2 Assets Cash Accounts...
The following balance sheet Information is provided for Duke Company for Year 2 Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation $ 4,800 10,950 14,400 1,200 19, 100 13,000 $63,450 Tand Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total 1labilities and stockholders' equity $ 2,550 8,630 10,000 18,500 23,770 $63,450 What is the company's current ratio? (Round your answer to...
Knowledge Check 01 In the adjusted trial balance, the balance of the Retained Earnings account is its balance at the end of the accounting period--the balance after all revenue, expense, and dividend transactions. True or False True False Knowledge Check 01 The is the average time between purchasing inventory and receiving cash proceeds from its sale. Multiple Choice operating cycle reporting period Inventory turnover days in inventory Knowledge Check 01 Which of the following is an example of a current...
Confirmatory value is central to the financial accounting concept of earnings quality" primarily because: Multiple Choice It allows investors to verify or change their prior assessments of a company's performance. It helps investors predict a company's future earnings. It helps investors predict a company's future cash flows. O It allows investors to compare the performance of a company over time. Permanent accounts do not include: Multiple Choice Prepaid rent. Interest expense. Salaries payable. Deferred sales revenue. The accounting processing cycle:...
The Retained Earnings balance was $64120 on January 1. Net income for the year was $50,680. If Retained Earnings had a credit balance of $66,640 after closing entries were made for the year, and if additional stock of $14.560 was issued during the year, what was the amount of dividends declared during the year? Multiple Choice Ο 536,400 Ο 566.360 Ο $48.100 Ο Mapleleaf Industries declared a $0.75 per share cash dividend. The company has 120,000 shares authorized, 49,000 shares...
The statement of cash flows: Multiple Choice Presents the financial position of a company at a point in time. Indicates if a company is profitable. Shows the net change in cash over a period of time. Reports the difference between revenues and expenses. Knowledge Check 01 Catalina Corporation begins the year with a $195,000 balance in Retained Earnings and a $320,000 balance in Common Stock Dung the year, the company generated net income of $46,000, issued additional common stock for...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
These are all multiple choice questions. I need your help, and
I need them for tonight. Please... Thank you ?
We were unable to transcribe this imageMultiple Choice Question 136 When admitting a new partner by investment, a bonus to old partners is sometimes justified because goodwill may exist and it is not reflected in the accounts. is usually unjustified because book values clearly reflect partnership net worth. results if the debit to cash is equal to the new partner's...
1.
2. an expense account normally has a credit balance - T / F
?
3. The financial statement that summarizes how equity changes
over the reporting period is called the balance sheet. true or
false
4.
The Dividends account is normally closed by debiting it. - true
or false
Use the following information as of December 31 to determine equity. Cash Buildings Equipment Liabilities $ 57,000 175,000 206,000 141,000 Multiple Choice $57,000 O $141,000 $297,000. O $438,000. $579,000.
The following balance sheet Information is provided for Duke Company for Year 2 Assets Cash Accounts receivable Inventory Prepaid expenses Plant and equipment, net of depreciation $ 4,800 10,950 14,400 1,200 19, 100 13,000 $63,450 Tand Total assets Liabilities and Stockholders' Equity Accounts payable Salaries payable Bonds payable (Due in ten years) Common stock, no par Retained earnings Total 1labilities and stockholders' equity $ 2,550 8,630 10,000 18,500 23,770 $63,450 What is the company's current ratio? (Round your answer to...
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