Question

QUESTION 1 The ownership of a corporation is represented by: shares of stock. the owner's capital...

QUESTION 1

The ownership of a corporation is represented by:

shares of stock.

the owner's capital account.

the revenue account.

cash in bank account.

QUESTION 2

How many classifications does a Capital Stock Account have?

One

Two

Three

Four

  

QUESTION 3

The equity contributed by stockholders and equity earned through business profits represent the stockholders' equity for a:

partnership firm.

sole proprietorship.

corporation.

none of these.

QUESTION 4

Retained earnings are a part of a/an:

asset account.

permanent account.

stockholders' equity account.

temporary account.

QUESTION 5

How many sections does an Income Statement have?

Two

Three

Four

Five

QUESTION 6

Net sales are related to the:

net income section.

gross profit on sales section.

revenue section.

cost of merchandise sold section.

  

QUESTION 7

Sales discount and sales return and allowance are:

revenue accounts.

contra revenue accounts.

permanent accounts.

contra expenses accounts.

QUESTION 8

The total cost related to merchandise purchases during an accounting period is the:

net purchase.

cost of merchandise sold.

cost of merchandise available for sale.

beginning merchandise inventory.

  

QUESTION 9

The gross profit on sale is $65,000, and operating expenses is $35,000. What will be the operating profit?

$65,000

$35,000

$100,000

$30,000

QUESTION 10

A balance sheet has the following sections:

Assets, liabilities, and stockholders' equity.

Income, expenses, and stockholders' equity.

Assets, liabilities, and income.

Operating income, operating expenses, and stockholders' equity.

QUESTION 11

A cash flow statement is used to assess the:

net increase or decrease of cash.

net increases of cash only.

net decrease of cash only.

net profit or loss of business.

Homework Answers

Answer #1

Ans 1 shares of stock.

Investment in Shares of company define ownership of company. Higher shareholding gives higher rights and person having maximum shares is considered to be the owner of the firm.

Ans 4 stockholders' equity account

Stockholder's Equity includes Share capital and Retained earnings.

Ans 10 Assets, liabilities, and stockholders' equity.

Income and Expenses are part of Income & Expenditure account and not of Balance Sheet.

Ans 11 net increase or decrease of cash.

Cash Flow statement tells the position of cash inflows and outflows in three activities.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
FreedomFreedom Corporation has 3 comma 200 comma 0003,200,000 shares of common stock outstanding. Its stock has...
FreedomFreedom Corporation has 3 comma 200 comma 0003,200,000 shares of common stock outstanding. Its stock has traded recently at $ 27.00$27.00 per share. You would like to gain a better understanding of FreedomFreedom Corporation​'s financial position. Assume all sales are on credit. Freedom Corporation Balance Sheets December 31, 2017 and 2016 (amounts in thousands) 2017 2016 Assets Current assets: Cash $5,120 $2,800 Accounts receivables 2,300 1,600 Inventory 1,800 1,200 Other current assets 3,240 2,800 Total current assets $12,460 $8,400 Other...
Question 1 Net income does not appear in the numerator of the A. return on assets....
Question 1 Net income does not appear in the numerator of the A. return on assets. B. profit margin. C. payout ratio. D. return on common stockholders' equity. Question 2 he following information pertains to Sampson Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments   $ 45,000 Accounts receivable (net)   25,000 Inventory   20,000 Property, plant and equipment   210,000 Total Assets   $300,000 Liabilities and...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31   Assets   Current assets:      Cash $ 22,000      Accounts receivable, net 190,000      Merchandise inventory 380,000      Prepaid expenses 11,000   Total current assets 603,000   Property and equipment, net 840,000   Total assets $ 1,443,000   Liabilities and Stockholders' Equity   Liabilities:      Current liabilities $ 200,000      Bonds payable, 10% 310,000   Total liabilities 510,000   Stockholders’ equity:      Common stock, $10 par value $ 150,000      Retained earnings 783,000   Total stockholders’ equity 933,000   Total liabilities...
The income statement for Strait Horn Inc., a publicly traded company following IFRS, is presented here...
The income statement for Strait Horn Inc., a publicly traded company following IFRS, is presented here Strait Horn Inc. Income Statement Year Ended December 31, 2019 Sales $5,200,000 Cost of Goods Sold $3,155,000 Gross Profit $2,045,000 Operating Expenses $1,025,000 Profit from Operations $1,020,000 Interest Expense $120,000 Profit before Income Taxes $900,000 Income Taxes $230,000 Profit $670,000 Additional Information: 1. Operating expenses include $50,000 of depreciation expense and a $45,000 impairment loss on property, plant and equipment. 2. Accounts Receivable increased...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 23,000 Accounts receivable, net 190,000 Merchandise inventory 330,000 Prepaid expenses 8,000 Total current assets 551,000 Property and equipment, net 820,000 Total assets $ 1,371,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 290,000 Bonds payable, 9% 350,000 Total liabilities 640,000 Stockholders’ equity: Common stock, $5 par value $ 180,000 Retained earnings 551,000 Total stockholders’ equity 731,000 Total liabilities...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 22,000 Accounts receivable, net 210,000 Merchandise inventory 370,000 Prepaid expenses 7,000 Total current assets 609,000 Property and equipment, net 810,000 Total assets $ 1,419,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 240,000 Bonds payable, 11% 390,000 Total liabilities 630,000 Stockholders’ equity: Common stock, $10 per value $ 160,000 Retained earnings 629,000 Total stockholders’ equity 789,000 Total liabilities...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31 Assets Current assets: Cash $ 24,000 Accounts receivable, net 230,000 Merchandise inventory 300,000 Prepaid expenses 12,000 Total current assets 566,000 Property and equipment, net 840,000 Total assets $ 1,406,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 270,000 Bonds payable, 9% 320,000 Total liabilities 590,000 Stockholders’ equity: Common stock, $5 per value $ 110,000 Retained earnings 706,000 Total stockholders’ equity 816,000 Total liabilities...
1. Terry company's 2017 income statement and comparative balance sheets at December 31 of 2016 and...
1. Terry company's 2017 income statement and comparative balance sheets at December 31 of 2016 and 2017are shown. Terry Company                                                                    Income Statement        For the year Ended December 31, 2017    Sales                                                 $ 390,000    Cost of Goods Sold                            235,000                                                                                _______      Gross Profit                                                        $ 155,000    Wages Expenses                              $ 63,000    Depreciation Expense                        14,000    Other Operating Expenses                  26,000    Income Tax Expense                           17,000    120,000                                                                                 ______    ________      Net Income                                                          $ 35,000                                                  ...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December...
The financial statements for Castile Products, Inc., are given below: Castile Products, Inc. Balance Sheet December 31   Assets   Current assets:      Cash $ 6,500      Accounts receivable, net 35,000      Merchandise inventory 70,000      Prepaid expenses 3,500   Total current assets 115,000   Property and equipment, net 185,000   Total assets $ 300,000   Liabilities and Stockholders' Equity   Liabilities:      Current liabilities $ 50,000      Bonds payable, 10% 80,000   Total liabilities 130,000   Stockholders’ equity:      Common stock, $5 par value $ 30,000      Retained earnings 140,000   Total stockholders’ equity 170,000   Total liabilities...
Tungsten Company, Inc., sells heavy construction equipment. There are 11,500 shares of capital stock outstanding. The...
Tungsten Company, Inc., sells heavy construction equipment. There are 11,500 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Account Titles Debit Credit Cash $ 34,800 Accounts receivable (net) 15,100 Inventory, ending 53,400 Operational assets 41,000 Accumulated depreciation $ 18,100 Liabilities 24,300 Capital stock 73,900 Retained earnings, January 1, Current Year 16,480 Sales revenue 147,800 Sales returns and allowances 7,300...