1.
The financial statement that reports the revenues and expenses
for a period of time such...
1.
The financial statement that reports the revenues and expenses
for a period of time such as a year or a month is the
Balance Sheet
Income Statement
Statement Of Cash Flows
2.
The financial statement that reports the assets, liabilities,
and stockholders' (owner's) equity at a specific date is the
Balance Sheet
Income Statement
Statement Of Cash Flows
3.
Under the accrual basis of accounting, revenues are reported in
the accounting period when the
Cash Is Received
Service Or...
Income statement. Of ABC Company for the ended financial year,
2016 showed Total revenues amounted to...
Income statement. Of ABC Company for the ended financial year,
2016 showed Total revenues amounted to 100,000, and total expenses
amounted to 75,000. The company made at the end of the year
dividends of 10,000 and beginning period balance in retained
earnings amounted to 20,000. Amounts in Saudi riyal
Required: prepare the retained earnings statement for
the period.
1) Tiptoe Shoes, had annual revenues of $204,000, expenses of
$113,200, and paid dividends of $25,600...
1) Tiptoe Shoes, had annual revenues of $204,000, expenses of
$113,200, and paid dividends of $25,600 during the current year.
The retained earnings account before closing had a balance of
$316,000. The Net Income for the year is:
Multiple Choice
$90,800
$381,200
$204,000
$406,800
$65,200
2) Tiptoe Shoes had annual revenues of $203,000, expenses of
$112,700, and dividends of $25,200 during the current year. The
retained earnings account before closing had a balance of $315,000.
The entry to close the...
QUESTION 27
Here are some items that appear on an income statement.
Operating expenses $2,300 Income...
QUESTION 27
Here are some items that appear on an income statement.
Operating expenses $2,300 Income taxes $650
Net other (other revenues and gains netted
against other expenses and losses) $800
If the gross profit was $3,000, how much is net income on a
multi-step income statement?
$850
$50
$2,350
$(750)
QUESTION 28
Entity A reported the following items on its balance sheet at
the end of the current year. All accounts are listed.
Cash $45,000
Accounts payable 80,000
Property,...
Olsteen, Inc., earned revenues of $65,000 and incurred expenses
of $73,000. No dividends were declared. Which...
Olsteen, Inc., earned revenues of $65,000 and incurred expenses
of $73,000. No dividends were declared. Which of the following
statements is correct?
A. The entry to close Income Summary is the same regardless of a
net income or a net loss.
B. Retained Earnings will be debited for $8,000 and Income
Summary will be credited for $8,000.
C. The entries to close revenues and expenses will differ if
there is a net loss.
D. The entry to close Income Summary...
Prat Corp. started the 2018 accounting period with $38,000 of
assets (all cash), $16,000 of liabilities,...
Prat Corp. started the 2018 accounting period with $38,000 of
assets (all cash), $16,000 of liabilities, and $13,000 of common
stock. During the year, the Retained Earnings account increased by
$15,050. The bookkeeper reported that Prat paid cash expenses of
$30,000 and paid a $2,800 cash dividend to the stockholders, but
she could not find a record of the amount of cash that Prat
received for performing services. Prat also paid $11,000 cash to
reduce the liability owed to the...
The following information pertains to the next three
questions. At the beginning of the current year,...
The following information pertains to the next three
questions. At the beginning of the current year, X Company
had assets of $1,800, liabilities of $900, and common stock of
$300. During the current year, the company earned revenue of
$2,250, incurred expenses of $1,500, and paid dividends of $300.
All transactions were cash transactions.
1. The amount of net income reported on the income statement for
the current year would be
$900.
$750.
$450.
none of the above.
Question 2...