Question

What is a balance sheet? how much a company is worth, what revenue and expenses a...

What is a balance sheet?

how much a company is worth, what revenue and expenses a company has, a summary of cash activity over a period of time, what a business owns or none of above?

Business   Finance   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

the balance sheet is one of the three financial statements:

The income statement shows the revenue and expenses of the company.

The cash flow statement shows the summary of cash activity.

The balance sheet shows the financial position of a business at a particular point of time. It shows the position of the assets, liabilities and equity and it describes the firm's worth at any one point in time. It shows how much a company owns (assets) and how much it owes (liabilities).

So, the correct option is option 1.  

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
True or False 1.The balance sheet presents a summary of the firm's revenues and expenses over...
True or False 1.The balance sheet presents a summary of the firm's revenues and expenses over an accounting period. 2. One of the biggest noncash items on the income statement is depreciation which needs to be subtracted from net income to determine cash flows for the firm 3. A liquid asset is an asset that can be easily converted into cash without a significant loss of its original value. 4. Retained earnings is the cash that has been generated by...
Which of the following can you NOT learn from the balance sheet? How a business is...
Which of the following can you NOT learn from the balance sheet? How a business is being financed How much a business spends on cost of goods sold How much a business might be worth Whether the business is likely to meet their current payment obligations
A(n) ____ is a summary of what a company has earned and spent over a given...
A(n) ____ is a summary of what a company has earned and spent over a given period. a. income statement b. cash flow statement c. annual stockholders' report d. balance sheet e. trial balance
The beginning balance in unearned subscription revenue is $900. The ending balance in unearned subscription revenue...
The beginning balance in unearned subscription revenue is $900. The ending balance in unearned subscription revenue is $915. Cash received for prepaid subscription during the period is $230. How much subscription revenue was earned during the period?
The Retained earnings account has a credit balance of $47,000 before closing entries are made. Total...
The Retained earnings account has a credit balance of $47,000 before closing entries are made. Total revenues for the period are $65,200, total expenses are $44,800, and dividends are $13,000. What is the correct closing entry for the revenue accounts? Multiple Choice Debit Revenue accounts $65,200; credit Income Summary $65,200. Debit Revenue accounts $65,200; credit Retained earnings $47,000. Debit Income Summary $65,200; credit Revenue accounts $65,200. Debit Revenue accounts $47,000; credit Retained earnings $47,000. Debit Income Summary $47,000; credit Retained...
For each of the following, identify if each statement applies to the balance sheet (B), income...
For each of the following, identify if each statement applies to the balance sheet (B), income statement (I), or neither (N) A. Flow statement [A] B. Shows the cash flows of a business [B] C. Shows the net worth of the firm [C] D. Shows the market value of the firm [D] E. Snapshot statement [E] F. Shows what is owned and owed by the firm [F] G. Shows the profitability of a firm over a period of time [G]...
Use the balance sheets and information provided about revenue and expenses to answer the question. Ruston...
Use the balance sheets and information provided about revenue and expenses to answer the question. Ruston Company Balance Sheet As of December 31, 2017 (amounts in thousands) Cash 90,000 Accounts Payable 12,000 Accounts Receivable 34,000 Debt 36,000 Inventory 51,000 Other Liabilities 21,000 Property Plant & Equipment, Gross 230,000 Total Liabilities 69,000 Accumulated Depreciation 55,000 Paid-In Capital 59,000 Property Plant & Equipment, Net 175,000 Retained Earnings 228,000 Other Assets 6,000 Total Equity 287,000 Total Assets 356,000 Total Liabilities & Equity 356,000...
Use the balance sheets and information provided about revenue and expenses to answer the question. Gulf...
Use the balance sheets and information provided about revenue and expenses to answer the question. Gulf Shipping Company Balance Sheet As of December 31, 2017 (amounts in thousands) Cash 143,000 Accounts Payable 19,000 Accounts Receivable 41,000 Debt 32,000 Inventory 58,000 Other Liabilities 40,000 Property Plant & Equipment, Gross 210,000 Total Liabilities 91,000 Accumulated Depreciation 62,000 Paid-In Capital 77,000 Property Plant & Equipment, Net 148,000 Retained Earnings 229,000 Other Assets 7,000 Total Equity 306,000 Total Assets 397,000 Total Liabilities & Equity...
Suppose Yukon Bank has the following simplified balance sheet and that the desired reserve ratio is...
Suppose Yukon Bank has the following simplified balance sheet and that the desired reserve ratio is 20 percent. Instructions: All answers to this question should be entered as whole numbers. Assets Liabilities and net worth      (1)    (2) (1' ) (2' ) Cash reserves $22,000 $   $     Deposits $100,000 $ $ Securities 38,000 $   $   Loans 40,000 $   $   a. What is the maximum amount of new loans Yukon Bank can make?     $     Show in columns 1 and 1' how the...
What are the effects of bad debt expenses on the income statement and the balance sheet?
What are the effects of bad debt expenses on the income statement and the balance sheet?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT