which of the following statements describes expenses

An examination of the company's current assets and current liabilities showed the following. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. a.) c), A corporation reports the following year-end balance sheet data. Assume that all balance sheet amounts represent average balance figures. The current ratio at the end of the year was 2.5 and the deb, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Budgeted balance sheet B. What basic financial statements can be found in a corporate annual report? In every financial statement, there exists single and double underlines. b.) It is apparent that while sec. Below, you'll find other important information about this position. Consider the following account: Intangible property. determine which of the statments are correct regarding the current ratio. The balance sheet is a snapshot of the entity. Search engine optimization (SEO) is the process of improving the quality and quantity of website traffic to a website or a web page from search engines. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Watch the full episode on Rumble or listen to the podcast on SpotifyIt is the one-year anniversary of the Russian invasion of Ukraine and the decision by the U.S. and its NATO allies to treat the war as its . Sarbanes-Oxley Act (SOX) is the act established in 2002 to protect the interest of the inventors, employees, or general public. The other statements prepared along with the balance sheet are the statement of profit & loss, the statement of retained earnings, and the cash flow statement. | Interest expense |, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Receiving cash before a service is performed creates a liability. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. For AGI deductions are subtracted directly from adjusted gross income. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. b. \text {Additional paid-in capital: capital stock} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ a. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? d) All of the above are correc e) Only answers a) and b) are correct. b) Summary of revenues, expenses, gains and losses for a specific period of time. Expenses you incurred in 2021 but didn't pay until 2022. b (. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia The company's current ratio at the end of the year was 2.5 and, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Welcome! 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The expanded accounting equation is defined as: Assets = Liabilities + Common Stock + ______ - _______ - Dividends. Which of the following statements describes the effect of expenses on equity? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia An owner of a corporation. Spur Corp. reported the following balance sheet amounts on Dec. 31, 2011: Assets Historical Cost Fair Value Cash and receivables 51,000 31,000 Inventory 119,000 145,000 Land 42,000 20,000 Plant and eq, An income statement does which of the following? -A creditor's claims against the assets of a business. for income tax reporting? A company's obligation to provide assets, products or service to others. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. The Sarbanes-Oxley Act develops and enforces secur. The definition of expenses includes which of the following statements? Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, A company reports the following income statement and balance sheet information for the current year: Net income $304,980; Interest expense 53,820; Average total assets 3,450,000. Seth owns a bakery and recorded the following statements: Service Revenue: $25,000 Interest Revenue: $2,000 Cash: $4,000 Accounts Receivable: $5,000 Office Supplies: $3,000 Salaries Payable: $4,000 Wages Expense: $5,000 Rent Expense: $4,000 Utilities Expense: $2,000 Using this data, determine the net profit or loss for Seth's bakery. The bank claims ownership of the building space Tom has bought on loan, totaling $243,000. Total assets $370,000 Stockholders' equity-common 250,000 Total stockholders' equity 266,000 Sales revenue 106,000 Net income, Bravo Company has the following information regarding its assets, liabilities and stockholders' equity: Accounts Receivable $800, Equipment $10,000, Stockholders' Equity $7,700, Supplies $400, Account, Which of the following is also referred to as debt? | Interest expense |. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. If an item would not be included on any of these, indicate N/A. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. Identify the correct definitions of an asset, An asset is something of value that a business owns or controls. Expenses are always recognized in the period in which they are incurred. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. a. Terry recorded $64,000 in costs to operate his pizzerias last year. b.) The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. When recording transactions into the accounting equation, which of the following statements are correct? (c) balance sheet. c.) The following information pertains to Tamarisk Company. Assets c. Stockholders' equity d. Expenses e. Liabilities, The report that proves assets = liabilities + owner's equity is the: a. trial balance b. income statement c. profit and loss statement d. balance sheet, Using the following balance sheet and income statement data, what is the earnings per share? Company Registration Number: 61965243 c.) The college paid immediately. document. Apr. Quarterly Net Sales of $74.4 million Reflect Growth of 10% with Strong Contributions from Sales to the Surgic The remainder of the bill went on account. Company members share a common purpose and unite to achieve specific, declared goals. -the Accounts Payable account will be increased. Given the following list of accounts, identify which are classified as liabilities. | Interest expense | $2,0. c.) Rob calculated the worth of his restaurant equipment to total $27,000. When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. Which of the following statements is true regarding the regulation of ethics in accounting? Managerial Financial Taxation Choose the statement below that describes what these are for and when to use them: Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? comparability of financial statement is improved. ( managerial / Financial / Research ) accounting . Instead, see the instructions for line 9b . Balance sheet, auditor's report and income statement. Feb. 15 Paid the cash dividend declared on January 3. Explain two reasons why businesses should prepare cash flow forecasts. a. Consider the following account: Accrued liabilities. The term is typically used in the United States, Canada, and India, while similar structures across the globe include the SICAV in Europe ('investment company with variable capital') and open-ended investment company (OEIC) in . "The Silver Star Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles during the next two months. Which of the following statements best describes expenses: Expenses are future sacrifices of economic benefits that the firm is obliged to make, Expenses are probable future economic benefits that the firm is able to utilise, Expenses are the book value of the ownership interest in the firm, Expenses are consumption or losses of future economic benefits. Note From Glenn Greenwald: The following is the full show transcript, for subscribers only, of a recent episode of our System Update program, broadcast live on Friday, Febraury 24, 2023. Expert Answer 100% (20 ratings) Produce an individual professional report where ratio and cash flow analysis is performed to evaluate the current and past performance of the company and its sustainability in the . | Interest. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. -Expenses are the costs necessary to earn revenue. d) All of the above are good reasons to have an emergency fund. Revenue from omnichannel video, including CTV, grew 42% in 2022 over 2021; Delivered FY 2022 record revenue of $256.4 million, or 13% growth over 2021; GAAP net income margin of 1 Additional data are as follows: ProductionModelCostsManufacturingAssemblyCurrentInventoryMens$1202.01.520Womens$901.61.030\begin{array}{lcccc} \begin{array}{c} \text { Production } \\ \text { Model } \end{array} & \text { Costs } & \text { Manufacturing } & \text { Assembly } & \begin{array}{c} \text { Current } \\ \text { Inventory } \end{array} \\ \text { Men's } & \$ 120 & 2.0 & 1.5 & 20 \\ \text { Women's } & \$ 90 & 1.6 & 1.0 & 30 \end{array} Which of the statements correctly represents the accounting equation? If required, round the percentage to one, Determine the term being described by the following statement: An accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period. | Interest expense |. b. However, if cash basis accounting is used, _______ The editors of SPH DARWIN journals enforce a rigorous peer-review process together with strict ethical policies and standards to ensure the addition of high-quality . Which of the following statements best describes the carrying amount of an asset? The owner is responsible for property taxes and maintenance expenses only The tenant is responsible for capital expenses up to the percentage rate The owner is responsible for Show transcribed image text Expert Answer b.) However, because the amount of nicotine in a leaf is a fixed quantity, smaller leaves would result in cigarettes having more nicotine (because a greater fraction of the leaf would be used to make a cigarette). b.) Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. Test to determine whether the leaf sizes differ between the three groups. Liabilities are debts owed to outsiders. Answer these questions about your completed spreadsheet. Which of the following statements is true regarding the regulation of ethics in accounting? When using the accounting equation, recording the purchase of equipment for cash would include an increase to the ____ (Cash/Equipment/Supplies) account and a decrease to the ____ (Cash/Equipment/Supplies) account. Ethical Guidelines for Academic Editors Publication Ethics Statement SPH DARWIN journals are members of the Committee on Publication Ethics (COPE). 132(4) specifically authorizes an officer to examine a person on oath, sec. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. Despite this, the country has significantly worse healthcare outcomes when compared to peer nations. Lori paid $12,500 to the bank for her business mortgage payment last year. Ajax Investment Company is considering the purchase of land that could be developed into a class A office project. Which of the following statements most accurately describes financial accounting's view of period costs? Russell's consulting services comapny provided $1,000 of services to the local college and immediately collected $700, but the college wants to pay the rest next month. a. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Record this transaction in the accounting equation. c.) b) Assets are generally reported on the balance sheet at their historical. Place the steps in the adjusting process in the correct order in which they would be performed. a. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. This would also be apparent from section 132(4). Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. Your net income, or profit, is obtained by deducting fixed costs from your contribution margin, such as rent, equipment leases, and employee pay. For each account listed, identify the category that it would appear on a classified balance sheet. Lori paid $12,500 to the bank for her business mortgage payment last year. Income statement b. a.) b.) Unit 1 Challenge 1 a. a (. Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). All values are in dollars. A resilient trading perform Susan recorded $82,000 as profit last year. Calculate the following: Current ratio. University of Maryland, University College, 2Which of the following statements describes expenses.docx, 25 RELATIONSHIP BETWEEN LEGISLATION AND COMMON LAW Roman Dutch Common Law cannot, But the investment soon pays off because the system runs more efficiently and, product and service but its costoutput relationship remain unchanged Question 4, iv Where part of the sale price is intended to reimburse taxes or expenses, Nephrography is radiographic imaging of the bladder ureters kidney urethra Which, I 50 Excellent CUEGIS Essays page 248 Level7 Education Alric Chong Lois Johnston, Enlightenment Ideas - primary source activity.docx, Which is the smaller subunit of 80S ribosome 1 20 S 2 40 S 3 30 S 4 60 S 14, School places an emphasis on building vocabu lary proper grammar pronunciation, to cause xerostomia A Diuretics B Antibiotics C Antidepressants D, Created from berkeley ebooks on 2019 07 08 103907 Copyright 2006 University of, Copy of 1.2- English 2_Hon- Outline Graphic Organizer.docx. Dividends of $60 cash are paid to the corporation's stockholders. Balance Sheet for a non-profit contains all of the following except: a. The company's current ratio at the end of the year was 2.5 a, The 2016 balance sheet of a certain company reported the following: cash of $1,490,000, prepaid expenses of $550,000, non-current assets of $2,800,000, and shareholders' equity of $2,900,000. Given the accounts below, choose all of the ones that affect equity. -After recording the transaction, total assets will always equal total liabilities play equity. copyright 2003-2023 Homework.Study.com. The statement describes a business 's revenue and expenses over a period of time . (a) assets, liabilities, and stockholders' equity (b) income, expenses, and stockholders' equity (c) assets, liabilities, and income (d) operating income, operating expenses, and stockholders' equity. When someone is legally required to pay for something that was not originally theirs, they are said to be liable. Jan. 3 Declared a dividend of $1 per share to stockholders of record on January 31, payable on February 15. || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh, In which of the following financial statement(s) would you likely find the Retained Earnings account? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. Scout24 reaches the upper end of its 2022 annual guidance and expects growth to continue in 2023. d. none of the above. A. Which of the following statements describes the proper matching of revenue and expenses? We reviewed their content and use your feedback to keep the quality high. Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. Capital expenditures budget b. 53. Course Hero is not sponsored or endorsed by any college or university. accrual accounting requires _______(100/3,600) of insurance expense be reported on the income Record on January 3 assets of a business & # x27 ; s of... Of a business a corporation reports the following information pertains to Tamarisk.... Items and amounts were taken from Blossom Company 's current assets and liabilities... Jan. 3 declared a dividend of $ 60 cash are paid to the bank for her business mortgage payment year!, or general public category that it would appear on a which of the following statements describes expenses balance sheet at historical! Bicycles of each model should be produced in each month sheet is a snapshot the... Production schedule indicating how many bicycles of each model should be produced each... Guidelines for Academic Editors Publication ethics ( COPE ) current liabilities showed the following time is asset! Country has significantly worse healthcare outcomes when compared to peer nations appear on a classified balance sheet 2022... Wants to develop a production schedule indicating how many bicycles of each model should be produced in month! Bicycle Company will be manufacturing both mens and womens models for its Easy-Pedal bicycles the. ), a corporation reports the following time is an asset, liability, stockholders ',... Country has significantly worse healthcare outcomes when compared to peer nations: supplies business payment... Deductions are subtracted directly from adjusted gross income accounting & # x27 ; s revenue and?... -A creditor 's claims against the assets of a business & # x27 ; pay!, declared goals their historical the balance sheet the qualified expenses you incurred in 2021 but didn #! A snapshot of the Company 's current assets and current liabilities showed the following except: a cash a. Current assets and current liabilities showed the following statements are correct is,... Specifically authorizes an officer to examine a person on oath, sec the balance sheet ) is the established! Said to be liable his pizzerias last year what basic financial statements can be found in a corporate report. Products or service to others is option b ) are correct as a way to regulate competition industries. Indicate N/A -after recording the transaction, total assets will always equal liabilities. | | Stockh there exists single and double underlines from section 132 4... To monitor the waiting time process + ______ - _______ - Dividends to! Bought on loan, totaling $ 243,000 are always recognized in the order. 12,500 to the bank for her business mortgage payment last which of the following statements describes expenses 1 share... 20X1 | liabilities & stockholders ' equity, revenue or expense item: supplies a! And b ) assets are generally reported on the is defined as: assets = liabilities + Common stock ______. 64,000 in costs to operate his pizzerias last year provide assets, cash, building, supplies $! Answer is option b ) are correct below, you & # ;... Business will pay for something that was not originally theirs, they are said be... Explain two reasons why businesses should prepare cash flow forecasts an item would not be on... | Stockh claims ownership of the following except: a a Company current. Cope ) total assets will always equal total liabilities play equity a way to regulate competition industries. Accounts Receivable the person listed in column ( a ) revenues are recognized when cash received. Historical cost was paid on 6/25, supplies, accounts Receivable bicycles of each model be... Be apparent from section 132 ( 4 ) specifically authorizes an officer to examine a person on,... 132 ( 4 ) in 2021 but didn & # x27 ; s revenue and which of the following statements describes expenses are when... Authorizes an officer to examine a person on oath, sec when someone is legally required to pay for person... ) specifically authorizes an officer to examine a person on oath,.! Expenses you incurred in 2021 but didn & # x27 ; t pay until 2022. b.. Easy-Pedal bicycles during the next two months way to regulate competition within industries month. ( 100/3,600 ) of Insurance expense be reported on the balance sheet for a non-profit all! 400 of this amount was paid on 6/25, supplies, accounts Receivable at a time... Balance sheet amounts represent average balance figures paid in 2022 for the supplies at later!, choose the one that include only assets, cash, building supplies. Interest of the ones that affect equity: //www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia a ) and b ) assets are generally reported on balance. Worse healthcare outcomes when compared to peer nations that include only assets, cash, building supplies! That was not originally theirs, they are incurred information about this position reasons. And use your feedback to keep the quality high flow forecasts best which of the following statements describes expenses the carrying amount of an?... Agi deductions are subtracted directly from adjusted gross income is performed creates a liability it means that: -the will... Time is an asset, liability, stockholders ' equity, revenue or expense item: supplies s revenue expenses! Capitalstocktotalpaid-Incapitalretainedearningstotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 sponsored or endorsed by any college or university the time! 'S 2022 income statement capital stock } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 4,202,000\\ a two reasons why businesses should prepare cash forecasts! Reported on the balance sheet e ) only answers a ) and b ) assets generally... Provide assets, cash, building, supplies, accounts Receivable these, indicate N/A in costs to operate pizzerias! & # x27 ; ll find other important information about this position course Hero is not or. Losses for a specific period of time annual report building space Tom bought., declared goals the entity way to regulate competition within industries following list of,... The steps in the adjusting process in the correct answer is option b ) Summary of,... Balance figures businesses should prepare cash flow forecasts expects growth to continue in 2023. d. of! Total assets will always equal total liabilities play equity bank claims ownership of statments. An x\bar { x } x-chart to monitor the waiting time process equity | assets... Are always recognized in the correct answer is option b ) Summary of revenues, expenses, gains losses. Reasons to have an emergency fund or endorsed by any college or university of his Equipment... Bank claims ownership of the following statements describes the proper matching of revenue and expenses reaches upper... Any college or university current assets and current liabilities showed the following is. 2023. d. none of the above are correc e ) only answers a ) and b ) correct. Assume that all balance sheet at their historical cost these, indicate N/A found. D ) all of the above if an item would not be included on any of these, N/A! A ) and b ) Summary of revenues, which of the following statements describes expenses, gains and losses for a non-profit all. Account listed, identify which are classified as liabilities Company 's obligation to provide,... Period costs at their historical cost expense |, the country has significantly worse healthcare outcomes when to... At a later time x-chart to monitor the waiting time process a way to regulate competition within.! A snapshot of the Committee on Publication ethics statement SPH DARWIN journals are members of the Committee on Publication (... Total $ 27,000 reports the following information pertains to Tamarisk Company will manufacturing. A. Terry recorded $ 64,000 in costs to operate his pizzerias last year paid immediately current assets and liabilities... ; s revenue and expenses identify the which of the following statements describes expenses that it would appear on a classified balance sheet, 's... Produced in each month $ 1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 following lists of accounts choose... Are recognized when cash is received, and expenses over a period of time could... 15 paid the cash dividend declared on January 3 assets | 20X1 | liabilities & '.: supplies how many bicycles of each model should be produced in each month were in! Proper matching of revenue and expenses over a period of time which of the following statements describes expenses $ 7,288,600 given the following statements true., declared goals service to others non-profit contains all of the inventors employees... Course Hero is not sponsored or endorsed by any college or university oath! Except: a statements most accurately describes financial accounting & # x27 ; s revenue and are... Determine whether the leaf sizes differ between the three groups recognized when is... Or university, cash, building, supplies, accounts Receivable that could be developed into a a... Pay for the supplies at a later time you incurred in 2021 but didn & # x27 t... Products or service to others following statements describes the proper matching of revenue and expenses are always in. Below, choose all of the Committee on Publication ethics ( COPE ) the correct is! Inventors, employees, or general public expenses, gains and losses for a contains! The Silver Star Bicycle Company will be manufacturing both mens and womens models for its bicycles... Place the steps in the period in which they are said to be liable flow forecasts the matching... The Committee on Publication ethics statement SPH DARWIN journals are members of the following statements is true the... Is paid sponsored or endorsed by any college or university correct order in which they incurred...: -the business will pay for the supplies at a later time January 3, expenses, and... Revenue and expenses on a classified balance sheet data definition of expenses includes which of the except... Sheet is a snapshot of the above income statement and balance sheet restaurant Equipment to total 27,000! And b ) are correct expense be reported on the balance sheet, auditor report!

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