b.) A. Sally Smith decided to start a sea shell business organized as a corporation. Determine the return on total assets. (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) Expert Answer 100% (20 ratings) Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? This would also be apparent from section 132(4). Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Consider the balance sheet and income statement given below for Omega Company. Long-term liabilities are listed after Stockholders' Equity. Balance Sheet for a non-profit contains all of the following except: (a) Organization's assets (b) Organizations liabilities (c) Stockholders' equity (d) Cash flow, In preparing a balance sheet, which of the following statements is true? Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. Dividends of $60 cash are paid to the corporation's stockholders. 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. b.) 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 c. Tota, Which of the following best describes the balance sheet? 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Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. How will this transaction affect the accounting equation? The Sa Smartbook: Chapter 4 Completing the Accountin, Accounting Chapter 3: Connect Multiple Choice, Calculus for Business Economics Word Bank, Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstanding, Additionalpaid-incapital:capitalstock, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Don Herrmann, J. David Spiceland, Wayne Thomas, Eric W. Noreen, Peter C. Brewer, Ray H Garrison. b. document. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. a) It reports a company's revenues and expenses. 4. a.) The adjusted trial balance shows: a. amounts that may be out of balance. Matching expenses with revenues often requires us to predict certain events which we are not 1. Our experts can answer your tough homework and study questions. Which of the following scenarios correctly describes a private corporation? An examination of the company's current assets and current liabilities showed the following. Net income will be understated for the year. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). 14. Which of the following statements is not true about liabilities? Record this transaction in the accounting equation. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. Janice's role is that of a(n) __________. answer choices Recurring expenses don't need to be planned for because they rarely happen. Company scientists argued that the amount of nicotine in cigarettes depended completely on the size of the tobacco leaf: During poor growing seasons, the tobacco leaves would be smaller than in normal or good growing seasons. The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. Which of the following describes the classification and normal balance of the Retained Earnings account? || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh. C. Reports the assets, liabili. 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. Which of the following statements best describes one effect of recognizing expenses incurred by a business entity? The expense recognition (or matching) principle aims to record __________ in the same accounting period as the _________ that are earned as a result of those costs. Dec. 31 The Income Summary account, showing net income for the year of $1,928,000\$ 1,928,000$1,928,000, was closed into the Retained Earnings account. c.) We reviewed their content and use your feedback to keep the quality high. b. current assets divided by current liabilities. Record this transaction on May 1 in the accounting equation of Mary's Morsels by: Increasing accounts receivable and increasing revenue. | Interest expens. Assets and liabilities are reported on: A. the statement of stockholders' equity. Course Hero is not sponsored or endorsed by any college or university. Many people put aside money to take care of unexpected expenses. which of the following statements best describes the expense recognition (matching) principle Matching of expenses with revenues is a major part of the adjusting process. What a business owns will always equal what it owes to creditors and owners. Instructions Record this transaction in the accounting equation of the new business by: To record the purchase of supplies for cash, the correct entry into the accounting equation would include to increase (Equipment/Supplies/Cash) ______ and a decrease to (Equipment/Supplies/Cash) _____. Three different groups of tobacco leaves were grown. Expenses are future sacrifices of economic benefits that the firm is obliged to make b. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Retained earnings. Sales budget c. Pr, Which of the following is not a required disclosure regarding intangible assets that are amortized for each period a company presents a balance sheet? Answer Link Source: venturebeat.com Exceptions to these requirements may apply. a.) 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. b.) 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? The cost of a building is recorded as an asset. Which of the following statements describes the effect of expenses on equity? a. A. | Interest expense | $2, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. A. (c) balance sheet. the governing principles known as __________. Susan recorded $82,000 as profit last year. Statement of owner's equity C. Balance sheet D. Depreciation report. -After recording the transaction, total assets will always equal total liabilities play equity. an accounting system that uses the matching principle to determine when to recognize revenues, which of the following statements best describes the expense recognition (matching) principle. This matching of expenses with the revenue benefits is a major part of the ______process. Which of the following statements is true regarding the regulation of ethics in accounting? Question 14. 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? c.) Terry recorded $64,000 in costs to operate his pizzerias last year. A company reports the following amounts: Assets $7,400 Liabilities $2,700 Stockholders' equity $4,700 Dividends $600 Revenues $5,400 Expenses $3,400 What amount is reported for net income? b (. Statement of owner's equity C. Income statement D. Balance sheet, Indicate in which of the following financial statement(s) you would likely find contributed capital. Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. (d) statement of cash flows. Which of the following statements most accurately describes financial accounting's view of period costs? b. A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. Answer Link a. b.) A. Which of the statements correctly represents the accounting equation? b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and Show transcribed image text Expert Answer 100% (1 rating) The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Balance sheet, auditor's report and income statement. The Sarbanes-Oxley Act standardizes accounting practices across all nations. a) An emergency fund prepares you for unexpected expenses. d) It reports a company's cash flow from operations. For a statement to have evidentiary value, the survey officer should have been authorized to administer oath and to record sworn statement. Identify the statement(s) below which is (are) correct regarding the use of estimates in accounting. d) All of the above are correc e) Only answers a) and b) are correct. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. The Sarbanes-Oxley Act develops and enforces secur. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. A. Asset, debit b. c. Susan recorded $82,000 as profit last year. c. assets, liabilities, and stockholders' equity only. B. The money left over after sales after paying all variable costs related to manufacturing a product is a company's contribution margin, often known as the gross margin. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. always able to do. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. Which of the following statements is true regarding Susan recorded $82,000 as profit last year. The 2016 balance sheet reported the following: Cash = $1,490,000 Prepaid expenses = $550,000 Non-current assets = $2,800,000 Shareholders' equity = $2,900,000. -Cost of Goods Sold -Gross profit -expenses -net income -Retailer -Wholesaler -Merchandiser -An intermediary that buys products from manufacturers or wholesalers and sells them to consumers -An intermediary that buys products from manufacturers and sells them to retailers -Earns net income by buying and selling products Terry recorded $64,000 in costs to operate his pizzerias last year. Healthcare in the United States is far outspent than any other nation, measured both in per capita spending and as a percentage of GDP. |Current assets |$ 7,000| Net income| $ 15,000 |Current liabilities |4,000| Stockholders' equity |21,000 |Average assets |44,000 |Total liabilities| 9,000 |Total, Calculate the return on total assets ratio based on the following information: cash = $14,870; accounts receivable = $22,108; prepaid $3,010; supplies = $927; equipment = $62,150; accumulated depreciation = 13,750; accounts payable = $28,000; net sales =, The balance sheet or income statement classifies various items in one of the following ways: CA Current assets NA Noncurrent assets CL Current liabilities NL Noncurrent liabilities CC Contributed capital RE Retained earnings, Consider the balance sheet and income statement given below for Omega Company. a. a. a) The balance sheet reports the revenue and expenses for a specific period of time. Consider the following account: Wages expense. d.) Rob calculated the worth . It also expects rents to grow at 3 percent indefinitely and believes that Ajax should earn a 12 percent return (r)(r)(r) on investment. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. Given the following list of accounts, identify which are classified as liabilities. c.) b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. . If a customer makes a partial payment of $100 on a service for which you have already billed him, you would record this transaction into the accounting equation by: Increasing Cash and decreasing accounts receivable. Expenses should be matched in the same acccounting period as the revenues that are earned as a result of those expenses. 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