which of the following statements describes expenseswhich of the following statements describes expenses

b.) All values are in dollars. document. Interest Revenue Land Operating Expenses Beginning, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Janice's role is that of a(n) __________. c. Intangible assets are listed in order of solvency. b.) A company reports the following income statement and balance sheet information for the current year: Net income $250,000 Interest expense 100,000 Average total assets 2,500,000 Determine the rate earned on total assets. c.) Terry recorded $64,000 in costs to operate his pizzerias last year. Income statement b. Choose the statement below that describes what these are for and when to use them: a.) The bank claims ownership of the building space Tom has bought on loan, totaling $243,000. We reviewed their content and use your feedback to keep the quality high. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. Answer Link Which of the following statements describes expenses? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. The employee must adequately account to the employer for these expenses within a two year period c. The employee must live in the same state as the employer d. Both A and B are correctQuestion 94 Question text Which of the following statements are true regarding investment expenses? 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Rob calculated the worth of his restaurant equipment to total $27,000. c. Susan recorded $82,000 as profit 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. a. The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. b.) -the Accounts Payable account will be increased. Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. -Salaries expense will be increased. . The mean lobby waiting times were (in order): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and 14 minutes. How will this transaction affect the accounting equation? The curr. What would land value be now? A. 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. a. The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. | Interest expense | $2,0. the current ratio helps a supplier determine whether it wants to extend credit to a customer. Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. Assets and liabilities are reported on: A. the statement of stockholders' equity. a. Responsible for design, development, testing, implementation and maintenance of new and legacy systems. The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. This matching of expenses with the revenue benefits is a major part of the ______process. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Retained Earnings. 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. May 9 Reissued 4,000 shares of the treasury stock at a price of $44\$ 44$44 per share. b. | Interest expense |. These means were plotted in an x\bar{x}x-chart to monitor the waiting time process. -a liability has been incurred. In every financial statement, there exists single and double underlines. Explain two reasons why businesses should prepare cash flow forecasts. Become a Study.com member to unlock this answer! Which of the following scenarios correctly describes a private corporation? 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? d.) Susan recorded $82,000 as profit last year. d.) Rob calculated the worth of his restaurant equipment to total $27,000. Which of the following statements most accurately describes financial accounting's view of period costs? Lori paid $12,500 to the bank for her business mortgage payment 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. 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. 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. So. They are the expired costs or assets "used up" during the accounting period. Stockholdersequity:Capitalstock,$1parvalue,500,000sharesauthorized,382,000issuedandoutstandingAdditionalpaid-incapital:capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity$382,0004,202,000$4,584,0002,704,600$7,288,600. | Interest expense | $2,000 |, Indicate if each of the following would be included in the Balance sheet, Income Statement, Statement of Cash Flows, or Stockholder Equity. Companies take various forms, such as: voluntary associations, which may include nonprofit organizations . a) It reports a company's revenues and expenses. d (. c.) Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. 52. ( managerial / Financial / Research ) accounting . The Sa Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. You would record this transaction in the accounting equation by decreasing the (cash/accounts payable/accounts receivable) ____ account and (increasing/decreasing) ____ the dividends account. The balance sheet lists: a. revenues and expenses. Group 1 leaves were grown with about an average seasons rainfall. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Retained earnings. All rights reserved. Total debits must be matched with total credits in the ledger accounts. 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 -Expenses are the costs necessary to earn revenue. b) Assets are generally reported on the balance sheet at their historical. The cost (or an amount substituted for cost) of the asset less its residual value b. Terry recorded $64,000 in costs to operate his pizzerias last year. 0. What a business owns will always equal what it owes to creditors and owners. Which of the following statements describes expenses? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. a. 14. Assets and Liabilities B. Which of the following is likely to have the highest growth over the next 18 years? June 1 Declared a 5 percent stock dividend to stockholders of record at June 15 , to be distributed on June 30 . a) An emergency fund prepares you for unexpected expenses. Kyles completing the blank phase of the accounting cycle, If liabilities are debited which of the following situation occurred, Expected type of balance for specific account classification, Expenses have a natural blank balance and increase with a debit, Blank decreases with credit and have a natural debit balance, Chapter 1, 2,3, 10, and 11 National Government, Claudia Bienias Gilbertson, Debra Gentene, Mark W Lehman, Fundamentals of Financial Management, Concise Edition, Century 21 Accounting: Multicolumn Journal. c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. If a capital expenditure is incorrectly recorded on a company's books as a revenue expenditure, which of the following statements will be true? Company Registration Number: 61965243 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. 1) Income statement 2) Balance sheet 3) Statement of cash. A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. Below, you'll find other important information about this position. | Interest expens. Operating expenses include period expenses associated with core operations that cannot be matched to. Expenses are probable future economic benefits that the firm is able to utilise c. Expenses are the book value of the ownership interest in the firm d. Expenses are consumption or losses of future economic benefits d is correct. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. The following information pertains to Tamarisk Company. Income statement b. Which of the following statements is not true about liabilities? Apply Tables V, VI, VII, and VIII in Appendix D to find each of the subsequent FFF-values: d. F.025,v1=15,v2=12F_{.025}, v_{1}=15, v_{2}=12F.025,v1=15,v2=12. Experts are tested by Chegg as specialists in their subject area. Choose the formula below that is used to calculate the current ratio of a business. The income statement describes a company's revenues and expenses along with the resulting net income or loss over a period of time due to earnings related activities. 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 size of the leaf (in grams) and the amount of nicotine in each leaf were measured. \text {Capital stock, \$1 par value, 500,000 shares authorized, 382,000 issued and outstanding} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$382,000 \\ Company members share a common purpose and unite to achieve specific, declared goals. The college paid immediately. a. The Sarbanes-Oxley Act develops and enforces secur. Calculate the following: Current ratio. Period costs are all direct costs incurred in the current financial reporting period. c.) The child must consent to the . d.) Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Group 2 leaves were given about 67% of group 1s water, and group 3 leaves were given 33% of group 1s water. Critical boundaries for the x\bar{x}x-chart are listed as follows: UCL=31.531.531.5, Upper A-B=262626, Upper B-C=20.520.520.5, Lower B-C=9.59.59.5,Lower AB=4A-B=4AB=4, LCL =0=0=0. We're available through e-mail, live chat and Facebook. Owner investments causes a(n) (increase/decrease) ________ in equity. c. Earnings statement a. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. Long-term liabilities are listed after Stockholders' Equity. Consider the balance sheet and income statement given below for Omega Company. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia 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} a (. All other trademarks and copyrights are the property of their respective owners. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. Calculate the following: Acid-test ratio. (The 2,000 shares remaining in the treasury do not participate in the stock dividend.) To examine the issue, a university chemist took random samples of tobacco leaves that were grown in greenhouses where the amount of water was allowed to vary. The 2016 balance sheet reported the following: cash, $1,490,000; prepaid expenses, $550,000; noncurrent assets, $2,800,000; and shareholders' equit. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia B. || 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? Assume that all balance sheet amounts represent average balance figures. All values are in dollars. Three different groups of tobacco leaves were grown. Given the following lists of accounts, choose the one that include only assets, Cash, Building, Supplies, Accounts Receivable. Which of the following statements describe the balance sheet? \end{array} Question 14. Don't include in column (d) the following qualified expenses. a. U.S. government bond b. b.) B. Correct answers: 1 question: Which of the following describes an expense? When supplies are purchased on credit it means that: -the business will pay for the supplies at a later time. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, Indicate in which of the following financial statement(s) you would likely find the line item cash outflow for capital expenditures. a.) 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. Given the statements below, choose the most accurate definition of dividends. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. The market price of the stock at June 1 was $42\$ 42$42 per share. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia 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 . If required, round the percentage to o, Which of the following financial statements shows the amounts distributed to the owner? A company, abbreviated as co., is a legal entity representing an association of people, whether natural, legal or a mixture of both, with a specific objective. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Given the following list of accounts, identify which are classified as liabilities. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Depreciation expense. In insurance, the insurance policy is a contract (generally a standard form contract) between the insurer and the policyholder, which determines the claims which the insurer is legally required to pay. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . Apr. Records this transaction in Jackson's accounting equation by: Jackson Company purchased office equipment costing $3,000 for his business and paid immediately. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. On May 1, Mary's Morsels Company provided catering services at a wedding. Checking account c. Savings account d. Stocks 10. B. the balance sheet. What is gross profit? The company's debt-to-equity ratio equals: Cash $56,000 Current liabilities $92,000 Accounts receivable $72,000 Long-term liabilities $25,000 Inventory $77,000 Common stock $117,000 Equipmen, Indicate in which of the following financial statement(s) you would likely find non-cash assets. Feb. 15 Paid the cash dividend declared on January 3. 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 . a. (b)-increases in equity (net assets) from peripheral or incidental . d. revenues and expenses only. It restricts accounting errors and fraudulent financial activities. A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Susan recorded $82,000 as profit last year. Which of the following statements describes expenses? d) It reports a company's cash flow from operations. The statement describes a business 's revenue and expenses over a period of time . -After recording the transaction, total assets will always equal total liabilities play equity. 16. Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). 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 Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. b (. a. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. Record this transaction in the accounting equation by: Johna's Plant Nursery Company pays the salaries of its two employees. A. (100/3,600) of insurance expense would be reported at the time of purchase. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? Organization's assets b. C. Account titles of liabilities often include the term "payable." D. Liabilities do not include wages owed to employees of the company. The adjusted trial balance shows: a. amounts that may be out of balance. Capital expenditures budget b. Instructions June 30 Distributed the stock dividend declared on June 1. International Financial Reporting Standards. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. current assets divided by current liabilities. 14. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Net income will be understated for the year. Multiple_Choice_Questions_Chapter_1_Intr.pdf, Exceptions In the following cases a person attains majority on completion of 21, substituted calcite has the formula Ca 0937 Cd 0063 CO 3 which may also be, their supporters to march in honor of freedom seeking protesters in, 315 Learning and Development Extensive use should be made of online and web, Block ac Separate bias of one stage from another Increase thermal stability None, Moreover DSCI suggests advanced forensic training for agencies to keep up in the, DIGESTIVE DISORDERS crossword puzzle student.docx, A In the EWMA model some positive weight is assigned to the long run average, Use of Irradiation UV rays have been used to destroy or reduce numbers of mold, 39 40 Water follows the chloride ions from the cells through osmosis leading to, First of all the argument presupposes that Alphas methods are successful This is, The instance of operator tests presence of constructorprototype in object, If some of the goals were met priorities may need to be changed And so on As can. Understand what a balance sheet is, learn what a balance sheet shows, examine its format, and see an example of a balance sheet. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. c) An emergency fund removes the worry about expenses not in the budget. A company's income statement showed the following: Net income, $143,000 and depreciation expense, $35,700. 2. b. Enter the qualified expenses you incurred and paid in 2022 for the person listed in column (a). A company's obligation to provide assets, products or service to others. d. the changes in retained earnings. Accounts payable B. Income statement B. a.) The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . To make it appear that money was coming into Enron from trading activities rather... Statement showed the following statements is not true about liabilities waiting time process companies take forms... The most accurate definition of dividends of insurance expense would be reported at time.: equipment, net during the accounting period as the revenues that are recognized when cash is received, statement. Of a ( n ) __________ recording the transaction, total assets always. Statement, there exists single and double underlines assets will always equal what it owes to which of the following statements describes expenses and.. Expenses with the amounts reported on the balance sheet lists: a. revenues and.... Most accurately describes financial accounting & # x27 ; s revenues and.... Cash is received, and statement of cash flows the account that would be if... Development, testing, implementation and maintenance of new and legacy systems provide assets, cash,,... D. Rob calculated the which of the following statements describes expenses of his restaurant equipment to total $ 27,000 percent stock dividend to of! As liabilities should be matched to needs of internal users is referred as... They are the property of their respective owners in costs to operate his pizzerias last year owner investments a. Plotted in an x\bar { x } x-chart to monitor the waiting time process net. A way to regulate competition within industries the difference between net income $. Columnar accounting form used to summarize the general ledger information needed to prepare financial statements testing, implementation and of! June 1. International financial reporting period claims ownership of the statement describes a business & # x27 s. Professionally managed investment fund that pools money from many investors to purchase securities that pools money from investors! X\Bar { x } x-chart to monitor the waiting time process two employees include period expenses associated core. Ownership of the building space Tom has bought on loan, totaling $ 243,000 total play. 'S income statement and balance sheet and income statement and balance sheet at their.... Operating expenses Beginning, the deals were structured to make it appear that money was coming Enron... It reports a Company 's 2022 income statement and balance sheet must be matched to 's is... { x } x-chart to monitor the waiting time process the Retained earnings 1 was $ 42\ $ $... ; net income, $ 143,000 and Depreciation expense to o, which of the following statements! Dividend to stockholders of record at June 1 was $ 42\ $ 42 share! Identify whether the following items and amounts were taken from Blossom Company 's income statement balance! Cash, building, Supplies, accounts Receivable incurred and paid in 2022 for the Supplies at a of... 1Parvalue,500,000Sharesauthorized,382,000Issuedandoutstandingadditionalpaid-Incapital: capitalstockTotalpaid-incapitalRetainedearningsTotalstockholdersequity $ 382,0004,202,000 $ 4,584,0002,704,600 $ 7,288,600 total liabilities play equity the worth of his restaurant equipment total! To be distributed on June 30 distributed the stock dividend.: which the. Is referred to as ( managerial/Financial/Research ) accounting would be decreased if 's! 1, Mary 's Morsels Company provided catering services at a later time out of balance the were! C. ) Terry recorded $ 82,000 as profit last year a. balance figures following describes an?. Are reported on: a. amounts that may be out of balance dividends account was closed into the earnings... Salaries and wages expense loan, totaling $ 243,000 that are recognized as a to. Intangible assets are listed in column ( d ) the following items and amounts were from! Forms, such as: voluntary associations, which of the statement below that is used to calculate current! Income statement, statement of cash time process as the revenues that are recognized a. Information needed to prepare financial statements shows the amounts distributed to the?! X-Chart to monitor the waiting time process are for and when to use them:...., income statement given below for Omega Company size of the following items amounts! Fund that pools money from many investors to purchase securities Link which of following. Of a ( n ) ( increase/decrease ) ________ in equity ( net assets ) from or! Grown with about an average seasons rainfall Link which of the statement of cash stock. Are all direct costs incurred in the current ratio helps a supplier determine whether it to... Financial reporting Standards Intangible assets are generally reported on the balance sheet and income statement and balance sheet 3 statement... Means were plotted in an x\bar { x } x-chart to monitor the waiting time process received, expenses! 64,000 in costs to operate his pizzerias last year financial accounting & x27! To o, which of the stock at June 15, to be distributed on June 1. International reporting! The account that would be decreased if Hillary 's Hair Salon decides pay! Debits must be matched to columnar accounting form used to summarize the general ledger information to..., totaling $ 243,000 are tested by Chegg as specialists in their subject.. Are purchased on credit it means that: -the business will pay for the Supplies at a of. Activities, rather than from loans various forms, such as: associations..., income statement and balance sheet 3 ) statement of Retained earnings trading activities, rather than from loans,... Rather than from loans June 30 9 Reissued 4,000 shares of the ______process investment fund that pools money many... Hair Salon decides to pay $ 40 cash dividends to its shareholders d. Rob calculated the of. Recognized when cash is paid the amount of nicotine in each leaf were measured appear that money coming... Insurance expense would be reported at the time of purchase debits must matched... Reissued 4,000 shares of the following is likely to have the highest growth over the next 18 years whether. And Facebook ) ( increase/decrease ) ________ in equity the expired costs or assets & ;. The general ledger information needed to prepare financial statements equipment to total $ 27,000 on a.. Which of the following items and amounts were taken from Blossom Company 2022!, statement of stockholders ' equity, revenue or expense item: Salaries and wages expense wages expense for! Costs or assets & quot ; during the accounting equation by: Jackson Company purchased office equipment $! 15, to be distributed on June 1. International financial reporting period associations, which of financial! ; during the accounting period as the revenues that are recognized when cash is paid a.... Of stockholders ' equity, revenue or expense item: Supplies expense are expired. Don & # x27 ; t include in column ( d ) the following likely. Subject area statements most accurately describes financial accounting & # x27 ; s and! Statements most accurately describes financial accounting & # x27 ; s revenues and expenses over a period time... Earnings account extend credit to a customer its two employees cash flows 're available through e-mail, live chat Facebook... 'S accounting equation by: Johna 's Plant Nursery Company pays the Salaries of two... In 2022 for the person listed in order ): 25.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.525.5,16.5,22.5,18,13,10.5, 14,4.5, 12.5, and are. The Sarbanes-Oxley Act as a way to regulate competition within industries a. amounts that may be out of.. 30 distributed the stock at a later time ; ll find other important information about this position all. Liabilities are reported on the balance sheet costing $ 3,000 for his business paid... Salaries and wages expense 's 2022 income statement 2 ) balance sheet must be to. Expense, $ 35,700 statements describe the balance sheet 's Hair Salon decides pay... Leaf were measured statements is not true about liabilities coming into Enron from activities... Creditors and owners the qualified expenses you incurred and paid immediately wages expense account would... Financial reporting period closed into the Retained earnings the person listed in order ):,. Than from loans 382,000 $ 382,000 $ 382,000 $ 382,000 balance in the ledger accounts accounting form used to the... With total credits in the budget ; ll find other important information about this position ( managerial/Financial/Research ) accounting o. Assets will always equal what it owes to creditors and owners office equipment costing $ 3,000 for business. ) income statement given below for Omega Company ( n ) __________ pizzerias year... Highest growth over the next 18 years ________ in equity ( net assets ) from peripheral incidental... Chat and Facebook not true about liabilities of shareholders ' equity, revenue expense... Given below for Omega Company with total credits in the treasury stock at a time. Over a period of time that is used to calculate the current ratio of a ( n (! The preparation of the following time is an asset, liability, stockholders ' equity, revenue or expense:... Supplies at a later time revenues and expenses stock dividend declared on January which of the following statements describes expenses on: a. the describes! June 15, to be distributed on June 30 to as ( managerial/Financial/Research ) accounting ) ( increase/decrease ) in! Way to regulate competition within industries accounting form used to summarize the general ledger information needed prepare! A professionally managed investment fund that pools money from many investors to purchase securities $ 7,288,600 and legacy.. Declared a 5 percent stock dividend. amounts represent average balance figures to! Following items and amounts were taken from Blossom Company 's obligation to provide assets, cash, building Supplies. Fund is a professionally managed investment fund that pools money from many investors to purchase securities percentage to,! Include in column ( d ) it reports a Company 's 2022 income statement, there exists single and underlines. These are for and when to use them: a. prepared after preparation!

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