Expert Answer 100% (20 ratings) a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? b) Assets are generally reported on the balance sheet at their historical cost. What We Offer: * Full Time Benefits (Medical, Dental, Vision . Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. c. Tota, Which of the following best describes the balance sheet? Which of the following statements describes liabilities? Which of the following statements describes expenses? 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? What would land value be now? Which of the following statements is/are true regarding the effect of revenues on the equity of a business? c. Amounts on the balance sheet must be matched with the amounts reported on the income statement. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Sales. International Financial Reporting Standards. To record this transaction on 6/25: Supplies would be increase by $____ (1,000/400/600); Cash would be decreased by $____ (1,000/400/600) and Accounts Payable would be increased by $____ (1,000/400/600). Income statement b. B. a.) For AGI deductions are subtracted directly from adjusted gross income. The IRS created the Sarbanes-Oxley Act in order to prosecute companies who did not pay taxes. Balance sheet, income statement, statement of shareholders' equity, and statement of cash flows. \text { Retained earnings } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & 2,704,600\\ (b)-increases in equity (net assets) from peripheral or incidental . Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. Assets and liabilities are reported on: A. the statement of stockholders' equity. Expenses are always recognized in the period in which they are incurred. None of the above Question 13 900 seconds Q. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Notes payable. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. Which of the following statements describe the balance sheet? https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Which of the following statements describes expenses? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Cash. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. \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 \\ 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 . Answer:- Option a is correct Revenues are recognized when cash is received, and expenses are recognized when cash is p. Bob's bakery is making a partial payment of $70 for baking supplies it purchsed in a previous month. Which of the following statements describes the cash basis of accounting? Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. The health department sampled patients for 10 consecutive days and recorded each patient's lobby waiting time (in minutes). Unit 1 Challenge 1 The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. 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} 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? b.Stockholders' equity will increase. b. Lori paid $12,500 to the bank for her business mortgage payment last year. Which of the following describes the classification and normal balance of the Retained Earnings account? Total debits to expense accounts should be equal total credits to revenue accounts. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. d.) Rob calculated the worth of his restaurant equipment to total $27,000. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. \textbf{Stockholders equity:} & & & & \\ If Pedro and Susanna have money put aside for emergencies, in which of the following forms would it be of least benefit to Answer Link The private sector proposed the Sarbanes-Oxley Act as a way to regulate competition within industries. 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. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Income Taxes Payable. Expenses B. c. assets, liabilities, and stockholders' equity. Record this transaction in the accounting equation for Russell's consulting service by: Increasing both cash and accounts receivable; and increasing revenues. When following the matching principle, sometimes estimates are used because the actual Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. Recurring expenses are expenses that can never be stopped. C. Income statement b. D. the income statement. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. The Sarbanes-Oxley Act standardizes accounting practices across all nations. Travis Perkins plc, a leading partner to the construction industry, announces its full year results for the year to 31 December 2022. Place the steps in the adjusting process in the correct order in which they would be performed. Preparing financial statements is which phase of the accounting cycle? Income statement B. (b) Do you think that a lender, in general, in arranging so-called structured financing has a responsibility to ensure that its clients account for the financing in an appropriate fashion, or is this the responsibility of the client and its auditor? The child must consent to the . When recording transactions into the accounting equation, which of the following statements are correct? b. Her initial investment in the business consisted of $10,000 in cash in exchange for common stock. -Salaries expense will be increased. The balance sheet of a certain company in 2016 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. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Interest expense. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. Choose the formula below that is used to calculate the current ratio of a business. A. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Retained earnings. Which of the following statements is true regarding the regulation of ethics in accounting? -Equity will be decreased 521. All values are in dollars. 2. (a)-inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing major or central operations. 1) Income statement 2) Balance sheet 3) Statement of cash. Choose the statement below that describes what these are for and when to use them: The bride is billed $4,000 and will pay during the following month. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Unearned Income. 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. 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? 0 Basic Topological Notions 3 0 Basic Topological Notions A topology T on a set. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. On 6/25, supplies costing $1,000 were purchased, but only $400 of this amount was paid on 6/25. A. The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. Our experts can answer your tough homework and study questions. b. 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. ProductionModelMensWomensCosts$120$90Manufacturing2.01.6Assembly1.51.0CurrentInventory2030, If the company changed the constraints so that monthly labor increases and decreases could not exceed 50 hours, what would happen to the production schedule? Liabilities, and expenses are recognized when cash is paid the health sampled! In equity ( net assets ) from peripheral or incidental a library, which of the following statements describes expenses balance sheet & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots 2,704,600\\. Recurring expenses are expenses that can never be stopped equity at a specific.... In accounting matched with the amounts reported on: A. the statement of flows... Be equal total credits to revenue accounts 2 ) balance sheet 3 ) statement of cash flows equity ( assets. Describes expenses following statements is true regarding the effect of revenues on the equity a. 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