Arshan Ltd. had the following account balances at December 31, 2021:

Account Name	Amount
Income tax expense	$12,380
Cash (beginning of year)	39,910
Purchase of intangibles	1,560
Website design	1,500
Supplies expense	1,375
Supplies	3,150
Payment of dividends	7,000
Service revenue	79,480
Cash received from debt	25,000
Dividends	7,000
Payments to suppliers	56,925
Retained earnings (beginning of year)	28,365
Bank loan payable, due in 2025	25,000
Website expense	1,000
Advertising expense	1,750
Owners' capital	17,500
Prepaid insurance	1,800
Contributions by owners	8,500
Business licence	60
Insurance expense	3,600
Interest expense	1,800
Accounts receivable	52,375
Prepaid expenses	2,700
Income tax payable	2,775
Deferred revenue	2,450
Collections from customers	58,450
Accounts payable	33,845
Cash (end of year)	66,375
Salaries expense	32,550

Using the above information create the following: income statement, statement of retained earnings, balance sheet and the statement of cash flows. Then use the information to answer the following questions. You do NOT have to hand the statements in - they are rough work only.

What is the correct title for this company's single step income statement?

a. Arshan Ltd., Income Statement, Year ended December 31, 2021

b. Income Statement, Arshan Ltd., Year ended December 31, 2021

c. Arshan Ltd., Income Statement, December 31, 2021

d. December 31, 2021, Income Statement, Arshan Ltd.

e. Arshan Ltd., December 31, 2021, Income Statement

Enter the letter that corresponds to your choice. (A B C D E)

What is Total Operating Expenses on this company's single step income statement?

What is Profit before Income Tax (also called Income before Income Tax) on this company's single step income statement?

What is Profit (also called Net Income) on this company's single step income statement?

What is the correct title for this company's statement of retained earnings?

a. Statement of Retained Earnings, Arshan Ltd., Year ended December 31, 2021

b. Arshan Ltd., Statement of Retained Earnings, December 31, 2021

c. Arshan Ltd., Statement of Retained Earnings, Year ended December 31, 2021

d. December 31, 2021, Statement of Retained Earnings, Arshan Ltd.

e. Arshan Ltd., December 31, 2021, Statement of Retained Earnings

Enter the letter that corresponds to your choice. (A B C D E)

What is ending Retained Earnings on this company's statement of retained earnings?

What is the correct title for this company's balance sheet?

a. Balance Sheet, Arshan Ltd., Year ended December 31, 2021

b. Arshan Ltd., Balance Sheet, December 31, 2021

c. Arshan Ltd., Balance Sheet, Year ended December 31, 2021

d. December 31, 2021, Balance Sheet, Arshan Ltd.

e. Arshan Ltd., December 31, 2021, Balance Sheet

Enter the letter that corresponds to your choice. (A B C D E)

What is total current assets on this company's balance sheet?

What is the correct order for the current assets section of this company's balance sheet?

a. Cash (end of year), Accounts receivable, Prepaid insurance, Supplies, Website design, Business licence

b. Cash (beginning of year), Accounts receivable, Prepaid insurance, Supplies

c. Cash (end of year), Accounts receivable, Prepaid insurance, Supplies

d. Cash (beginning of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies

e. Cash (end of year), Accounts receivable, Prepaid expenses, Prepaid insurance, Supplies

Enter the letter that corresponds to your choice. (A B C D E)

What is the correct order for the intangible section of the balance sheet?

a. Business licence, Supplies, Website design

b. Business licence, Prepaid expenses, Website design

c. Website design, Business licence

d. Website design, Prepaid insurance, Prepaid expenses

e. Website design, Business licence, Prepaid insurance, Prepaid expenses

Enter the letter that corresponds to your choice. (A B C D E)

What is total assets on this company's balance sheet?

What is total current liabilities on this company's balance sheet?

What is the correct order for the current liabilities section of the balance sheet?

a. Accounts payable, payments to suppliers, deferred revenue, income tax payable

b. Bank loan payable, Income tax payable, Accounts payable, Deferred revenue

c. Accounts payable, Income tax payable, Payments to suppliers

d. Accounts payable, Deferred revenue, Income tax payable

e. Accounts payable, Income tax payable

Enter the letter that corresponds to your choice. (A B C D E)

What is total liabilities on this company's balance sheet?

What is total equity on this company's balance sheet?

What is the correct order for the equity section of the balance sheet?

a. Owners' Capital, Retained earnings

b. Retained earnings, Owners' capital

c. Retained earnings, Owners' capital, Profit

d. Retained earnings, Profit, Owners' capital

e. Owners' capital, Retained earnings, Profit, Dividends

Enter the letter that corresponds to your choice. (A B C D E)

What is the correct title for this company's statement of cash flows?

a. Arshan Ltd., Statement of Cash Flows, December 31, 2021

b. December 31, 2021, Statement of Cash Flows, Arshan Ltd.

c. Arshan Ltd., December 31, 2021, Statement of Cash Flows

d. Arshan Ltd., Statement of Cash Flows, Year ended December 31, 2021

e. Statement of Cash Flows, Arshan Ltd., Year ended December 31, 2021

Enter the letter that corresponds to your choice. (A B C D E)

What is total cash flow from investing activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682

If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

What is total cash flow from operating activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682

If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

What is total cash flow from financing activities on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682

If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

What is the net change in cash on this company's statement of cash flows?

If the amount is an INFLOW enter the amount with a '+' sign. For example, inflow of $12,682 enter as +12682

If the amount is an OUTFLOW enter the amount with a '-' sign. For example, outflow of $10,485 enter as -10485

What is the correct order for the sections of this company's statement of cash flows?

a. Operating, Investing, Financing, Change in cash

b. Investing, Operating, Financing, Change in cash

c. Financing, Investing, Operating, Change in cash

d. Investing, Operating, Financing

e. Change in cash, Investing, Operating, Financing

Enter the letter that corresponds to your choice. (A B C D E)

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