File Home Insert Formulas Data Review View Help Tell me what you want to do Editing B Merge Links Disabled Links to external workbooks are not supported and have been ab Thanks for using Ocel We've made some updates to the privacy settings toge you more control your organization's admin allows you to use several cloud-backed services are provided to you under the Microsoft Services Agreement. Lemos F114 D G H 3 **Please only enter your response in the blue cell (in column H). This is the only cell that will be marked. 5 6 On February 1, a company issued 10,000 common shares in exchange for $70,000 cash. The transaction recorded in the account equation would include an): a) increase to common shares of $10,000 b) increase to cash of $10,000 c) increase to cash of $70,000 d) decrease to common shares of $70,000 8 9 10 2 Type of user who would most likely ask question "Will the company be able to repay the money we lend them when the loan comes due?" a) lenders b) production manager c) customers d) investors 11 12 13 14 15 16 17 3 18 19 20 21 22 4 Which of the following is an example of an operating activity in the cash flow stateme a) paying dividends b) sale of investment in other companies' shares c) purchase of property, plant, and equipment d) payment of wages to employees 3 Rogers Gibson Stein: A medium size law firm operating in Edmonton. John Rogers, Michelle Gibson and Simon Stein are the partners and they have 32 employees. What type of business organization would be most fitting for the company described? a) sole proprietorship b) partnership c) corporation d) coalition 5 in -5 All of the following can be found on a Statement of Income except > on 1 Journal Entries Question 1 Bonus Question 2 Income Statement Question 3 Cash Flow Statement Que culation Mode: Automatic Workbook Statistics Links Disabled Links to external workbooks are not supported and have been disabled Thanks for using Office we've made some updates to the privacy settings to give you more control. Your organization's admin allows you to use several doud-bade services are provided to you under the Microsoft Services Agreement F114 A B G H b) partnership c) corporation d) coalition All of the following can be found on a Statement of Income except a) Cash b) Depreciation Epense c) Interest Revenue d) Cost of Goods Sold 25 26 27 28 29 5 30 31 32 33 34 356 36 37 38 39 40 41 7 42 43 44 45 46 Where would you classify Accumulated Depreciation on a Balance Sheet (Statement of Financial Position) a) Non-Current Liability b) Non-Current Asset c) Current Asset d) Share Capital Why does net income differ from cash flows from operating activities? a) Net income contains non-cash items such as depreciation b) Operating cash flows is calculated using accrual accounting while net income uses the cash basis c) Net Income includes operating, investing and financing cash flows d) Net Income excludes provisions for taxes 8 7 8 9 An enhancing qualitative characteristic of useful information that means that different knowledgeable and independent users could reach a consensus that the information is faithfully represented. a) comparability b) understandability c) timeliness d) verifiability 0 Phillip Co. completes snow removal for the month of January. He leaves the invoice in his on 1 Journal Entries Question 1 Bonus Question 2 Income Statement Question 3 Cash Flow Statement Que Iculation Mode: Automatic Workbook Statistics