Multiple Choice Question 66 All of the following can be found on an Statement of Income except Interest expense. O Depreciation expense. Prepaid rent expense. Other income. By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy Multiple Choice Question 30 Under the accrual basis of accounting, expenses are O always paid in cash. O recorded only when paid. O recorded when incurred. am O only relevant for the determination of net income. em lem By accessing this Question Assistance, you will learn while you earn points based on the Poin en wileyplus.com/evend Assignment Gradebook ORTON Downloadable Textbook gament FULL SCREEN PRINTER VERSION 4 BACK NED Multiple Choice Question 33 During a recent week, McMunn Legal Services received $25,000 cash from clients for services performed with a total value of $75,000. The balance is to be received within 30 days. The effect of this transaction in the accounting records would be O * $75,000 Revenue - +325,000 Cash + $50,000 Accounts Receivable. + $50,000 Net Income + $50,000 Assets +$25,000 Revenue + $25,000 Cash 4 $75,000 Revenue - $75,000 Accounts Receivable. By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor Question Attempts: 0 of 1 used SAVE FOR LATER arch for anything o Multiple Choice Question 36 How is cash invested by shareholders in exchange for shares initially recorded in the accounting records? O as an increase in Retained Earnings, and an increase in Cash O as an increase in Long-Term Investments, and a decrease in Cash em em O as an increase in Common Shares, and a decrease in Cash lem O as an increase in Common Shares, and an increase in Cash an) blem blem By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instruct Question Attempts: ce 39 ment a o Search for anything i en Assignment FULL SCREEN PRINTER VERSION BACK NEXT Multiple Choice Question 38 Marlin Enterprises signed a lease for office space during their first month of business. At that time they pold a total of $12,000 for first and last months' rent. At the end of the first month, the effect on the financial statements would be $12.000 Rent Expense O $6,000 Rent Expense and $6,000 Prepaid Rent on the Statement of Financial Position $12,000 Prepaid Rent on the Statement of Financial Position oblem Nothing recorded because the company has not made any sales et By accessing this Question Assistance, you will learn while you earn points based on the point Potential policy set by your instructor 21 Question Attempts: 0 of 1 used SAVE FOR LATER SURET ANSWER ING 3 a 18-06-20 O RI Search for anything