please answer 336, 339, 329, 330, 332 and 334
335) A company mistakenly recorded a cash purchase of land as an expense. As a result of this error A) Assets were overstated and equity was understated. B) Assets were understated and equity was overstated. C) Assets and equity were overstated Assets and equity were understated. 336) The assumption that a business will continue to operate into the future is the: A) Going concern assumption. C) Periodicity assumption. B) Economic entity assumption. D) Monetary unit assumption. 537)| # 1 classification on the Balance Sheet Section on Statement of Cash | Flows Bonds Payable Financing Equipment Operating Common Stock Financing IV Accounts Payable Operating Accounts Receivable Operating All classifications on the Balance Sheet have a general relationship with sections identified on the Statement of Cash Flows. Indicate which relationships are correctly identified in the table above. A) IV, V. D) All of these. 338) Gain contingencies usually are recognized in a company's income statement when A) The gain is reasonably possible and the amount is reasonably estimable B) The amount is reasonably estimable. The gain is probable and the amount is reasonably estimable. D/The gain is certain. 339) Suppose Company A places an order with Company B on May 12. On May 14, Compahy B ships the ordered goods to Company A with terms FOB destination. The goods arrive at Compaly A on May 17. Company A begins selling the goods to customers on May 19 and pays Comipthy B on May 20. When would Company B record the sale of goods to Company A? A) May 14. B) May 12. C) May 19. D) May 17 340) The gross profit ratio will typically be higher for companies that: A) Purchase inventory more frequently during the year Collect cash more quickly from customers. C)Sell products that are more highly specialized. D) Sell a greater number of units. Mav 17 50 327) The balance sheet of ABC reports total assets of $400,000 and $450,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is ABC's net income for the year? $42,500. $4,250,000 C) $85,000. D) $45,000. 328) Which statement is true about Operating Cash Flows? A) The Indirect Method is simpler for an investor to understand and is used by most firms B) The Indirect Method is simpler for an investor to understand, the Direct Method is used by most firms C) The Direct Method is simpler for an investor to understand and is used by most firms DThe Direct Method is simpler for an investor to understand, the Indirect Method is used by beginning anderd most firms 329) The contra asset account associated with Building and Equipment is called A) Depreciation Expense B) Accumulated Deprecialibn .000 330) Opening Inventory Plus Purchases Equals A) Sales C) Ending Inventory B) Cost of Goods Sold fins D) Goods Available for Sale nd is used ty 331) ABC buys widgets for $5 cash and sells them on account for $8. At collection, what is' the effect on the net income of ABC? A) Increase S8B) Increase $3 No effect D) Decrease $s 332) Which is the most popular form of business structure in the US? A) S Corporation C) Sole Proprietorship atitn B) C Corporation D) Partnership 333) A Balance sheet A) Provides a future distribution of the assets to creditors and owners B) Provides a snapshot of the present assets and liabilities Provides a history of the sources of the assets All of these answers ht is the el on 334) For a journal entry with only two lines, the following entry is valid Increase in Liability, Decrease in Dividends. A) True B) False 50
