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Question 25 Where does 'Dividends' appear on the financial statements? On the Income Statement as an Expense On the Balance Sheet as an Asset On the Income Statement as Dividends On the Statement of Retained Earnings as Dividends ect Question 24 Where does 'Prepaid Insurance' appear on the financial statements? On the Balance Sheet as an Asset On the Income Statement as an Expense On the Income Statement as an Asset On the Balance Sheet as a Liability ect Question 23 Where does 'Unearned Revenue' appear on the financial statements? On the Balance Sheet as a Revenue On the Income Statement as a Revenue On the Balance Sheet as a Liability On the Income Statement as a Liability ct Question 20 0/1 pts During 20x1, ABC Company collected $5,000 in advance from customers, and later provided services to those customers priced at $2.000 Related to these transactions, which of the following should appear on the financial statements prepared for the year ended December 31, 20x12 Revenue: $3,000 Asset: Cash $2.000 Asset: Accounts Receivable. $3.000 Liability. Uneamed Revenue $3.000 orrect Question 16 0/1 pts Acme Corp. provided services totaling $90,000 to customers during April: of this total, $20,000 had been collected from customers in March, $45,000 was collected at the time service was provided, and the rest was added to the balance due from customers. What was the total impact of these transactions on net income? $25.000 decrease $65.000 Increase $90,000 increase $20.000 decrease orrect Question 14 The account balances below existed as of December 31, 20x1. Use this information to calculate the net income for 20x1. Cash $13,000 Accounts Receivable $24,000 Notes Payable $25,000 Revenues $40,000 Wages Expense $17,000 Equipment $50,000 Unearned Revenue $11,000 Common Stock $45.000 Depreciation Expense $12.000 Dividends $7.000 21,000 correct Question 13 The account balances below existed as of December 31, 20x1. Use this information to calculate the total liabilities as of December 3, 20x1. Cash $13,000 Accounts Receivable $24,000 Notes Payable $25,000 Revenues $40,000 Wages Expense $17,000 Equipment $50,000 Unearned Revenue $11,000 Common Stock $45,000 Depreciation Expense $12,000 Dividends $7.000 4,000 Incorrect Question 12 The account balances below existed as of December 31, 20x1. Use this information to calculate the total assets as of December 3, 20x1. Cash $13,000 Accounts Receivable $24,000 Notes Payable $25,000 Revenues $40,000 Wages Expense $17,000 Equipment $50,000 Unearned Revenue $11,000 Common Stock $45,000 Depreciation Expense $12.000 Dividends $7.000 11,000 ncorrect Question 9 0/1 pts When a company pays cash to purchase equipment, which of the following is true: total assets remain unchanged total assets increase total expenses increase total liabilities increase correct Question 10 0/1 pts Funding for a business can come from the three general sources represented on the right-hand side of the accounting equation. Which of the following is NOT one of these sources? Liabilities Retained Earnings Paid In Capital Cash Incorrect Question 5 0/1 pts Comparing last year's balance sheet to this year's, you notice that assets increased by $50,000, liabilities increased by $80,000, and paid-in capital remained the same. What happened to retained earnings? RE increased by $130,000 RE decreased by $130,000 RE decreased by $30,000 RE increased by $30,000