Please prepare income statement, statement of stockholders' equity and classified balance sheet and provide the following amounts: Net income Ending balance of common stock Ending balance of retained earnings Ending total stockholders' equity Total assets Total current assets Total long-term assets Total liabilities Total liabilities and stockholders' equity Stockholders' equity is OA assets plus liabilities O B. assets minus liabilities assets plus revenues D. assets minus expenses Which of the following statements is correct about the accounting equation? Economic resources = Creditors' claims - Stockholders' claims. OA OB. Economic resources = Creditors' claims + Stockholders' claims. Economic resources + Creditors' claims - Stockholders' claims. OC. D. Creditors' claims = Economic resources + Stockholders' claims. Blue Corporation had a beginning retained earnings balance of $70,000. If during the year Blue Corporation paid dividends of 54,000 and had a net income of 534,000, what was the ending retained earnings balance? O A $104,000 OB $100,000 $74,000 OD 570,000 Use the following appropriate amounts to calculate net income: Assets, $20,000; Liabilities, $12,000; Revenues, $32.500; Expenses. $10,000: Dividends $2,500. $20.000 $18.500 O c $22,500 OD. $42.500 Which of the following statements best describe revenues? Amounts owed , OB. Amounts recorded for providing services or selling products. Cost of providing services. . D. Resources of the company Save Answer 8 points Spring Corporation started the year with $250,000 common stock and $30.000 retained earnings. During the year, the company reported a net income of 535.000 and distributed dividends of 515.000 and issued additional common stock of $25.000. What is stockholders' equity at the end of the year? $280,000 . $325,000 . $300,000 OD $345.000 Which of the following is an independent party that helps to ensure that management appropriately applies financial reporting standards in preparing the company's financial statements? O A FASB OBSEC OCASE OD. Auditor Which of the following basic underlying generally accepted accounting principles states that the economic life of a company can be divided into artificial time periods for financial reporting? Economic entity OA OB Monetary units Periodicity D. Going concern When a company pays employees salaries for the current month, what is the effect on the company's accounts ? O A Salaries payable increases and cash decreases. Salaries expense increases and cash decreases. c. Salaries expense decreases and cash decreases. Salaries expense increases and cash increases. B. D. Which of the following accounts increases by debit? OA Service revenue . Accounts payable oc. Equipment OD. Deferred revenue Which of the following accounts increases by debit? OA Service revenue . Accounts payable oc. Equipment OD. Deferred revenue Providing service for $2,000 on account is recorded as: $2,000 $2,000 $2,000 $2,000 Accounts receivable OA. Cash Accounts receivable OB. Service revenue Cash OC. Service revenue Accounts payable D. Service revenue $2,000 $2,000 $2,000 $2,000 An increase to an asset account is shown with a An increase to a liability account is shown with a OA Debit, Credit Credit, Debit . Debit, Debit OD Credit. Credit Below is the company's Cash T-account. Cash Beg. 1,200 7,000 3,100 End. 5.100 The $7,000 amount could represent which of the following? Payment for salaries O A. . Payment for rent Purchase of equipment for cash OD Issue of common stock for cash The supplies account has a beginning balance of $1,000 and the company purchases additional supplies for $7,000 during the month If the company has a remaining balance of supplies of $2,000 at the end of the period, what is the amount of supplies used during the period? O A $6.000 OB 58.000 $7.000 . OD 510,000 Car Wash Inc. purchased supplies for $3,000 cash. This transaction would be recorded as: $3,000 $3,000 $3,000 $3,000 Supplies . Accounts payable Supplies OB. Cash Equipment Cash Equipment OD Notes payable $3,000 $3,000 $3,000 $3,000 Which of the following accounts would normally have a debit balance? Accounts payable, accounts receivable and notes payable OA . Supplies expense, accounts payable and service revenue . Service revenue, accounts payable and retained earnings OD. Accounts receivables, supplies and interest expense Which of the following accounts would normally have a debit balance? Accounts payable, accounts receivable and notes payable OA . Supplies expense, accounts payable and service revenue . Service revenue, accounts payable and retained earnings OD. Accounts receivables, supplies and interest expense Purchase of supplies on account for $1,200 is recorded as: OA Accounts payable Supplies $1,200 $1,200 OB. Supplies $1,200 Cash $1,200 OC. Supplies $1,200 Accounts payable $1,200 D. Supplies $1,200 Accounts receivable $1,200 Spine Inc. paid one year rent in advance for $12,000 cash. This transaction would be recorded as: . Rent expense Accounts payable $12,000 $12,000 B. Rent expense Cash $12,000 $12,000 Prepaid rent Cash $12,000 $12,000 OD. Prepaid rent Rent expense $12,000 $12,000 The following events happened at Audit Inc. about accounting service with a customer. December 1, 2019 Audit Inc. was contacted by a customer about accounting services December 12, 2019 The customer signed a contract about the details of the service. December 15, 2019 The company received cash in advance from customers $6,000 December 20, 2019 Audit Inc. provided the accounting service. Under accrual-basis accounting, what is the appropriate day to record the revenue related to the accounting service? OA December 1, 2019 B. December 15, 2019 December 20, 2019 D. December 12, 2019 The following events happened at Audit Inc. about accounting service with a customer. December 1, 2019 Audit Inc. was contacted by a customer about accounting services December 12, 2019 The customer signed a contract about the details of the service. December 15, 2019 The company received cash in advance from customers $6,000 December 20, 2019 Audit Inc. provided the accounting service. Under cash-basis accounting, what is the appropriate day to record the revenue related to the accounting service? . December 1, 2019 OB. December 15, 2019 OC December 20, 2019 D. December 12, 2019 Which of the following principles states "Record revenue in the period in which we provide goods and services to customers." Matching principle Revenue retained principle Cash basis principle Revenue recognition principle Which of the following are temporary accounts and will be closed at the end of an accounting period? income tax payable, interest expense and service revenue utilities payable, interest expense and service revenue utilities payable, interest expense and supplies expense . B. . D. Supplies expense, interest expense and service revenue On April 1, 2019 Floor Co. paid $6,000 for rent in advance, covering 12 months from April 1, 2019 through March 31, 2020. What adjusting entry should Floor Co. record on December 31, 2019? $12,000 Prepaid rent OA Rent expense $12,000 $4.500 Cash OB 54.500 $4,500 . Rent expense Rent expense Prepaid rent Prepaid rent OD cash 54,500 $4,500 $4.500 Clean Inc. issues payroll checks every two weeks for a total of $25,000. As of December 31, a salaries expense of $12,500 has been incurred but has not yet been paid to the employees. What is the adjusting entry that Clean Inc, must make to record accrued salaries at the end of the year? Salaries payable $25,000 Salaries expense $25,000 Salaries payable $12.500 OB Salaries expense $12.500 Salaries expense 525.000 . Salaries payable $25.000 Salaries expense $12.500 Salaries payable $12.500 OD