Please solve the following questions with detailed explanations..

8. 9. 10. 11. 12. 13. 14. 15. A net loss will result during a time period when a. liabilities exceed assets. b. drawings exceed investments. c. expenses exceed revenues. d. revenues exceed expenses. CVP analysis does not consider the a. level of activity. b. fixed cost per unit. c. unit variable cost. d. sales mix. Capital is a. an owner's investment in the business. b. equal to liabilities minus owner's equity. c. equal to assets minus owner's equity. d. equal to liabilities plus drawings. E&A Company reported the following on its income statement: Income before income taxes Income tax expense Net income $420,000 120.000 An analysis of the income statement revealed that interest expense was $60,000. interest earned was a. 8 times. b. 7 times. c. 6 times. d. 5 times. The following credit sales are budgeted by Hoffmann Co.: E&A Company's times January February March April $204,000 300,000 420,000 360,000 The company's past experience indicates that 70% of accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The budgeted cash receipts for the month of April are a. $370,320. b. $336,000. c. $360,000. d. $352,800. An income statement a. summarizes the changes in owner's equity for a specific period of time. b. reports the changes in assets, liabilities, and owner's equity over a period of time. c. reports the assets, liabilities, and owner's equity at a specific date. d. presents the revenues and expenses for a specific period of time. Horizontal analysis is also called a. linear analysis. b. vertical analysis. c. trend analysis. d. common size analysis. GAAP stands for a. b. c. d. Generally Accepted Auditing Procedures. Generally Accepted Accounting Principles. Generally Accepted Auditing Principles. Generally Accepted Accounting Procedures. (2/3)