prepare a current asset section of the balance sheet, of prepaid insurance 200, accrued salries 150, patty cash ?, investment in trading securitues 1200, total current assetes 4560, cash 600, inventory at sales value (cost=1,500) 2,100, unearned rent 40, allowance for bad debts 150, office supplies 110, accounts receivable 800.

And multiple-step income statement for operating expenses 1,000, sales revenue 5,000, finished good inventory January 1, 2015 1,500, purchased 1,200, interest revenue 100, extraordinary pre-tax) 400, finished good inventory ?, income tax expenses 642.

my test for tomorow at 6:00 is

UMET Company gathered the following condensed data for the year ended December 31, 2016:

Cost of goods sold $ 742,000

Net sales 1,350,000

Administrative expenses 239,000

Interest expense 58,000

Dividend revenue 38,000

Loss from employee strike 223,000

Selling expenses 45,000

Instructions

1. Prepare a single-step income statement for the year ended December 31, 2016.

2. Prepare a multiple-step income statement for the year ended December 31, 2016.

wiil drap file for the other even I did the other want to make sure I have the right answer. Also I do I look If the have something similar, of this I just start with your course heroa and I dont understant to much about it CAN YOU HELP

Nombre:______________________________ Asignacin#3 Contabilidad Intermedia 201 Fecha:_____________ The Income Statement MULTIPLE CHOICE 1. Which of the following is the best description of issues associated with the income statement? a. The income statement can alternatively be referred to as a statement of financial position. b. The income statement is the most important financial statement in the annual report. c. The income statement serves as a link between the statement of retained earnings and the balance sheet. d. The income statement summarizes the results of a company's cash operations for the accounting period. 2. In an accrual-based transactional approach, net income is typically defined as a. revenues - expenses + gains + losses b. revenues - expenses c. revenues - expenses + gains - losses d. increase in net assets from non-owner transactions 3. Which of the following would not be considered a part of "comprehensive income"? a. error corrections b. extraordinary gains c. prior period adjustments d. owner investments 4. What income measurement approach is identified by the following equation? Net income = Net assets at the end of the year - Net assets at the beginning of the year - Additional investment by owners + Distributions to owners a. Transactional b. cash flow c. historical cost d. capital maintenance 5. Realization of revenue means a. the item is formally recorded and reported in the financial statements. b. the process of converting noncash resources into cash or rights to cash. c. the actual exchange of noncash resources into cash. d. the earnings process is complete or essentially complete. Asignacin #3 (ACCO 201 - Prof. Carlos lvarez) 5-1 6. A revenue recognition method that recognizes revenue before the time of sale is a. percentage-of-completion. b. installment. c. cost recovery. d. point of sale. 7. Depreciation is an example of which expense recognition principle? a. association of cause and effect b. systematic and rational allocation c. cost recovery d. immediate recognition 8. Which of the following expenses is an example of expense recognition under the immediate recognition principle? a. sales commissions b. Depreciation c. management salaries d. transportation out 9. In 2016, the Damon Company had sales of $600,000; cost of sales of $430,000; interest expense of $12,000; a gain on the sale of a component of $12,000; and an extraordinary loss of $20,000. For its income statement, Damon uses the single-step format and the all-inclusive concept. What was Damon's reported pretax income from continuing operations? a. $150,000 b. $170,000 c. $158,000 d. $138,000 10. The major components of the income statement are listed below: A = extraordinary items B = income from continuing operations C = earnings per share D = cumulative effects of change in accounting principle E = results from discontinued operations In what sequence do they normally appear on the income statement? a. B-A-E-D-C b. B-E-A-D-C c. B-E-D-A-C d. B-D-E-A-C 5-2 11. The subtotal, gross profit, will be disclosed on a. a multiple-step income statement. b. both multiple-step and single-step income statements. c. neither multiple-step nor single-step income statements. d. a single-step income statement. 12. To be considered an extraordinary item, an event must be a. unusual. b. unusual or infrequent. c. infrequent. d. infrequent and unusual. 13. A company is justified in changing from one generally accepted accounting principle to another generally accepted accounting principle only if a. the change decreases the entity's reported net income. b. the change both improves the financial statement presentation and increases the entity's reported net income. c. the change produces more informative financial statements. d. approval is first obtained from the Financial Accounting Standards Board. 14. A material effect from changing accounting principles should be reported a. as an extraordinary item. b. as a prior period adjustment. c. by including the cumulative effect of the change as a separate line item in current income from continuing operations. d. by including the cumulative effect of the change on prior periods' earnings as a component of net income in the period of the change. . 15. The following information is available for the Brown Company for 2016: Gross Profit Net Sales Beginning Inventory Ending Inventory $ 30,000 500,000 220,000 40,000 What was the amount of net purchases? a. $290,000 b. $210,000 c. $180,000 d. $150,000 Asignacin #3 (ACCO 201 - Prof. Carlos lvarez) 5-3 16. A company that discontinues and disposes of an operation (component) should include the gain or loss on sale in the income statement as a(n) a. prior period adjustment. b. extraordinary item. c. amount after continuing operations and before extraordinary items. d. bulk sale of fixed assets included in earnings from continuing operations. BONO's 17. When a change in accounting principle occurs, the balance of the related asset or liability account is recalculated a. at the end of the current period. b. when the decision is made to change. c. at the beginning of the current period. d. only if it doesn't affect the financial statements. 18. Which of the following is not a limitation of the income statement? a. Comparability between companies may suffer because companies don't have enough leeway to choose between accounting methods. b. The use of different formats by companies within the same industry may hide differences in operating results. c. The use of functional classifications, instead of activity classifications, for operating expenses may not provide sufficient information for predicting future cash outflows. d. The matching of allocated historical costs against current revenues may not provide an accurate measure of a return on capital. 19. Comprehensive income consists of a. operating income + other income and losses. b. net income + other adjustments to retained earnings. c. net income + other comprehensive income.. d. other comprehensive income + unrealized changes in the value of available for sale securities. 5-4 PROBLEM 1. Below are selected accounts taken from the adjusted trial balance of Bernie's Boxes on December 31, 2015. $1,000 5,000 1,500 1,200 100 400 ? 642 Operating expenses Sales revenue Finished goods inventory, Jan. 1, 2015 Purchases Interest revenue Extraordinary loss (pre-tax) Finished goods inventory, Dec. 31, 2015 Income Tax Expense Bernie's Boxes has 2,000 shares of common stock outstanding and net income per share for 2015 was $0.61. The income tax rate is 30%. Required: a. Prepare a multiple-step income statement. Asignacin #3 (ACCO 201 - Prof. Carlos lvarez) 5-5 Nombre:______________________________ Asignacin#4 Contabilidad Intermedia 201 Fecha:_____________ Chapter 4The Balance Sheet and the Statement of Changes in Stockholders' Equity MULTIPLE CHOICE 1. The ease with which an asset can be converted into cash is termed a. financial flexibility b. Liquidity c. operating capability d. capital maintenance 2. To be recognized in the financial statements, an item must meet the definition of an element and be a. measurable, understandable, and relevant b. reliable, measurable, and realized c. realized, relevant, and reliable d. relevant, measurable, and reliable 3. Probable future sacrifices of economic benefits arising from past transactions or events are a. liabilities b. revenues c. assets d. retained earnings 4. Which of the following assets is reported at its historical cost on the balance sheet? a. short-term investments b. merchandise inventory c. net accounts receivable d. prepaid insurance 5. The monetary value of the net assets contributed by the stockholders is called the a. physical capital b. excess capital c. net capital d. financial capital Asignacin #4 (ACCO 201 - Prof. Carlos lvarez) 6-1 6. Which of the following is not a characteristic of a liability? a. It involves a responsibility to another company. b. The company has little or no discretion to avoid the future sacrifice. c. The sacrifice contributes directly or indirectly to the company's future cash inflows. d. The transaction obligating the company has already occurred. 7. The residual interest in a company's assets is represented by its a. net assets b. stockholders' equity c. ownership interest d. all of the above 8. The valuation method primarily used in the balance sheets of business entities is a. current exit value b. historical cost c. present value d. net realizable value 9. The amount of cash (or equivalent) that would be required to obtain an asset shown on a balance sheet, on the date of the balance sheet, is called the asset's a. historical cost b. current cost c. current exit value d. present value 10. Which of the following is not a limitation of the balance sheet? a. in periods of inflation, the amounts reported show the lack of purchasing power of the assets and liabilities b. failure to include all of a company's economic resources and obligations c. many of the amounts reported are based on estimates, which are subject to change d. valuing assets and liabilities using historical costs does not help in assessing a company's future cash flows 6-2 11. Current assets are cash or other assets that are reasonably expected to be converted into cash, sold, or consumed within a. one year b. one year or normal operating cycle, whichever is shorter c. one year or normal operating cycle, whichever is longer d. one normal operating cycle 12. Information: $ 40 30 150 60 130 50 Long-term debt Retained earnings Current assets Property, plant, and equipment Common stock Current liabilities Working capital amounts to a. $150 b. $130 c. $120 d. $100 13. Current liabilities would include all of the following except a. wages payable b. obligations under capital lease contracts c. current portion of long-term debt d. unearned rent revenue 14. Which of the following is typically recorded at its present value? a. long-term investments b. long-term liabilities c. intangible assets d. contingent liabilities 15. How are gain contingencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at all Asignacin #4 (ACCO 201 - Prof. Carlos lvarez) 6-3 16. The integrated disclosures required by the SEC for all regulated companies include all of the following except a. dividends on common stock b. management's discussion c. common stock market prices d. book value of common shares BONO's 17. Which statement is true? a. Stock must have either a par or stated value. b. If nominal, par value does not need to be disclosed on the balance sheet. c. In most states, stock may be issued at more or less than par value. d. Par value does not suggest current fair value. 18. State law may require that capital stock have which of the following values? a. stated value b. market value c. no-par value d. present value 19. Which of the following would typically be recorded as an intangible asset? a. computer software costs b. bond issue costs c. idle fixed assets d. prepaid pension costs 6-4 PROBLEM 1. The balance sheet contains the following major sections: a. b. c. d. e. Current assets Long-term investments Property, plant, and equipment Intangible assets Other assets f. g. h. i. j. Current liabilities Long-term liabilities Contributed capital Retained earnings Accumulated other comprehensive income ____ 1. Unexpired insurance ____ 2. Idle machinery ____ 3. Unrealized increase in available for sale securities ____ 4. Land ____ 5. Fund to retire preferred stock ____ 6. Additional paid-in capital on common stock ____ 7. Deferred income taxes-noncurrent ____ 8. Obligation for future pension payments ____ 9. Trademark ____ 10. Unearned ticket sales Required: Using the letters (a) through (j), indicate in what section the accounts would be classified. Asignacin #4 (ACCO 201 - Prof. Carlos lvarez) 6-5 2. Information: Prepaid insurance Accrued salaries Petty cash Investment in trading securities Total current assets Cash Inventory, at sales value (cost = $1,500) Unearned rent Allowance for bad debts Office supplies Accounts receivable $ 200 150 ? 1,200 4,560 600 2,100 40 150 110 800 Required: Prepare the current asset section of the balance sheet. 6-6