Question
QUESTION 5 Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $45,000
QUESTION 5
Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $45,000 Accounts payable 80,000 Property, plant & equipment 200,000 Long-term debt 60,000 Common stock 150,000 Accounts receivable 90,000 Retained earnings ? Inventory 75,000 What is Entity As Retained Earnings balance at the end of the current year?
$270,000 | ||
$410,000 | ||
$140,000 | ||
$120,000 |
QUESTION 6
Entity I forgot to record four adjusting entries during 2019. Which one of the following omissions will understate net income?
Interest on monies borrowed has not yet been recorded. | ||
Income taxes owed but not yet paid are ignored. | ||
Credit sales made during the last week of the period are not recorded. | ||
Prepaid insurance is not reduced for the portion of the policy that has expired during the period. |
QUESTION 7
Assets which are expected to be realized in cash, sold or consumed generally within a year are reported on a classified balance sheet as:
Property, Plant and Equipment. | ||
Intangible Assets. | ||
Current Assets. | ||
Current Liabilities. |
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