Question
The following are categories of accounts reported in the financial statements: Current Assets E. Stockholders Equity Non-Current Assets F. Revenue Current Liabilities G. Expense Non-Current
The following are categories of accounts reported in the financial statements:
- Current Assets E. Stockholders Equity
- Non-Current Assets F. Revenue
- Current Liabilities G. Expense
- Non-Current Liabilities H. Not Applicable
Indicate where each of the following accounts would be reported (classified) in the financial statement categories noted above (categories may be used more than once or not at all). Identify only one category for each account listed below.
___G___Accrued Liabilities ________Accumulated Depreciation
_______Rental Income ________Intangible Property
_______Wages Expense ________Unearned Subscription Revenues
_______Bonds Payable ___E___Retained Earnings
2.
_____i. What is total Stockholders Equity based on the following account balances?
Paid in Capital:
Common Stock | $955,000 |
Paid-in-Capital in excess of par | 10,250,000 |
Retained Earnings | 21,077,000 |
Other Comprehensive Income | 62,000 |
Treasury Stock | 68,000 |
Assume bonds were issued during the month of December.
When comparing the balance sheet for November 30 to December 31: if Total Assets increased by $325,000 and Total Liabilities increased by $178,000, then the change in Stockholders Equity would be _____________. (Identify amount and if it is an increase or decrease)
Which of the following is a current asset?
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_____ 6. The Notes to the financial statements indicate the types of sales included in the receivables accounts along with the uncollectible amounts balance (Allowance for Doubtful Accounts).
- T or F: If gross receivables are $252,000 and the allowance for doubtful accounts is 52,000, the Balance Sheet will indicate a line item for Receivables, net = $200,000.
- The valuation method for receivables is called:
- Fair value
- Historical Cost
- Net realizable value
- Net present value
Lower of cost or net realizable value (LCNRV)
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