Using the following trial balance, prepare the financial statements for Lasko as of 12/31/20 and from those financial statement answer the next 10 questions What are total assets on the Lasko balance sheet for December 31,2020? 218,100207,400210,400213,100 Question 15 ( 2 points) saved In 2021, if Lasko sold some of its office equipment for cash, that amount of cash would be reported where on the financial statements for 2021 ? Financing section of the cash flow statement Only on the income statement Investing section of the cash flow statement Operating section of the cash flow statement What is the gross profit for the year ended 12/31/20 for Lasko? 137,000200,00074,00095,000 Question 17 (2 points) Saved What is the total stockholder's equity on Lasko's balance sheet for December 31 , 2020? 138,400133,40062,400128,000 What is the net income that should be shown on the 2020 income statement for Lasko? 33,50030,70016,30035,700 Question 19 (2 points) saved In 2020 , the payment of dividends to shareholders would be shown on the statement of stockholders equity and where else? No other place on the financial statements Investing section of the cash flow statement Operating section of the cash flow statement Financing section of the cash flow statement To measure Lasko's ability to meet its short term obligations at the end of 2020, an investor might consider which of the following? The gross profit and rent as shown on the income statement The profit margin as shown on the cash flow statement The current and quick ratio calculated using the balance sheet Total stockholders equity as calculated on the statement of stockholders equity Question 21 (2 points) Saved What is the ending retained earnings as of December 31, 2020 for Lasko on the balance sheet? 62,000 26,300 57.000 67,000 What are total liablities on the Lasko Balance Sheet on December 31, 2020? 85,00063,00082,40077,000 Question 23 ( 2 points) saved What is the total current assets as of December 31, 2020 155,100166,500158,400161,400 Echo, Inc. sold inventory they purchased for $80 to a customer for $165 on credit. What is the impact of this transaction? Current assets decrease by $80 Retained earnings increase by $165 Liabilities decrease by $80 Current assets increase by $85 Question 25 ( 2 points) Saved Echo, Inc. sold inventory that they purchased for $400 for $750 in cash to a customer. This will result in which of the following effects on the expanded accounting equation? Revenue increases by $750 Expenses increase by $400 Retained earnings increase by $350 All of the above will be affected Using the following trial balance, prepare the financial statements for Lasko as of 12/31/20 and from those financial statement answer the next 10 questions What are total assets on the Lasko balance sheet for December 31,2020? 218,100207,400210,400213,100 Question 15 ( 2 points) saved In 2021, if Lasko sold some of its office equipment for cash, that amount of cash would be reported where on the financial statements for 2021 ? Financing section of the cash flow statement Only on the income statement Investing section of the cash flow statement Operating section of the cash flow statement What is the gross profit for the year ended 12/31/20 for Lasko? 137,000200,00074,00095,000 Question 17 (2 points) Saved What is the total stockholder's equity on Lasko's balance sheet for December 31 , 2020? 138,400133,40062,400128,000 What is the net income that should be shown on the 2020 income statement for Lasko? 33,50030,70016,30035,700 Question 19 (2 points) saved In 2020 , the payment of dividends to shareholders would be shown on the statement of stockholders equity and where else? No other place on the financial statements Investing section of the cash flow statement Operating section of the cash flow statement Financing section of the cash flow statement To measure Lasko's ability to meet its short term obligations at the end of 2020, an investor might consider which of the following? The gross profit and rent as shown on the income statement The profit margin as shown on the cash flow statement The current and quick ratio calculated using the balance sheet Total stockholders equity as calculated on the statement of stockholders equity Question 21 (2 points) Saved What is the ending retained earnings as of December 31, 2020 for Lasko on the balance sheet? 62,000 26,300 57.000 67,000 What are total liablities on the Lasko Balance Sheet on December 31, 2020? 85,00063,00082,40077,000 Question 23 ( 2 points) saved What is the total current assets as of December 31, 2020 155,100166,500158,400161,400 Echo, Inc. sold inventory they purchased for $80 to a customer for $165 on credit. What is the impact of this transaction? Current assets decrease by $80 Retained earnings increase by $165 Liabilities decrease by $80 Current assets increase by $85 Question 25 ( 2 points) Saved Echo, Inc. sold inventory that they purchased for $400 for $750 in cash to a customer. This will result in which of the following effects on the expanded accounting equation? Revenue increases by $750 Expenses increase by $400 Retained earnings increase by $350 All of the above will be affected
