FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Select the primary financial statements prepared for a business organized as a sole proprietorship. (Check all that apply)
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Income Statement
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Owners Equity Statement
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Worksheet
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Statement of Change in Owners Equity
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- The accounting assumption that states an owner of a business must keep the business checkbook separate from the personal checkbook is called? Monetary Unit Assumption Gong Concern Assumption Matching Principle Economic Entity Assumptionarrow_forwardA concept of accounting that indicates that the financial records of the business should be kept separate from the personal financial records of the business owner is the ________________________. Group of answer choices business entity concept cost concept proprietorship concept asset conceptarrow_forwardThe following relates to the different income components: Employment or loss Business income or loss Property income or loss Capital gain or loss Use the above details to answer questions 11 and 12. What are the most possible sources of income to a business, corporation or trust? Question 8 options: a) i, ii and iii b) ii, iii and iv c) i and iv d) All of the abovearrow_forward
- Define Income Statement, Statement of Owners Equity, Balance Sheet, and Cash Flow Statement. How do these impact a business? Which is the most critical, if any, to a new business?arrow_forwardWhich financial statement reports the results of operations for a business and reports either a net profit or a net loss for the accounting period? Group of answer choices Income Statement Balance Sheet Statement of Cash Flows Statement of Owner's Equityarrow_forwardAccounting Question How do gains and losses relate to the normal operations of a business? Explain Please.arrow_forward
- How to prepare a statement of owners equityarrow_forwardCurrent Attempt in Progress The following selected accounts from Swifty Corporation's general ledger are presented below for the year ended December 31, 2021: Accounts payable $115,640 Equipment $1,963,520 Accounts receivable 174,640 Income tax expense 155,760 Accumulated depreciation-equipment 676,140 Insurance expense 151,040 Cash 14,160 Inventory 441,320 Common shares 354.000 Prepaid expenses 53,100 Cost of goods sold 2,271,500 Retained earnings 797,680 Depreciation expense 328,040 Salaries expense 1,086,780 Sales 4,696,400 (a) Prepare a single-step statement of income. SWIFTY CORPORATION Statement of Income (Single-step)arrow_forwardUsing the following categories, discuss the differences that exist between accounting for these items in a personal context versus for a business. Specifically provide examples of the difference in account names or terms used to describe the eguivalent item when related to accounting for a business. 1. Assets & LIabilities 2. Net Worth 3. Surplus(deficit)arrow_forward
- which of the following represents a form of communication through financial reporting but not through financial statements? A. balance sheet B. presidents letter C. income statement D. notes to financial statementsarrow_forwardThe expense recognition principle matches Select one: a. expenses with revenues. b. creditors with businesses. c. assets with liabilities. d. customers with businesses.arrow_forwardHow can I find the Owner's Capital of question CT 4. 7?arrow_forward
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