Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN: 9781337788281
Author: James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher: Cengage Learning
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- are items owed to a creditor. company. resources. are items owned by a represents owners' claims to company a. Expenses; Revenues; Net income b. Expenses; Revenues; Stockholders' equity c. Liabilities; Assets; Stockholders' equity d. Liabilities; Assets; Net incomearrow_forwardThe journal entry to record the amount receivable when a call is made by the company is: Select one: a. DR Allotment CR Share capital b. DR Cash Trust CR Call c. DR Call CR Share capital d. DR Share capital CR Callarrow_forwardThe accounting equation is expressed as ________.A. Assets + Liabilities = Owner’s EquityB. Assets – Noncurrent Assets = LiabilitiesC. Assets = Liabilities + Investments by OwnersD. Assets = Liabilities + Owner’s Equityarrow_forward
- Accounts Receivable will appear on which of the following financial statements?a. Income statementb. Statement of retained earningsc. Balance sheetd. Statement of cash flowsarrow_forwardOn which financial statement would the ending balance of the account “accounts receivable” be found?a. Income statementb. Statement of retained earningsc. Balance sheetd. Statement of cash flowsarrow_forwardWhen does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?arrow_forward
- On which financial statement would the Dividends account appear? A. Balance Sheet B. Income Statement C. Retained Earnings Statement D. Statement of Cash Flowsarrow_forwardOn which financial statement(s) would R. Flores, Drawing appear? a. Income statement b. Balance sheet c. Statement of owners equity d. Income statement and statement of owners equityarrow_forwardConsider the following accounts, and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Payable B. Cash C. Dividends D. Notes Payablearrow_forward
- SLO-3.3. Liabilities are reported on the OIncome Statement Ostatement of Owner's Equity Ostatement of Cash Flows OBalance Sheetarrow_forwardState the normal balances for the following accounts: a. Assets b. Liabilities c. Capital d. Drawing e. Revenue/Sales f. Expenses and Briefly explaining how revenue/sales, expenses and drawings affect owner’s capital/equity.arrow_forwardThe balance sheet lists which of the following?A. assets, liabilities, and owners’ equityB. revenues, expenses, gains, and lossesC. assets, liabilities, and investments by ownersD. revenues, expenses, gains, and distributions to ownersarrow_forward
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