Exam 2: A Closer Look at the Financial Statements

What is unique about the way plant and equipment appear on the balance sheet?

As used in accounting, "notes" may be reported:

Baron Company has six major headings in its income statement, which include Sales, Fees Earned, Other Revenues, Cost of Goods Sold, Operating Expenses, and Other Expenses. Below are some of the income statement accounts for Baron: Which of these would be found under the heading "Other Revenues"?

Which one of the following groups of accounts contains only liabilities?

What business aspect does the income statement measure?

The information below was taken from the 2018 annual report of Jena Corp. Beginning cash balance \ 12,000 ? \ 5,000 Net cash flow from operating activities 7,987 ? 9,100 Net cash flow from investing activities 2,450 4,330 ? Net cash flow from financing activities ? (9,612) (7,500) Ending cash balance \ 11,000 ? \ 12,500 Which of the following is the missing amount for the beginning cash balance for 2017?

At the end of 2017, Campbell Company has total assets and liabilities at $42,000 and $11,000, respectively. Campbell reported net income for 2018 in the amount of $12,000. How much is shareholders' equity at the end of 2018?

Intangible assets are:

Which one of the following appears on the income statement?

What business aspect does the statement of shareholders' equity measure?

Use the information that follows concerning Ulrich Computer for the year ending December 31, 2018 for problems Several accounts and amounts from the financial statements of Ulrich Computer appear below for the year ending December 31, 2018. Cash \ 11,000 Sales Revenue 140,000 Notes Receivable, 6-month 90,000 Cost of goods sold 60,000 Taxes Payable 31,000 Salaries Expense 8,000 Accounts Receivable 34,000 Dividends 42,000 Equipment 150,000 Accounts Payable 8,000 Contributed Capital 30,000 Retained Earnings 40,000 Rent and Utilities Expense 4,000 Income Tax Expense 20,000 Inventory 21,000 -How much must Ulrich pay out during its next accounting period for amounts owed?

Which expense is associated with long-term assets?

What concerns might you have if you examined a company's balance sheet and found a negative amount in retained earnings?

Which business activity occurs first for a business? Why does this business activity occur first?

Use the information provided from Haloid Company's accounting records to answer questions For the Years Ended December 31, 2018, and 2017 Assets 2018 2017 Cash \ 80 \ 60 Accounts receivable 40 40 Short-term investment in property 40 60 Property, plant, and equipment Total assets Liabilities and Shareholders' Equity Accounts payable \ 85 \ 90 Contributed capital 310 300 Retained earnings 115 80 Total liabilities \& shareholders' equity \ 510 \ 470 Income Statement: Sales revenue \ 850 Expenses \ 800 Net Income \ -Comment on the following statement: "On December 31, 2018, Haloid's accounts payable exceeds its cash by $5. If Haloid needs additional money to pay its accounts payable, it can use the $115 stashed in its retained earnings".

Sanchez Corporation has total assets, current liabilities, and long-term liabilities of $40,000, $2,000, and $13,000, respectively. If Sanchez purchases equipment for $5,000 for cash, how much would shareholders' equity be?

Cash reported on a company's balance sheet represents

Which one of the following is not an asset?