Question

In: Finance

Which of the following are items reported on a firm's balance sheet?


Which of the following are items reported on a firm's balance sheet? 

  • Sales revenue. 

  • Cost of goods sold. 

  • Net income. 

  • Current assets. 

  • None of these are correct.

Solutions

Expert Solution

Current assets

In asset side of balance one of the main portion is current asset, it include inventories,tarde receivables, cash and bank balance etc.

Net income belongs on the income statement rather than the balance sheet. It is doesn't specifically appear in balance sheet and it include shareholder's portion. Also cost of goods sold , sales revenue are main portion of income statement.

So, here only current assets is reported on a firm's balance sheet


Related Solutions

Which of the following items are included on the balance sheet?
the balance sheet is a snapshot of the entity. Which of the following items are included on the balance sheet?A.assetsB.RevemuesC.expensesD.withdrawls
Entity A reported the following items on its balance sheet at the end of the current...
Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $45,000 Accounts payable 80,000 Property, plant & equipment 200,000 Long-term debt 60,000 Common stock 150,000 Accounts receivable 90,000 Retained earnings ? Inventory 75,000 What is Entity A’s Retained Earnings balance at the end of the current year? $270,000 $410,000 $140,000 $120,000 2.5 points    QUESTION 6 Entity I forgot to record four adjusting entries during 2019. Which one...
QUESTION 5 Entity A reported the following items on its balance sheet at the end of...
QUESTION 5 Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $45,000 Accounts payable 80,000 Property, plant & equipment 200,000 Long-term debt 60,000 Common stock 150,000 Accounts receivable 90,000 Retained earnings ? Inventory 75,000 What is Entity A’s Retained Earnings balance at the end of the current year? $270,000 $410,000 $140,000 $120,000 QUESTION 6 Entity I forgot to record four adjusting entries during 2019. Which one of...
All of the following items are reported on a Statement of Financial Position (Balance Sheet). How...
All of the following items are reported on a Statement of Financial Position (Balance Sheet). How would each of the above items be reported on the Statement of Financial Position balance sheet according to ASPE? If you identify an item as a liability, indicate whether or not it is a financial liability. a) Accrued vacation pay b) Income tax instalments paid in excess of the income tax liability on the year’s c) A bank overdraft, with no other accounts at...
Which of the following are reported as liabilities on a bank’s balance sheet?
Which of the following are reported as liabilities on a bank’s balance sheet?(a) securities(b) nontransaction deposits(c) loans(d) reserves and cash items
Which of the following items would be found on the balance sheet of a manufacturer?
Which of the following items would be found on the balance sheet of a manufacturer? finished goods work in process raw materials All of these choices are correct
Which of the following items is not shown onthe balance sheet of a hospitality company?...
Which of the following items is not shown on the balance sheet of a hospitality company?a. Current maturity of long-term debtb. Accounts payablec. Investments in employee trainingd. Accounts receivable
Indicate which of the following items could appear as an asset on the balance sheet of...
Indicate which of the following items could appear as an asset on the balance sheet of a business. Explainyour reasoning in each case. (3 points) €1,000 owed to the business by a credit customer who is unable to pay. A patent, bought from an inventor, that gives the business the right to produce a new product. Production ofthe new product is expected to increase profits over the period during which the patent is held. A recently purchased machine that is...
Which of the following items is not on the balance sheet? A)Inventory B) Operating expenses...
Which of the following items is not on the balance sheet? A) Inventory B) Operating expenses C) Accounts receivable D) Equipment
The following items are reported on a company's balance sheet: Cash $292,600 Marketable securities 93,000 Accounts...
The following items are reported on a company's balance sheet: Cash $292,600 Marketable securities 93,000 Accounts receivable 251,700 Inventory 178,500 Accounts payable 318,800 Determine the (a) current ratio, and (b) quick ratio. Round your answers to one decimal place. a. Current ratio b. Quick ratio
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT