The first financial statement that is prepared is the:

A. Income Statement.

B. Balance Sheet.

C. Statement of Retained Earnings

D. Statement of Cash Flows

Expert Solution

A. Income Statement

Financial Statement is prepared in the following Sequence:

Income Statement
Statement of Retained Earnings
Balance Sheet
Statement of Cash flow Statement

ekkarill92 answered 2 years ago

Which of the following financial statements is usually prepared first? Select one: A. Statement of retained...

Which of the following financial statements is usually prepared first? Select one: A. Statement of retained earnings. B. Income statement. C. Income tax return. D. Balance sheet.

The second major financial statement prepared.

The second major financial statement prepared. A. Income statement B. Balance sheet C. Statement of owner's equity D. Trial balance

Which of the following budgeted pro forma financial statements is prepared first? A. Pro forma statement...

Which of the following budgeted pro forma financial statements is prepared first? A. Pro forma statement of cash flows B. Pro forma income statement C .Pro forma balance sheet D. May be prepared in any order explain why please

The following statement of financial position was prepared by the bookkeeper for Kraus Company as of...

The following statement of financial position was prepared by the bookkeeper for Kraus Company as of December 31, 2019. Kraus Company Statement of Financial Position as of December 31, 2019 Investments £ 76,300 Equity £215,500 Equipment (net) 96,000 Non-current liabilities 100,000 Patents 32,000 Accounts payable 78,000 Inventories 57,000 Accounts receivable (net) 52,200 Cash 80,000 £393,500 £393,500 The following additional information is provided: 1. Inventories do not include goods costing £5,000 shipped out on consignment. Receivables of...

Which of the following financial statements is prepared as at a specific date? Income statement Balance...

Which of the following financial statements is prepared as at a specific date? Income statement Balance sheet Cash flow statement Statement of owner's equity

A personal statement of financial condition dated December 31, 20X8, is to be prepared for Wilhelm...

A personal statement of financial condition dated December 31, 20X8, is to be prepared for Wilhelm Holz. He provides the following information for your use in preparing the statements. All amounts are as of December 31, 20X8. 1) Cash on hand and in bank is $4,000. 2) Investments costing $30,000 have a market value of $78,000. 3) His personal residence cost $150,000 ten years ago, and is currently worth $320,000. 4) The payoff balance of his home mortgage is $80,000....

Mitch Company prepared the following reconciliation for the first year of operations: Pretax financial income for...

Mitch Company prepared the following reconciliation for the first year of operations: Pretax financial income for 2019 4,500,000 Permanent difference (357,000) Temporary difference (1,125.000) The temporary difference will reverse evenly in 2020 and 2021, at an enacted tax rate of 35% in 2019 and 32% in 2020. The enacted tax rate for 2019 is 30%. What amount should be reported as deferred tax asset or liability on December 31, 2019? (Specify whether asset or liability)

The following statement of financial position was prepared by Peter Quill, bookkeeper for Nova Corp.at December...

The following statement of financial position was prepared by Peter Quill, bookkeeper for Nova Corp.at December 31, 2018. Nova Corp. Statement of Financial Position December 31, 2018 Cash $ 90,000 Accounts payable $ 75,000 Accounts receivable (net) 52,200 Long-term liabilities 110,000 Inventories 57,000 Shareholders’ equity 208,500 Investments 76,300 Equipment (net) 86,000 Patents 32,000 $393,500 $393,500 The following additional information is provided: - “Cash” includes prepaid insurance of $9,400; as...

Martinez Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for...

Martinez Corporation prepared the following reconciliation for its first year of operations: Pretax financial income for 2020 $ 1,800,000 Tax exempt interest (150,000) Originating temporary difference 350,000 The temporary difference will reverse evenly over the next two years. The enacted tax rate for 2020 and future years is 20%. The amount reported as net deferred income taxes on Martinez's balance sheet at December 31, 2020, should be a Deferred Tax of $ . Provide whether the balance sheet account is a Deferred...

Peppermint Ltd went into voluntary liquidation on 30 June 2020. A statement of financial position prepared...

Peppermint Ltd went into voluntary liquidation on 30 June 2020. A statement of financial position prepared at that date was as follows: ------------------------------------------------------------------------------------------------------------------------ Peppermint Ltd Statement of Financial Position as at 30 June 2020 Current Assets Cash $11,000 Inventories 85,700 Total Current Assets 96,700 Non-current Assets Equipment 142,800 Land and Buildings 70,000 Total Non-current Assets 212,800 Total Assets 309,500 Current Liabilities Accounts Payable 40,000 Total Current Liabilities 40,000 Non-current Liabilities Mortgage (secured over Land and Buildings) 80,000 Total Non-current Liabilities ...

Question