Question

In: Accounting

1. Sales revenue would appear on Select one: a. Income Statement b. Statement of Retained Earnings...

1.

Sales revenue would appear on

Select one:

a. Income Statement

b. Statement of Retained Earnings

c. Balance Sheet Statement

d. Statement of Cash Flows

2.

The entry to record $1,500 credit sales would be:

Select one:

a. Cash                                  1,500
              Sales Revenue                                   1,500

b. Accounts Receivable            1,500
               Sales Revenue                                 1,500

c. Sales Revenue                     1,500
                Accounts Receivable                         1,500

d. Cash                                  1,500
                Accounts Receivable                          1,500

3.

The entry to record a payment of $900 accounts payable would be:

Select one:

a. Cash                                           900
                 Accounts Payable                              900

b. Dividends                                   900
                 Cash                                                 900

c. Accounts Payable                       900
                 Cash                                                 900

d. Accounts Payable                       900
                  Retained Earnings                           900

Solutions

Expert Solution

ekkarill92 answered 1 year ago
Next > < Previous

Related Solutions

income statement and retained earnings statement
Misclassifcations Roz Corporation's Multiple-Step income statement and retained earnings statement for the year ended December 31, 2019 as developed by its bookkeeper are shown here: Revenue StatementDecember 31, 2019   Sales (net)     $179,000 Plus: Income from operations of discontinued Division P (net of $960 income taxes)     2,240 Less: Dividends declared ($1.50 per common share)     (7,500) Net revenues     $173,740 Less: Selling expenses     (19,000) Gross profit     $154,740 Less Operating expenses:       Interest expense $4,100     Loss on sale of Division P (net of $1,200 income...
Prepare journal entries, income statement, statement of retained earnings and analysis for the following: One Trick...
Prepare journal entries, income statement, statement of retained earnings and analysis for the following: One Trick Pony (OTP) incorporated and began operations near the end of the year, resulting in the following post-closing balances at December 31:   Cash $ 18,620   Accounts Receivable 9,650   Allowance for Doubtful Accounts 900*   Inventory 2,800   Unearned Revenue (30 units) 4,350   Accounts Payable 1,300   Notes Payable (long-term) 15,000   Common Stock 5,000   Retained Earnings 4,520 * credit balance. The following information is relevant to the first month...
1. What is the connection between the income statement, statement of financial position, retained earnings statement...
1. What is the connection between the income statement, statement of financial position, retained earnings statement and statement of cash flows?
Preparing Income Statement, Retained Earnings, and Balance Sheet
Prepare the Income Statement and Statement of Retained Earnings for the year 2019.Prepare the classified Balance Sheet as of December 31, 2019. Trademarks were previously acquired for $200,000 on January 1, 2018. Estimated useful life at the time of acquisition was 20 years.In 2019 there was litigation challenging these trademarks brought by a competitor and GeneralProducts successfullydefended these trademarks at a legal cost of $45,000. The new (updated) useful life of the trademarks was estimated to be 25 years from the...
Prepare an income statement and a statement of retained earnings for the month of May (note...
Prepare an income statement and a statement of retained earnings for the month of May (note space provided on two pages) for Shelby, Inc. Also prepare a balance sheet as of May 31, 2017. The financial transactions of Shelby, Inc. for May, their first month of operations, are: On May 1, 2017, Shelby, Inc. issued common stock in exchange for $20,000 cash from a stockholder, Nan. On May 3, the company borrowed $5,100 from a creditor and executed a note...
Statement of retained earnings :
Rolt Company began 2019 with a $105,000 balance in retained earnings. During the year, the following events occurred: 1.   The company earned net income of $86,000. 2.   A material error in net income from a previous period was corrected. This error correction increased retained earnings by $9,590 after related income taxes of $4,110. 3.   Cash dividends totaling $12,000 and stock dividends totaling $18,500 were declared. 4.   One thousand shares of callable preferred stock that originally had been issued at $115...
Statement of retained earnings
Statement of retained earnings
Instructions (a) Prepare a multiple-step income statement. (b) Prepare a retained earnings statement. Porter Corporation's capital...
Instructions (a) Prepare a multiple-step income statement. (b) Prepare a retained earnings statement. Porter Corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2010 an analysis of the accounts and discussions with company officials revealed the following information: Sales $1,100,000 Purchase discounts 18,000 Purchases 642,000 Income from operations of discontinued product line 35,000 Loss on disposal of discontinued production line 70,000 Selling expenses 128,000 Cash 60,000 Accounts receivable 90,000 Unrealized gain on available for sale securities...
A portion of the combined statement of income and retained earnings of Culver Inc. for the...
A portion of the combined statement of income and retained earnings of Culver Inc. for the current year follows. Income before extraordinary item $14,960,000 Loss from discontinued operations, net of applicable income tax (Note 1) 1,370,000 Net income 13,590,000 Retained earnings at the beginning of the year 82,330,000 95,920,000 Dividends declared: On preferred stock—$6.00 per share $282,000 On common stock—$1.75 per share 14,770,000 15,052,000 Retained earnings at the end of the year $80,868,000 Note 1. During the year, Culver Inc....
Please create a retained earnings statement, income statement, and a balance sheet for the month of...
Please create a retained earnings statement, income statement, and a balance sheet for the month of December following accounts and their ending balances. Cash (debit) : $37,308.90 Accounts Receivable (debit) : $11,700 Notes Receivable (debit) : $10,000 Interest Receivable (debit) : $41.67 Merchandise Inventory (debit) : $3,150 Prepaid Advertising (debit) : $250 Office Supplies Inventory (debit) : $180 Prepaid Insurance (debit) : $1,100 Land (debit) : $59,500 Equipment (debit) : $12,000 Accumulated Depreciation - Equipment (credit) : $116.66 Accounts Payable...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT