AGEC 205 - Quiz 1
Which of the financial statements would each of the following be included in? [Financial Statements: Income Statement, Balance Sheet, Statement of Owner's Equity] Net Operating Income Income Statement
Income Statement
For the following transaction, determine whether it is an operating, financing, or investing activity: b. Purchase of a new tractor for the farm, to be kept for 10 years until replaced.
Investing
Determine the category of item (assets, liabilities, equity, revenue, expenses) for each of the following: Long-term loan newly acquired from the bank
Liability
Determine the category of item (assets, liabilities, equity, revenue, expenses) for each of the following: Grain drill (planting equipment)
Asset
Which of the financial statements would each of the following be included in? [Financial Statements: Income Statement, Balance Sheet, Statement of Owner's Equity] Cash Balance Sheet
Balance Sheet
Which of the financial statements would each of the following be included in? [Financial Statements: Income Statement, Balance Sheet, Statement of Owner's Equity] Taxes Payable Balance Sheet
Balance Sheet
Determine the category of item (assets, liabilities, equity, revenue, expenses) for each of the following: Owner's contribution to the farm
Equity
For the following transaction, determine whether it is an operating, financing, or investing activity: d. Partial repayment of farm loan taken 3 years ago.
Financing
For the following transaction, determine whether it is an operating, financing, or investing activity: a. Purchase of fertilizer for use on crops on September 16.
Operating
For the following transaction, determine whether it is an operating, financing, or investing activity: c. Sale of hay to neighboring farm.
Operating
Determine the category of item (assets, liabilities, equity, revenue, expenses) for each of the following: Income received from leasing land for hunting
Revenue
Which of the financial statements would each of the following be included in? [Financial Statements: Income Statement, Balance Sheet, Statement of Owner's Equity] Owner's Withdrawals Statement of Owner's Equity
Statement of Owner's Equity