Wileyplus Chapter 1

at the beginning of the year, ortiz company had total assets of 900,000, and total liabilities of 440,000. during the year, total liabilities decreased 100,000 during the year and stockholders' equity increased 200,000. what is the amount of total assets at the end of the year?

1,000,000

as of Dec 31, 2022, rockford corporation has assets of 3,500 and stockholders' equity of 1,500. what are the liabilities for rockford as of dec 31, 2022?

2,000

at the beginning of the year, ortiz company had total assets of 900,000, and total liabilities of 440,000. if total assets decreased 100,000 during the year and total liabilities increased 80,000 during the year, what is the amount of stockholders' equity at the end of the year?

280,000

at the beginning of the year, ortiz company had total assets of 900,000, and total liabilities of 440,000. if total assets increased 50,000 during the year and stockholders' equity increased 60,000 during the year, what is the amount of total liabilities at the end of the year

430,000

the financial statements for Macias Corporation contained the following information: accounts receivable 5,000 sales revenue 75,000 cash 15,000 salaries and wages expense 20,000 rent expense 10,000 what was macias corporation's net income?

45,000

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. income taxes payable

BS

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. interest payable

BS

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. notes payable

BS

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. prepaid insurance

BS

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. supplies

BS

Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RES). accounts payable

BS

Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RES). cash

BS

Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RES): common stock

BS

which of the following is an example of a financing activity? a.Issuing shares of common stock. b.Selling goods on account. c.Buying delivery equipment. d.Buying inventory.

a

the element of the annual report that presents an opinion regarding the fairness of the presentation of the financial position and results of operations is/are the

auditor's opinion

which is not one of the three forms of business organization? a.Sole proprietorship. b.Creditorship. c.Partnership. d.Corporation

b

which financial statement reports assets, liabilities, and stockholders' equity

balance sheet

which statement presents information as of a specific point in time

balance sheet

which is an advantage of corporations relative to partnerships and sole proprietorships? a.Lower taxes. b.Harder to transfer ownership. c.Reduced legal liability for investors. d.Most common form of organization.

c

which is not one of the three primary business activities? a.Financing. b.Operating. c.Advertising. d.Investing.

c

stockholders' equity represents

claims of owners

Easier to transfer ownership and raise funds, no personal liability

corporation

which statement about users of accounting information is incorrect? a.Management is considered an internal user. b.Taxing authorities are considered external users. c.Present creditors are considered external users. d.Regulatory authorities are considered internal users.

d

what section of a statement of cash flows indicates the cash spent on new equipment during the past accounting period?

investing activities section

the element of a corporation's annual report that describes the corporation's accounting methods is/are the

notes to the financial statements

Shared control, tax advantages, increased skills and resources

partnership

net income will result during a time period when

revenues exceed expenses

Simple to set up and maintains control with owner

sole proprietorship

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. cost of goods sold

IS

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. depreciation expense

IS

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. salaries and wages expense

IS

Identify whether the following items would appear on the balance sheet (BS) or income statement (IS) of a corporation. service revenue

IS

Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RES). salaries and wages expense

IS

Indicate whether the following items would appear on the income statement (IS), balance sheet (BS), or retained earnings statement (RES). service revenue

IS