AGEC 205 - Quiz 1

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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


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