×
Log in to StudySoup
Get Full Access to AU - ACCT 2110 - Study Guide - Midterm
Join StudySoup for FREE
Get Full Access to AU - ACCT 2110 - Study Guide - Midterm

Already have an account? Login here
×
Reset your password

AU / Accounting / ACCT 2110 / What order is prepared for financial statements and reports?

What order is prepared for financial statements and reports?

What order is prepared for financial statements and reports?

Description

School: Auburn University
Department: Accounting
Course: Principles of Financial Accounting
Professor: Elizabeth miller
Term: Fall 2015
Tags:
Cost: 50
Name: Fixed Exam Study Guide
Description: Covers Chapters 1 & 2. Answers are included.
Uploaded: 01/29/2018
5 Pages 83 Views 8 Unlocks
Reviews


Study Sour


What oeder do you prepare financial statements?



Study Sour

Exam I study Guide 1. At December 31, Buffs inc. has assets of a

$14,800 and liabilities of $8,200. What is Stock holders equity at Dec. 31st? A. $4,200 B. $6.600 C. $23.000 D. $20,700


What principle requires that expenses be recorded at the same time as the revenue it helped generate?



SE

(

2. What order do you prepare financial statements? We also discuss several other topics like What is the difference between the north atlantic slave trade and african slavery?

A. Balance sheet, income statement, Retained Earnings B. Retained Earnings, Balance sheet, income statement c. Income statement, retained Earning, Balance sheet D. Retained Eamings, income statement, Balance Sheet


What kind of effects does paying salaries have on the current period?



If you want to learn more check out How does the hydrophobic effect work?

3. At the end of the year Buffs inc. reports revenue

of $ 119,300, cost of goods sold of $100.000, inventory of $6,00o, salaries expense of $45.000, rent expense of $9.000, and cash of $10,100. What is Buffs Inc. net income? A. $25,300 B. $30,000 C. $19,300 D. $96.000 If you want to learn more check out What is franz gall known for?

@study Soup

Stude

Study Soup

Study Soup

Study Soup

AAAAAAAA

tudySou

Buffs inc. has beginning retained earnings of 1 $50,000 on Jan 1, 2012. During the year Buffs

reports revenue of $102.000 and expenses of 162.000. Buffs paid dividends of $6.000. What is ending retained earnings on Dec. 31, 2012? A. $90,000 B. $152.000 c. $80,000 D. $84.000 If you want to learn more check out Where is the heterosphere?

5. What principle requires that expenses be

recorded at the same time as the revenue it helped generate?

A. Expense recognition I matching B. time period cover c continuity D. historical cost

o dysol

6. What kind of effect does paying salaries have Don't forget about the age old question of What do menarche and spermarche have to do with physical development?

on the current period? Ai increase in liabilities tdecrease in ossets B. decrease in assets + decrease in stock holders equity c. decrease in liabilities #decrease in stockholders equity man D. increase in assets & increase in liabilities Don't forget about the age old question of Who is ibn khaldun in sociology?

JSOU

StudySoup

OUD

Study SOUD

Using the following account balances for the lend of Dec 31, 2017, calculate the following: al net income, b) retained Camings, chaurrent assets. a total stockholders equity, e) total liabilities, s f) Cost of Goods sold. Net sales $1,050.000

Cash $300.000 Accounts Receivable $140.000 operating Expense $ 840.000 Equipment $420,000

common stock $110.000 Accounts Payable $120.000 de interest income $32.000 Accumulated Depreciation $40.000 Gross Profit $1,140,000 Inventories $ 20.000

Prepaid Rent $20,000 Unearned Revenue $50.000 Income Tax Expense $99.000 Notes payable $200.000 to retained Earnings $94.000 Idividends $5,000

(Jan. 1, 2017) interest Expense $2.000

o

StudySoup

8. which set of rules and conventions are most

commonly used to help guide the preparation of financial statements ? A. IASB B. SEC C. GAAP D. FASB

Stu

StudySoup

StudySoup

(

StudySoup

Study sou

Study Soup

Study Sou

9. Which of the following accounts are most I

important?

A. Cash B. Accounts recievable c. Equipment D. common stock

10. Buffs sold 600 shares of stock to investors

$8,000 of cash. Prepare a journal entry for

for

Feb 4,

sowe

11. Buffs also increased their funds by borrowing

$1,000 on a 1-year, 5% note payable. Prepare al journal entry for Feb 4.

12. Buffs purchased supplies from a supply office for

$5.000. The supply office agreed to accept full payment in 30 days. Prepare a journal entry for Feb. 4 .

) StudySous

Stuce Soup

Study Soup

Study Soup

Exam I study Guide

Answers

م ل)

ل

- sms gr

Sudy Sou

و و و

7. a)$231,000

b) $ 320,000 C) $900.000 d) $264.000 el $636.000

f) $ 510,000 8. c.

Study Soup

10.

Feb. 4

UP

11.

Feb. 4.

Cash $8,000

common stock $8,000 Cash $1,000

Notes Payable $1,000 Supplies $5,000 -

Accounts payade $5,000

Study sou

12.

Feb. 4

@ StudySoup

Study Soup

Studysoup

Study Soup

Page Expired
5off
It looks like your free minutes have expired! Lucky for you we have all the content you need, just sign up here