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Terms in this set (14)
The balance of Accounts Receivable is shown on which of the following financial statements?
What happens when a company collects cash from accounts receivable?
Total assets are not affected.
How will accounts receivable appear on the following financial statements?
Asset on the balance sheet
How will accounts payable appear on the following financial statements?
Liability on the balance sheet
Greg Company recognized revenue on account. Which of the following financial statements are affected by this accounting event?
Income statement and the balance sheet
Paying cash to settle a salaries payable obligation will affect which section of the statement of cash flows?
Revenue on account amounted to $7,400. Cash collections of accounts receivable amounted to $4,850. Expenses for the period were $3,800. The company paid dividends of $1,300. What was the amount of net income for the period?
Which of the following statements about accrual accounting is true ?
Revenue is recorded in the period when it is earned and expenses are recorded when they are incurred.
rior to closing the accounts, Syracuse Company's accounting records showed the following balances:
Retained earnings$ 16,800Service revenue21,750Interest revenue1,800Salaries expense12,300Operating expense3,450Interest expense900Dividends2,700
After closing the accounts, Syracuse's retained earnings balance would be
Sheldon Company began Year 1 with $900 in its supplies account. During the year, the company purchased $2,600 of supplies on account. The company paid $1,800 on accounts payable by year end. At the end of Year 1, Sheldon counted $1,300 of supplies on hand. Sheldon's financial statements for Year 1 would show:
$1,300 of supplies; $2,200 of supplies expense
Jason Company paid $7,200 for one year's rent in advance beginning on October 1, Year 1. Jason's Year 1 income statement would report rent expense, and its statement of cash flows would report cash outflow for rent, respectively, of
Which of the following accounts would not appear on a balance sheet?
Companies that use accrual accounting recognize revenues and expenses at the time that cash is paid or received.
The term "accrual" describes an earnings event that is recognized before cash is paid or received.
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