Reference no: EM132710782
Problem 1: Unearned revenue is reported in the financial statements as:
Multiple Choice
A. A revenue on the balance sheet.
B. A liability on the balance sheet.
C. An unearned revenue on the income statement.
D. An asset on the balance sheet.
E. A financing activity on the statement of cash flows.
Problem 2: Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are:
Multiple Choice
A. Intangible expenses.
B. Prepaid expenses.
C. Unearned expenses.
D. Net expenses.
E. Accrued expenses.
Problem 3: On January 1, Fashion Forward Magazine received $15,000 from subscribers for the annual subscriptions that it recorded in Unearned Subscription Revenue. The issues of the magazine are mailed to subscribers quarterly. What amount of subscription revenue should the magazine recognize on March 31 when the first issue is sent in March?
Multiple Choice
A. $15,000.
B. $1,250.
C. $7,500.
D. $3,750.
E. $0.
Problem 4: The difference between the cost of an asset and the accumulated depreciation for that asset is called:
Multiple Choice
A. Depreciation Expense.
B. Unearned Depreciation.
C. Prepaid Depreciation.
D. Depreciation Value.
E. Book Value.
|
Which financial statements are typically prepared
: Which Financial statements are typically prepared? Balance sheet, statement of owner's equity, income statement./ Balance sheet, income statement, statement
|
|
What was the increase or decrease in liabilities
: If assets increased by $4,041 million and stockholders' equity decreased by $433 million, what was the increase or decrease in liabilities for the Year 2
|
|
What amount of office supplies was purchased during february
: Sanchez Accounting Services', If the office supplies expense for the month is $1,900, what amount of office supplies was purchased during February?
|
|
Evaluation of merger or acquisition
: Evaluate the potential and actual risks that occurred during the merger and what the companies could have done differently to mitigate these risks.
|
|
What amount of subscription revenue should the magazine
: On January 1, What amount of subscription revenue should the magazine recognize on March 31 when the first issue is sent in March?
|
|
Problem - Effect of Transactions on Accounting Equation
: Problem - Effect of Transactions on Accounting Equation - Borrowed $10,000 from Second National Bank to finance its operations
|
|
Which the adjusting entry on december of the current year
: On July 1 of the current calendar year, Plum Co., Which the adjusting entry on December 31 of the current year for Plum would include
|
|
Describe at least four elements a plaintiff must show
: Briefly note how workplace harassment affects equal employment opportunity and describe at least four elements a plaintiff must show to pursue a harassment.
|
|
Important step in developing a projected
: An important step in developing a projected (pro forma) income statement is to create a sales forecast and calculate anticipated revenue for the business
|