FIN 6710- Wall Street Prep 1-2022
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Wall Street Prep My Courses ..The Premium Package Self-Study Courses Public Boot Camps Corporate Training On-Campus Training WSP Consulting Free Training & Articles The WSP Blog Support/Contact Us ... About Wall Street Prep Wall Street Prep Hi, Shuobo return icon Back to Exams Review: Accounting & Financial Statement Analysis Exam 2018 Score: 95%, 38 correct out of 40 | Taken On: 09-10-18 Question 1 Assume US GAAP to answer this question. In 2017, $2 million in wages were earned and no cash wages were paid. In 2018, $8 million in wages were earned and $7 million in cash wages were paid. Cash wages were used to first pay wages earned in 2017 with the remainder used to pay wages earned in 2018. Any earned but unpaid wages will be paid during the first quarter of 2019. Using only the information provided, which of the following statements is most accurate? Liabilities increased by $1.0 million in 2018 Liabilities increased by $3.0 million in 2018 Assets decreased by $5.0 million in 2018 Retained earnings decreased by $10.0 million in 2018 Retained earnings decreased by $7.0 million in 2018 Your answer is correct. CONTINUED......... [Show More]
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