Accounting > EXAM > ACC 201 Week 1 Quiz 1-with 100% verified solutions-2022-2023 (All)
ACC 201 Week 1 Quiz 1-with 100% verified solutions-2022-2023
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ACC 201 Week 1 Quiz 1-with 100% verified solutions-2022-2023 Which of the following is an appropriate representation of the accounting equation? - Assets = Liabilities + Stockholders' equity... Classify the following as an asset, liability, revenue, or expense. 1. Unearned revenue Liability 2. Office equipment Asset 3. Wages payable Liability 4. Salary expense Expense 5. Dividends payable Liability 6. Art fees earned Revenue 7. Prepaid rent Asset 8. Accounts receivable Asset 9. Income tax expense Expense 10. Office supplies Asset Which of the following is the correct order for preparing financial statements? - Income statement, Retained earnings statement, Balance sheet, Statement of cash flows Profitability ratios such as can be used to analyze and assess a company's financial performance. - return on assets From the following information for BlueInks Corporation, compute the rate on return of assets. Net income after tax $30,548 Taxes $6,785 Interest expense $3,545 Total assets at beginning of year $150,500 Total assets at end of year $175,684 - b.25.06% Pelican, Inc. had revenues of $395,000, expenses of $155,000, and dividends of $54,000 during the current year. Based on the given information, which of the following statements is true? - Net income for the current year totaled $240,000 CONTINUED.... [Show More]
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