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Exam 2: A Closer Look at the Financial Statements

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Question 41

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Match each balance sheet category to each financial statement item that would be reported in it.

Premises

Responses

Contributed capital

Current assets

Prepaid insurance

Long-term investments

Accounts payable

Property, plant, and equipment

Sales revenue

Intangible assets

Delivery truck

Current liabilities

Long-term liabilities

Shareholders’ equity

Not disclosed on the balance sheet

Premises

Contributed capital

Prepaid insurance

Accounts payable

Sales revenue

Delivery truck

Responses

Current assets

Long-term investments

Property, plant, and equipment

Intangible assets

Current liabilities

Long-term liabilities

Shareholders’ equity

Not disclosed on the balance sheet

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Premises

Responses

Current assets

Long-term investments

Property, plant, and equipment

Intangible assets

Current liabilities

Long-term liabilities

Shareholders’ equity

Not disclosed on the balance sheet

Premises

Current assets

Long-term investments

Property, plant, and equipment

Intangible assets

Current liabilities

Long-term liabilities

Shareholders’ equity

Not disclosed on the balance sheet

Responses

Question 42

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As used in accounting, "notes" may be reported:

A) only as company debt offerings.
B) only as assets on the balance sheet.
C) as either assets or liabilities.
D) on the income statement or the balance sheet.

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Question 43

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What business aspect does the statement of shareholders' equity measure?

Which one of the following groups of accounts contains only liabilities?

At the end of 2017, Campbell Company has total assets and liabilities at $42,000 and $11,000, respectively. Campbell reported net income for 2018 in the amount of $12,000. How much is shareholders' equity at the end of 2018?

What business aspect does the income statement measure?

Use the information provided from Haloid Company's accounting records to answer questions For the Years Ended December 31, 2018, and 2017 $\begin{array}{lrr}\text { Assets }&2018&2017\\\text { Cash } & \$ 80 & \$ 60 \\\text { Accounts receivable } & 40 & 40 \\\text { Short-term investment in property } & 40 & 60 \\\text { Property, plant, and equipment } & \underline{350} & \underline{310} \\\quad \text { Total assets } & \underline{\underline{510}} & \underline{\$ 470}\\\text { Liabilities and Shareholders' Equity }\\\text { Accounts payable } & \$ 85 & \$ 90 \\\text { Contributed capital } & 310 & 300 \\\text { Retained earnings } & 115 & 80 \\\text { Total liabilities \& shareholders' equity } & \$ 510& \$ 470\\\text { Income Statement: }\\\text { Sales revenue } & \$ 850 \\\text { Expenses } & \$ 800 \\\text { Net Income } & \$ \underline{50}\end{array}$ -Comment on the following statement: "On December 31, 2018, Haloid's accounts payable exceeds its cash by $5. If Haloid needs additional money to pay its accounts payable, it can use the $115 stashed in its retained earnings".

What concerns might you have if you examined a company's balance sheet and found a negative amount in retained earnings?

Cash reported on a company's balance sheet represents

Which one of the following appears on the income statement?

What is unique about the way plant and equipment appear on the balance sheet?

Match the balance sheet items to the appropriate section of the balance sheet

Which business activity occurs first for a business? Why does this business activity occur first?

Use the information that follows concerning Ulrich Computer for the year ending December 31, 2018 for problems Several accounts and amounts from the financial statements of Ulrich Computer appear below for the year ending December 31, 2018. $\begin{array}{ll}\text { Cash } & \$ 11,000 \\\text { Sales Revenue } & 140,000 \\\text { Notes Receivable, 6-month } & 90,000 \\\text { Cost of goods sold } & 60,000 \\\text { Taxes Payable } & 31,000 \\\text { Salaries Expense } & 8,000 \\\text { Accounts Receivable } & 34,000\\\text { Dividends } & 42,000 \\\text { Equipment } & 150,000 \\\text { Accounts Payable } & 8,000 \\\text { Contributed Capital } & 30,000 \\\text { Retained Earnings } & 40,000 \\\text { Rent and Utilities Expense } & 4,000 \\\text { Income Tax Expense } & 20,000 \\\text { Inventory } & 21,000\end{array}$ -How much must Ulrich pay out during its next accounting period for amounts owed?

Sanchez Corporation has total assets, current liabilities, and long-term liabilities of $40,000, $2,000, and $13,000, respectively. If Sanchez purchases equipment for $5,000 for cash, how much would shareholders' equity be?

Baron Company has six major headings in its income statement, which include Sales, Fees Earned, Other Revenues, Cost of Goods Sold, Operating Expenses, and Other Expenses. Below are some of the income statement accounts for Baron: Which of these would be found under the heading "Other Revenues"?

The information below was taken from the 2018 annual report of Jena Corp. $\begin{array}{|l|c|c|c|} \hline& \mathbf{2 0 1 8} & \mathbf{2 0 1 7} & \mathbf{2 0 1 6} \\\hline \text { Beginning cash balance } & \$ 12,000 & ? & \$ 5,000 \\\hline \text { Net cash flow from operating activities } & 7,987 & ? & 9,100 \\\hline \text { Net cash flow from investing activities } & 2,450 & 4,330 & ? \\\hline \text { Net cash flow from financing activities } & ? & (9,612) & (7,500) \\\hline \text { Ending cash balance } & \$ 11,000 & ? & \$ 12,500\\\hline\end{array}$ Which of the following is the missing amount for the beginning cash balance for 2017?

Intangible assets are:

Which expense is associated with long-term assets?

Which one of the following is not an asset?