Acc201 week 1 Quiz-V2-with 100

Acc201 week 1 Quiz-V2-with 100% verified solutions-2022

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?a.Total retained earnings increased by $240,000 during the current year.b.Total retained earnings decreased by $186,000 during the current year.c.Net income for the current year totaled $240,000.d.Net income for the current year totaled $186,000.

the following as an asset, liability, revenue, or expense.

• Unearned revenue Liability
• Office equipment Asset
• Wages payable Liability
• Salary expense Expense
• Dividends payable Liability
• Art fees earned Revenue
• Prepaid rent Asset
• Accounts receivable Asset
• Income tax expense Expense
• Office supplies Asset

Profitability ratios such as can be used to analyze and assess a company's financial performance.a.current ratios b.fixed assets turnover c.return on assets d.dividend payout ratios

Expressing financial data as if a business will continue operating for an indefinite period time refers to which concept?a.Adequate disclosure concept b.Business entity concept c.Going concern concept d.Objectivity concept

According to which of the following concepts should the expenses incurred when generating revenue be reported in the same period as the related revenue?a.The matching concept

b.The periodicity concept

c.The cost concept d.The adequate disclosure concept

Following are the financial statement data for Degen Temporary Services at December 31, 2016.Prepare Degen’s income statement.

Accounts Payable $850 Accounts Receivable 780 Cash 425 Common Stock 600 Dividends 200 Insurance Expense 75 Office Equipment 1,500 Retained Earnings, January 1, 2016 370 Salaries Expense 525 Notes Payable 40 Service Revenue 1,750 Inventory 35 Supplies Expense 50

Degen Temporary Services

Income Statement For the Year Ended December 31, 2016

Revenues:

Service revenue $1750

Expenses:

Salaries expense $525 Insurance expense 75 Supplies expense 50 Total expenses 650 Net income $1100

Select the following items with the appropriate financial statement:

• Income statement
• Balance sheet
• Retained earnings statement
• Statement of cash flows

• Cash b
• Salary expense a

• Unearned revenue b
• Depreciation expense a
• Capital stock b
• Cash flows from operating activities d
• Accounts receivable b
• Beginning balance of retained earnings c
• Notes payable b
• Accounts payable b
• Changes in current assets and current

liabilities d

• Total expenses a

THE COCA-COLA

COMPANY AND

SUBSIDIARIES

CONSOLIDATED

BALANCE SHEETS

December 31, 2008 2007 (In millions except par value)

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$4,701 $4,093

Marketable securities 278 215 Trade accounts receivable, less allowances of $51 and $56, respectively

3,090 3,317

Inventories 2,187 2,220 Prepaid expenses and other assets

1,920 2,260

TOTAL CURRENT

ASSETS

12,176 12,105

INVESTMENTS

Equity method

investments:

Coca-Cola Hellenic Bottling Company S.A.

1,487 1,549

Coca-Cola FEMSA, S.A.B. de C.V.

877 996

Coca-Cola Amatil Limited

638 806

Coca-Cola Enterprises Inc.

— 1,637

Other, principally bottling companies and joint ventures

2,314 2,301

Other investments, principally bottling companies

463 488

TOTAL

INVESTMENTS

5,779 7,777

OTHER ASSETS 1,733 2,675