Question 1

Construct a balance sheet from the financial statements components listed below.

Accepted Answer

The answer of Construct a balance sheet from the financial...

Question 2

Prepare a balance sheet for Hollywood Toys as of July 31, 2019. Hollywood's account balances for the month ending July 31, 2019 are:

Accepted Answer

The answer of Prepare a balance sheet for Hollywood Toys...

Question 3

The following items and amounts are taken from the 2019 financial records of Cynatech:
  Prepare a balance sheet for Cynatech for the year ending December 31, 2019.

Accepted Answer

The answer of The following items and amounts are taken...

Question 4

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-The ownership claims on the assets of the business.

Accepted Answer

Stockholders' equity represents the ownership claims on the assets of the business, reflecting the residual interest in the assets of the entity after deducting liabilities.

Question 5

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-A listing of a firm's assets, liabilities, and stockholders' equity on a given date.

Accepted Answer

The balance sheet is a financial statement that provides a snapshot of a company's financial position at a specific point in time, listing its assets, liabilities, and stockholders' equity.

Question 6

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-The decreases in stockholders' equity that a firm incurs in the process of generating its sales revenues.

Accepted Answer

Expenses are the decreases in stockholders' equity that a firm incurs in the process of generating its sales revenues.

Question 7

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-The obligations, or debts, that an entity must pay in money or services at some time in the future because of past transactions or events.

Accepted Answer

Liabilities are defined as the obligations or debts that an entity must pay in money or services at some time in the future because of past transactions or events.

Question 8

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-Reports information about cash inflows and cash outflows for a specific time period, classified into operating, investing, and financing activities.

Accepted Answer

The Statement of Cash Flows reports information about cash inflows and outflows over a specific period, classified into operating, investing, and financing activities.

Question 9

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-The economic resources of an entity that can be expressed in money terms.

Accepted Answer

Assets are defined as the economic resources of an entity that can be expressed in money terms, which matches the description given.

Question 10

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-The increases in stockholders' equity that results when a firm provides goods and services to its customers.

Accepted Answer

Sales revenues are the increases in stockholders' equity that result when a firm provides goods and services to its customers.

Question 11

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-Presents information on the events causing a change in retained earnings during a period.

Accepted Answer

The Statement of Stockholders' Equity presents information on the events causing a change in retained earnings during a period, including transactions with shareholders and comprehensive income.

Question 12

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided.
-Reports a business's sales revenue and expenses for a given period of time.

Accepted Answer

The income statement reports a business's sales revenue and expenses for a given period of time, showing how the company's operations have resulted in a profit or loss during that period.

Question 13

To which financial statements are each of the following financial values linked and how are they linked?
a. Retained earnings
b. Net income
c. Cash

Accepted Answer

The answer of To which financial statements are each of...

Question 14

At January 31, 2018, Daisy's retained earnings were $25,110 million. During the year, Daisy reported net income of $14,333 million and paid a dividend of $1,345 million. Determine Daisy's retained earnings as of January 31, 2019.

Accepted Answer

The answer of At January 31, 2018, Daisy's retained earnings...

Question 15

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow.
-Retained earnings

Accepted Answer

Retained earnings are reported on the Balance Sheet under shareholders' equity, reflecting the accumulated net income of a company that has not been distributed to shareholders as dividends.

Question 16

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow.
-Revenue

Accepted Answer

Revenue is typically reported on the Income Statement as it reflects the earnings generated from the normal business operations during a specific period.

Question 17

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow.
-Liabilities

Accepted Answer

Liabilities are a part of the Balance Sheet, which shows a company's financial position at a specific point in time, including what it owes (liabilities) and owns (assets).

Question 18

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow.
-Common stock

Accepted Answer

Common stock is a component of shareholders' equity, which appears on the Balance Sheet.

Question 19

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow.
-Cash from investing activities

Accepted Answer

Cash from investing activities is reported in the Statement of Cash Flows, which shows how changes in the balance sheet accounts and income affect cash and cash equivalents.

Question 20

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow.
-Net change in cash

Accepted Answer

Net change in cash is a component of the Statement of Cash Flows, which summarizes the amount of cash and cash equivalents entering and leaving a company.

Quiz 1: Financial Accounting and Business Decisions

Construct a balance sheet from the financial statements components listed below.

Prepare a balance sheet for Hollywood Toys as of July 31, 2019. Hollywood's account balances for the month ending July 31, 2019 are:

The following items and amounts are taken from the 2019 financial records of Cynatech: Prepare a balance sheet for Cynatech for the year ending December 31, 2019.

Listed below are definitions of financial statement components and financial statements. From this list, find the definition of each of the nine terms numbered 1-9. Place the letter of the term's definition in the space provided. -The ownership claims on the assets of the business.

To which financial statements are each of the following financial values linked and how are they linked? a. Retained earnings b. Net income c. Cash

At January 31, 2018, Daisy's retained earnings were $25,110 million. During the year, Daisy reported net income of $14,333 million and paid a dividend of $1,345 million. Determine Daisy's retained earnings as of January 31, 2019.

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow. -Retained earnings

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow. -Revenue

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow. -Liabilities

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow. -Common stock

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow. -Cash from investing activities

Match each item with the financial statement in which each item would most likely appear: Use (I) for Income Statement, (B) for Balance Sheet and (CF) for Statement of Cash Flow. -Net change in cash