Which of the following shows how the year-end adjustment to recognize supplies expense will affect a company's financial statements?A.B.C.D.Assets =+ -+Multiple ChoiceOOBalance SheetStockholders'Liabilities + Equityn/an/an/an/aOption AOption DOption BOption Cn/an/aRevenuen/an/an/an/aIncome StatementExpense = Net Incomen/an/a+n/a+n/aStatement ofCash Flowsn/an/a-OperatingActivity-OperatingActivity

Supplies Expense :— It is an expense account. It means purchase of inventory. Year end adjustment…

Which of the following shows how the year-end adjustment to recognize supplies expense will affect a company's financial statements? A. B. C. D. Assets = + - + Balance Sheet Liabilities + n/a n/a n/a Multiple Choice Option A Option D Option B Option C n/a Stockholders' Equity n/a n/a Revenue n/a n/a n/a n/a Income Statement Expense = Net Income n/a n/a + n/a + n/a Statement of Cash Flows n/a n/a -Operating Activity -Operating Activity

Which of the following shows how the year-end adjustment to recognize supplies expense will affect a company's financial statements? A. B. C. D. Assets = + - + Balance Sheet Liabilities + n/a n/a n/a Multiple Choice Option A Option D Option B Option C n/a Stockholders' Equity n/a n/a Revenue n/a n/a n/a n/a Income Statement Expense = Net Income n/a n/a + n/a + n/a Statement of Cash Flows n/a n/a -Operating Activity -Operating Activity

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter14: Corporation Accounting

Section: Chapter Questions

Problem 20MC: Which of the following is a measurement of earnings that represents the profit before interest,...

See similar textbooks

Similar questions

The cumulative effect of an accounting change should generally be reported as an adjustment to the beginning balance of retained earnings in tin period in which the change is made for a:
1. Compute for the company's profitability and operating efficiency's ratios for 2019 B.Operating Efficiency a. Asset Turnover b. Fixed Asset Turnover c. Inventory Turnover d. Days in Inventory e. AR Turnover f. Days in AR
Retained profit from the statement of comprehensive income is________. Select one: a. subtracted from reserves in the statement of financial position b. added to reserves in the statement of financial position c. carried forward to form part of the trading profit for the next year d. shown as an asset in the statement of financial position
Required: (a) You are required to calculate the following ratios:(i) Gross profit margin(ii) Operating profit margin(iii) Expenses to sales(iv) Return on Capital Employed(v) Asset turnover(vi) Non-current asset turnover(vii) Current Ratio(viii) Quick Ratio(ix) Inventory days(x) Receivables days(xi) Payable days(xii) Interest cover (b) In light of your calculations comment on the performance of the company over thelast two years.
When do we use the Income Summary Account? O A. At the beginning of the financial year to close net income/net loss В. At the end of the financial year to close net income/ net loss C. At the end of the financial year to close gain/loss O D. At the beginning of the financial year to close gain/loss
Which of the following shows how a payment made to settle an accrued expense, such as salaries payable, will affect a company's financial statements? a. b. C. d. Balance Sheet Assets = Liabilities + Equity Revenue n/a n/a n/a n/a n/a n/a Multiple Choice Option B Option C Option A Option D n/a Income Statement n/a Expense = n/a n/a n/a n/a Net income n/a n/a n/a n/a Statement of Cash Flows -Financing Activity n/a -Operating Activity -Investing Activity
compare the current rate method and the temporal method, evaluate how each aff ects theparent company’s balance sheet and income statement, and determine which method isappropriate in various scenarios;
a. Current ratiob. Inventory Turnover ratioc. Accounts receivable ratiod. Fixed asset turnover ratioe. Net profit marginf. Return of assets (ROA)g. Return of equity (ROE)
Use the Income Statement worksheet below to answer: Which of the following items on the Income Statement connects to the same year’s Balance Sheet? Question 3 options: Liability Insurance Net Income EBT Gross Profit EBTDA
5. The following items affect the retained earnings account, except Group of answer choices a. net income or loss for the period b. prior period errors c. realization of revaluation surplus d. effect of change in accounting estimate
Which of the following will be subtracted while calculating ending equity under statement of changes in equity? a. Drawings b. Gross profit c. Reserves and surplus d. Net profit
Which of the following best describes the proper accounting for interim financial reports? a. The interim period is viewed as an integral part of the annual accounting period. b. The interim period is viewed as a distinct, independent accounting period. c. Interim net income should be determined by using the same principles as those for the annual accounting period. d. Net income should be computed on the cash basis except for sales, cost of goods sold, and depreciation.