Accounting capstone || with Errorless Solutions 100%.
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Course
Accounting capstone
Institution
Accounting Capstone
1. Income Statement
2. Statement of Retained Earnings
3. Balance Sheet
4. Statement of cash flows correct answers What are the four financial statements in order?
Net income from the income statement goes on statement of retained earnings correct answers What is the relationship of the incom...
Accounting capstone || with Errorless Solutions 100%.
1. Income Statement
2. Statement of Retained Earnings
3. Balance Sheet
4. Statement of cash flows correct answers What are the four financial statements in order?
Net income from the income statement goes on statement of retained earnings correct answers
What is the relationship of the income statement and statement of retained earnings?
The retained earnings goes on the balance sheet correct answers What is the relationship between
statement of retained earnings and the balance sheet?
Operating performance correct answers What is the income statement?
Assets=liabilities+equity-retained earnings correct answers What is the balance sheet?
Also known as retained earnings
Stock activities, dividends correct answers Statement of changes in stock holders equity
It does not tell you where you spent your cash correct answers Why are income statements and
balance sheets not enough?
Accrual basis and cash basis are not related correct answers What does a statement of cash flow
tell us?
They are 90 days or less and short-term, highly liquid correct answers Cash equivalents
No correct answers Does a statement of cash flow report the cash payments to purchase cash
equivalents
No they are combined into one correct answers Does it report the cash receipts from selling cash
equivalents?
1. Operating
2. Investing
3. Financing correct answers The three statements of cash flows are:
The cash flows affect net income, current assets, current liability correct answers Operating
activities
Receipts from customers
Cash dividends received
Interest from borrowers correct answers Operating activities inflows
, Salaries and wages
Payments to suppliers
Taxes and fines
Interest paid to lenders correct answers Operating activities outflows
Outflows- depreciation, amortization, depletion and bad debt expense
Inflows- gain/loss on sale of investments correct answers Non cash operating items
Debit Truck for $50,000 and credit cash
Debit depreciation expense for $5,000 and credit AD
Yr 2 sold for 42,000
Cash 42,000
Ad. 10000
Credit truck for 50,000 and gain on sale for 2,000
Dr bad debt expense and credit allowance correct answers Sold truck for $50,000
Affects no current assets correct answers Investing activities
Selling long-term productive assets
Selling investments in securities
Collecting principal on loans correct answers Investing activities inflows
Affect noncurrent liabilities and equity accounts correct answers Financing activities
Issuing its own equity securities
Issuing bonds and notes
Issuing short and long term liabilities correct answers Financing activities inflows
Paying dividends
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