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Accounting capstone || with Errorless Solutions 100%.
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  • 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...

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Document information

  • October 17, 2024
  • 8
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • 1 income statement 2 statement of retained earn

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  • Accounting capstone
  • Accounting capstone

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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

Purchasing long-term productive assets

Purchasing equity investments

Purchasing debt investments correct answers Investing activities outflows

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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