WGU D102 Financial Accounting Pre Assessment What information is contained in a balance sheet? Report of a company's financial position during a period of time. Report of a company's operating performance as of a poin t in time. Report of a company's financial position as of a point in time. Report of a company's operating performance during a period of time. - ✔✔ Report of a company's financial position as of a point in time. What is an owners' equity item? Loans paya ble Accounts receivable Capital stock Cash - ✔✔ Capital stock A company ended July with assets of $150,000 and owner's equity of $60,000. What is the amount of liabilities at the end of July? $60,000 $90,000 $150,000 $300,000 - ✔✔ $90,000 What is reported in a multiple -step income statement that is not reported in a single -step income statement? Gross profit Dividends Retained earnings Cash collected from customers - ✔✔ Gross profit How is gross profit computed? Sales minus cost of goods sold. Sales minus operating expenses. Cash minus dividends. Total revenues minus total expenses. - ✔✔ Sales minus cost of goods sold. The following are some accounts from a company's financial statements: -accounts receivable -cost of goods sold -cash -retained earnings -sales -inventory -income tax expense -accounts payable Which set is a list of all of the items that are used in computing this company's net income? Cash, accounts receivable, and accounts payable. Cash, retained earnings, and accounts payable. Sales, cost of goods sold, and income tax expense. Inventory, accounts payable, and retained earnings. - ✔✔ Sales, cost of goods sold, and income tax expense. What cash flow category contains activities whereby cash is obtained from or repaid to owners or creditors? Financing Investing Equity Revenue - ✔✔ Financing Here are some financial statement items for the year for a company. -Cash received from customers -Cash received from the sale of land -Cash paid for dividends -Cash paid to employees for wages -Cash paid to purchase a new building -Cash paid for rent -Cash received as new investment from owners Which set of items is a list of items that are used in c omputing the company's financing cash flow for the year? Cash received from customers and cash paid for rent. Cash paid to purchase a new building and cash received from the sale of land. Cash paid for dividends and cash received as new investment from ow ners. Cash received from customers, and cash paid to employees for wages. - ✔✔ Cash paid for dividends and cash received as new investment from owners. Here are some financial statement items for a company. -Net income -Cash flow from financing activities -Cash balance at the beginning of the year
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