Acctg 20 most missed

Which of the following financial statements reports a company's retained earnings?

balance sheet

what is the balance of accounts receivable

17,000

When a company incurs a cost used in current operations but has not yet paid cash for that cost in the current period, the accounting equation would be affected as follows:

liabilities increase and stockholders' equity decreases

a credit to an asset account

decreases its balance

how many of the items listed above are generally reported as Current assets?

two

the closing process includes which of the following?

closing the balances of revenue, expense and dividend accounts to zero

which of the following is a possible closing entry?

debit service revenue, credit retained earnings

The adjusting entry to record the expiration of rent over the year would include:

a credit to prepaid rent

which account measures amounts owed to suppliers?

accounts payable

payment of cash dividends to stockholders is considered a(n)

financing cash flow

providing services on account would be recorded with a

debit to accounts receivable

the common stock account records

Cash received by the company from its stockholders.

an example of an adjusting entry would NOT include

Recording the cash received in advance from customers during the year (CURRENT)

the sale of land for cash is considered a(n)

investing cash flow

If the company had Retained Earnings of $200,000 at the end of Year 3, what was the company's Retained Earnings at the beginning of Year 1?

30,000

what amount will be reported for total assets?

83,500