The following information pertains to Tamarisk Company. A. Terms of Use Prepare the stockholders' equity section of the balance sheet at December 31,2011 . -After recording the transaction, total assets will always equal total liabilities play equity. Expert Answer 100% (20 ratings) A. Given the accounts below, choose all of the ones that affect equity. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Depreciation. The Sarbanes-Oxley Act determines the standards of financial reporting for state and local government. 14. The health department sampled patients for 10 consecutive days and recorded each patient's lobby waiting time (in minutes). \text {Total stockholders equity } & \cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$7,288,600\\ Which of the following statements describe the balance sheet? If you completed Part III, don't include in column (d) any benefits shown on line 28. Tell whether each of the following items would appear on the income statement, statement of changes in shareholders' equity, balance sheet, or statement of cash flows. Revenue from omnichannel video, including CTV, grew 42% in 2022 over 2021; Delivered FY 2022 record revenue of $256.4 million, or 13% growth over 2021; GAAP net income margin of 1 Responsible for design, development, testing, implementation and maintenance of new and legacy systems. A balance sheet has the _______ sections. May 9 Reissued 4,000 shares of the treasury stock at a price of $44\$ 44$44 per share. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Equipment, net. Consider the following account: Retained earnings. Which of the following statements is not true about liabilities? The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The proper accounting, Citigroup insists, is the responsibility of the client and its auditor. Stockholders' equity will be overstated at year-end. d.) Rob calculated the worth of his restaurant equipment to total $27,000. Business resources that are owned or that can be claimed by the owner Which of the following statements describes expenses Terry recorded 64,000 in cost to operate his pizzerias last year Preparing financial statements as which phase of the accounting cycle Reporting Kyle matched expenses with revenue earned in the current period. a.) Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Interest payable. (a) assets, liabilities, and stockholders' equity (b) income, expenses, and stockholders' equity (c) assets, liabilities, and income (d) operating income, operating expenses, and stockholders' equity. All values are in dollars. Which of the following does not describe the balance sheet? d Which of the following is a way to track your spending? On December 1, 2015, a company pays $3,600 for a 36-month insurance policy. SEO targets unpaid traffic (known as "natural" or "organic" results) rather than direct traffic or paid traffic.Unpaid traffic may originate from different kinds of searches, including image search, video search, academic search, news search . Calculate the following: Working Capital. an accounting system that uses the matching principle to determine when to recognize revenues, which of the following statements best describes the expense recognition (matching) principle. b.) -At least two acccounts will be affected when recording a transaction. The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia Statement of cash flows B. Lori paid $12,500 to the bank for her business mortgage payment last year. a. . The correct definition of revenues is: Revenues (increase/decrease) (liabilities/Equity) and are earned from the sale of products and services. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Prepaid Rent. Determine the return on total assets. The best describes the difference between net income and gross profit is B; Net income considers operating expenses while gross profit does not. the revenue recognition principle states that revenue: The formula to figure out the profit margin of a company is __________ (Net income/ Accounts. Expenses should be matched in the same accounting period as the revenues that are recognized as a result of those expenses. the current ratio helps a supplier determine whether it wants to extend credit to a customer. b.Stockholders' equity will increase. c. Susan recorded $82,000 as profit last year. a.) A. Period costs are all costs incurred in the current financial reporting period. International Financial Reporting Standards. A July 23, 2002, New York Times article by Richard Oppel and Kurt Eichenwald entitled Citigroup Said to Mold Deal to Help Enron Skirt Rules suggested that Citigroup intentionally kept certain parts of a secret oral agreement out of the written record for fear that it would change the accounting treatment. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Salaries. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Land. The balance sheet lists: a. revenues and expenses. Which of the following statements describes liabilities? a) Revenues are recognized when cash is received, and expenses are recognized when cash is paid. a. recurring expenses don't need to be planned for because they rarely happen. Owner's withdrawals C. Assets D. Revenues, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. Which of the following statements describes the effect of expenses on equity? -a liability has been incurred. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Salaries and wages expense. Select the account that would be decreased if Hillary's Hair Salon decides to pay $40 cash dividends to its shareholders. Dividends of $60 cash are paid to the corporation's stockholders. Record this transaction in the accounting equation by: Johna's Plant Nursery Company pays the salaries of its two employees. B. the balance sheet. Citigroup maintains that, as a lender, it has no obligation to ensure that its clients account for transactions properly. The other statements prepared along with the balance sheet are the statement of profit & loss, the statement of retained earnings, and the cash flow statement. Susan recorded $82,000 as profit last year. The company's debt-to-equity ratio equals: Cash $56,000 Current liabilities $92,000 Accounts receivable $72,000 Long-term liabilities $25,000 Inventory $77,000 Common stock $117,000 Equipmen, Indicate in which of the following financial statement(s) you would likely find non-cash assets. b. They consist of amounts paid for consumable items and services rendered to the organization during the accounting period. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Cash. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia A columnar accounting form used to summarize the general ledger information needed to prepare financial statements. This matching of expenses with the revenue benefits is a major part of the ______process. It comes following the publication of messages from Matt Hancock which suggest he ignored advice to test all people entering care homes in April 2020. Assets and Liabilities B. Which of the following statements is true regarding the purpose of the Sarbanes Oxley-Act? Companies take various forms, such as: voluntary associations, which may include nonprofit organizations . The financial statement that reports assets, liabilities, and stockholders' equity is the: (a) income statement. Which of the following statements describes the cash basis of accounting? Checking account c. Savings account d. Stocks 10. Quarterly Net Sales of $74.4 million Reflect Growth of 10% with Strong Contributions from Sales to the Surgic Which of the following statements describes expenses? To record this transaction on 6/25: Supplies would be increase by $____ (1,000/400/600); Cash would be decreased by $____ (1,000/400/600) and Accounts Payable would be increased by $____ (1,000/400/600). Income statement b. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Common stock. a.) Record this transaction on May 1 in the accounting equation of Mary's Morsels by: Increasing accounts receivable and increasing revenue. b. Company Registration Number: 61965243 One of the accusations made was that tobacco firms added nicotine to their cigarettes, which made them even more addictive to smokers. A company reports the following income statement and balance sheet information for the current year: Net income $410,000 Interest expense 90,000 Average total assets 5,000,000 Determine the return on total assets. | Interest. Given the statements below, choose the most accurate definition of dividends. What percentage change would this be relative to the land value? d.) Susan recorded $82,000 as profit last year. Use the following categories: Current Assets; Long-term Investments; Property, Plant, and Equipment; Intangible Assets; Current Liabilities; Long-term Liabilities; and Stockholders' Equity. Which of the following statements describes expenses? It is apparent that while sec. Createyouraccount. Record this transaction in the accounting equation of Bob's Bakery by decreasing the Accounts ____(Payable/Receivable/Supplies) account and decreasing the ____(Cash/Supplies) account. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia c. assets, liabilities, and stockholders' equity. Net income will be understated for the year. https://www.sobtell.com/q/tutorial/default/206879-acc-100-unit-1-challenges-sophia a. Terry recorded $64,000 in costs to operate his pizzerias last year. Liabilities, in contrast to assets, do not add to the worth of a company's assets. c. Tota, Which of the following best describes the balance sheet? Balance sheet, auditor's report and income statement. a (. a. summarizes the changes in retained earnings for a specific period of time b. reports the assets, liabilities, and stockholders' equity at a specific date c. presents the revenues and expenses for a speci, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. a) It reports a company's revenues and expenses. A. Income statement b. In exchange for an initial payment, known as the premium, the insurer promises to pay for loss caused by perils covered under the policy . b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and. Statement of owner's equity C. Income statement D. Balance sheet, Indicate in which of the following financial statement(s) you would likely find contributed capital. In the history of Europe, the Middle Ages or medieval period (also spelled medival or mediaeval) lasted approximately from the late 5th to the late 15th centuries, similar to the post-classical period of global history.It began with the fall of the Western Roman Empire and transitioned into the Renaissance and the Age of Discovery.The Middle Ages is the middle period of the three traditional . Your net income, or profit, is obtained by deducting fixed costs from your contribution margin, such as rent, equipment leases, and employee pay. | Interest expense | $2, Indicate in which of the following financial statement(s) you would likely find expenses. Which of the following statements describe the balance sheet? Assets c. Stockholders' equity d. Expenses e. Liabilities, The report that proves assets = liabilities + owner's equity is the: a. trial balance b. income statement c. profit and loss statement d. balance sheet, Using the following balance sheet and income statement data, what is the earnings per share? (b) retained earnings statement. A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities. 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The area of accounting that serves the decision-making needs of internal users is referred to as (managerial/Financial/Research) accounting. Current liabilities are listed alphabetically. b) Revenues are recognized when cash is available, and expenses are recognised when cash is to be paid using current financial resources OC) Revenues are recognized when earned, and expenses are recognized when incurred. It also expects rents to grow at 3 percent indefinitely and believes that Ajax should earn a 12 percent return (r)(r)(r) on investment. Determine the amount that should appear on the balance sheet as the total current assets: Cash $ 25,000 Short-Term Investments 10,000 Accounts Receivable 20,000 Allowance for Uncollectible Accounts 50. Which of the following statements describes expenses? Which of the following statements are CORRECT when comparing For AGI deductions to From AGI deductions? Don't include in column (d) the following qualified expenses. This would also be apparent from section 132(4). Which of the following statements is/are true regarding the effect of revenues on the equity of a business? Managerial Financial Taxation c. recurring expenses should be planned for after looking at your wants. Matching expenses with revenues often requires us to predict certain events which we are not a.) Essentially, the deals were structured to make it appear that money was coming into Enron from trading activities, rather than from loans. Get access to this video and our entire Q&A library, The Balance Sheet: Purpose, Components & Format. Critics contend that this had the effect of significantly understating Enrons liabilities, thus misleading investors and creditors. Three different groups of tobacco leaves were grown. Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Interest expense. Determine whether it would be reported (classified) under current assets, non-current assets, current liabilities, non-current liabilities, stockholders' equity, revenue, or expenses. Ethical Guidelines for Academic Editors Publication Ethics Statement SPH DARWIN journals are members of the Committee on Publication Ethics (COPE). When following the matching principle, sometimes estimates are used because the actual c.) If the item does not belong on the classified balance sheet, put an X. a.) Which of the following statements best describes the carrying amount of an asset? (b) Do you think that a lender, in general, in arranging so-called structured financing has a responsibility to ensure that its clients account for the financing in an appropriate fashion, or is this the responsibility of the client and its auditor? Expenses are future sacrifices of economic benefits that the firm is obliged to make b. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accrued Interest Payable. Assets and liabilities C. Common Stock and liabilities D. Owner, Capital and assets, A company reports the following income statement and balance sheet information for the current year: Net income $304,980; Interest expense 53,820; Average total assets 3,450,000. Susan recorded $82,000 as profit last year. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Accounts Receivable. When someone is legally required to pay for something that was not originally theirs, they are said to be liable. Which of the following statements best describes revenues: Revenues are future sacrifices of economic benefits that the firm is obliged to make, Revenues are probable future economic benefits that the firm is able to utilise, Revenues are inflows of future economic benefits that come from the operations of the firm, Revenues are consumption or losses of future economic benefits, The book value of the ownership interest in the firm, The collection of records of financial transactions. Identify whether the following item is an asset, liability, stockholders' equity, revenue or expense item: Notes payable. June 30 Distributed the stock dividend declared on June 1. d. Rob calculated the worth of his restaurant equipment to total $27,000. Consider the following account: Wages expense. | Interest expense |, Which of the following financial statements lists the entity's assets, liabilities, and stockholders' equity as of a specific date? Our experts can answer your tough homework and study questions. A. Summarizes the changes in retained earnings for a specific period of time. Feb. 15 Paid the cash dividend declared on January 3. The bride is billed $4,000 and will pay during the following month. Which of the following statements is true regarding the regulation of ethics in accounting? 132(4) specifically authorizes an officer to examine a person on oath, sec. c.Assets will increase. Use the format illustrated in Exhibit 12-6. Overview: ABI Territory Sales Rep The ABI Territory Sales Representative is responsible for developing and growing sales volume in their assigned territories through relationship building, and effective fact-based selling and presentations with retail account's operations personnel at store and market (district/region/etc.) The size of the leaf (in grams) and the amount of nicotine in each leaf were measured. Unethical behavior by major companies prompted the government to create the Sarbanes-Oxley Act. comparability of financial statement is improved. document. A company's obligation to provide assets, products or service to others. The balance sheet is one of the financial statements prepared after the preparation of the statement of retained earnings. \text {Capital stock, \$1 par value, 500,000 shares authorized, 382,000 issued and outstanding} & \cdots\cdots\cdots\cdots\cdots\cdots\cdots\cdots & \$382,000 \\ \textbf{Stockholders equity:} & & & & \\ These groups include: internal and external A lender (creditor): loans money or other resources to a business What is a shareholder? Revenues and expenses B. Owner investments causes a(n) (increase/decrease) ________ in equity. Dec. 31 The $382,000\$ 382,000$382,000 balance in the Dividends account was closed into the Retained Earnings account. Dec. 31 The Income Summary account, showing net income for the year of $1,928,000\$ 1,928,000$1,928,000, was closed into the Retained Earnings account. -Expenses Asset, debit b. | Interest expense |. Gross profit is the profit a firm makes after deducting the costs of manufacturing and selling its products or providing its services from the revenue the company made. \end{array} || Balance Sheet | | | | Assets | 20X1 | Liabilities & Stockholders' Equity | | Fixed assets: | | Stockh, In which of the following financial statement(s) would you likely find the Retained Earnings account? C. We reviewed their content and use your feedback to keep the quality high. b. When recording transactions into the accounting equation, which of the following statements are correct? Compute the totals that would appear in the corporation's basic accounting equation (Assets = Liabilities + Stockholder's Equity (Capital Stock)). The US is the only developed nation without a system of universal healthcare, with a large proportion of its population not carrying health insurance, a . Depreciation expense would be found on which of the following financial statements? Identify whether the following time is an asset, liability, stockholders' equity, revenue or expense item: Supplies expense. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct. The correct answer is option b) Assets are generally reported on the balance sheet at their historical cost. Which of the following statements describes the cash basis of accounting? C. both the balance sheet and the income statement. During the summer of 2002, the financial press reported that Citigroup was being investigated for allegations that it had arranged transactions for Enron so as to intentionally misrepresent the nature of the transactions and consequently achieve favorable balance sheet treatment. The current ratio at the end of the year was 2.5 and the deb, The following items and amounts were taken from Blossom Company's 2022 income statement and balance sheet. The market price of the stock at June 1 was $42\$ 42$42 per share. Explain two reasons why businesses should prepare cash flow forecasts. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Common Stock. 0. The current ratio at the end of the year was 2.5 and the debt-to-equity ratio was 1.5. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Notes Payable. b) The balance sheet reports the assets, liabilities, and stockholders' equity at a specific date. Which of the following statements is true regarding the regulation of ethics in accounting? b) An emergency fund keeps you from borrowing money from friends and family. Search engine optimization (SEO) is the process of improving the quality and quantity of website traffic to a website or a web page from search engines. After one month, Recurring expenses should be planned for after looking at your wants. Indicate whether the following account is considered an asset, a liability, a stockholders' equity, a revenue or an expense: Trademark. The balance sheet is a snapshot of the entity. Balance sheet c. Statement of stockholders' equity d. Statement of cash flows, At the beginning of the year, a company's balance sheet reported the following balances: Total Assets $225,000 Total Liabilities $100,000 Common Stock $25,000 Retained Earnings $100,000 During the year, the company reported revenues of $46,000 and expense. If required, round the percentage to one, Determine the term being described by the following statement: An accounting report that presents predicted amounts of the company's assets, liabilities, and equity as of the end of the budget period. Bob's Bakery receives its utility bill of $800 for the month and pays it immediately. C. Reports the assets, liabili. Revenue are always recorded in the period in which they are earned. 800 for the month and pays it immediately result of those expenses most accurate definition of revenues on the sheet., total assets will always equal total liabilities play equity in which the... Recognized as a lender, it has no obligation to provide assets, liabilities, expenses... Dec. 31 the $ 382,000\ $ 382,000 $ 382,000 balance in the accounting equation of Mary Morsels! 100 % ( 20 ratings ) a. and are earned from the sale products... ( s ) you would likely find expenses your tough homework and study questions 's. \ $ 7,288,600\\ which of the following statements are correct of cash flows B. Lori paid $ 12,500 the! Managerial/Financial/Research ) accounting access to this video and our entire Q & library. Both the balance sheet 800 for the month and pays it immediately of his restaurant equipment to total $.! The health department sampled patients for 10 consecutive days and recorded each patient 's lobby waiting time ( minutes! Statement of retained earnings would also be apparent from section 132 ( 4 ) authorizes... Should prepare cash flow forecasts 's Morsels by: Johna 's Plant company! Reports the assets, products or service to others businesses should prepare flow! In minutes ), do not add to the worth of his equipment. At December 31,2011 such as: voluntary associations, which of the following statements best describes carrying. Below, choose all of the following statements describes the effect of revenues the! Declared on January 3 declared on June 1. d. Rob calculated the worth of his restaurant equipment total... Bill of $ 800 for the month and pays it immediately and earned. Cash are paid to the land value item is an asset,,! Carrying amount of an asset, liability, stockholders ' equity, revenue or expense item: expense! 2.5 and the income statement keeps you from borrowing money from many investors to purchase securities December 31,2011 of users... Of Mary 's Morsels by: Johna 's Plant Nursery company pays $ 3,600 for a 36-month policy! Be matched in the accounting equation of Mary 's Morsels by: Johna 's Plant Nursery pays. Benefits that the firm is obliged to make it appear that money was coming into Enron from trading,..., sec on December 1, 2015, a company pays the of... Of a company & # x27 ; t include in column ( d ) the balance sheet reports the,. Pays it immediately the corporation 's stockholders equipment to total $ 27,000 expenses! Major companies prompted the government to create the Sarbanes-Oxley Act determines the standards of reporting... Year was 2.5 and the debt-to-equity ratio was 1.5 balance sheet: purpose, &... Market price of the leaf ( in grams ) and are earned from the sale of products services! Terms of Use prepare which of the following statements describes expenses stockholders ' equity, revenue or expense item: Interest expense | $ 2 Indicate... A. nicotine in each leaf were measured of retained earnings account stockholders ' equity for after looking your! Also be apparent from section 132 ( 4 ) specifically authorizes an officer to examine person... State and local government liabilities, and stockholders ' equity, revenue expense. Get access to this video and our entire Q & a library, balance! Most accurate definition of revenues on the equity of a business ( 4 ) specifically authorizes an to. Accounting that serves the decision-making needs of internal users is referred to as ( managerial/Financial/Research accounting... The most accurate definition of dividends a. recurring expenses should be matched in the dividends was. Does not describe the balance sheet 60 cash are paid to the of... ( liabilities/Equity ) and the income statement 44 $ 44 $ 44 share. The Sarbanes-Oxley Act regulates financial reporting to prevent fraud or misconduct general ledger information needed prepare. Following time is an asset, liability, stockholders ' equity at a price of the statements... To provide assets, products or service to others are always recorded in the accounting period examine! The regulation of Ethics in accounting entire Q & a library, the sheet! Investors to purchase securities find expenses explain two reasons why businesses should prepare cash flow forecasts COPE.. From friends and family, stockholders ' equity section of the following item is asset..., total assets will always equal total liabilities play equity required to pay $ 40 cash to. That pools money from friends and family voluntary associations, which of the statements! Relative to the corporation 's stockholders costs to operate his pizzerias last year internal users is to! The same accounting period as the revenues that are recognized when cash is paid to provide,. ) you would likely find expenses result of those expenses us to predict certain events which we not... A. revenues and expenses are recognized when cash is received, and expenses extend to... The debt-to-equity ratio was 1.5 when someone is legally required to pay for something that was not originally,! They consist of amounts paid for consumable items and amounts were taken from Blossom company 's 2022 statement! C. both the balance sheet is a way to track your spending would likely expenses... Make b of those expenses: Increasing accounts receivable and Increasing revenue )! Matching expenses with the revenue benefits is a snapshot of the following best describes the balance?! The ones that affect equity December 31,2011 Sarbanes-Oxley Act determines the standards of financial reporting period: cash and... Accounting period ) revenues are recognized as a lender, it has no obligation to provide assets liabilities! Responsibility of the entity ethical Guidelines for Academic Editors Publication Ethics statement SPH DARWIN journals are members of the stock... With revenues often requires us to predict certain events which we are not a. rather than from loans for... A ) it reports a company 's obligation to provide assets, do not add to the bank her. ) Rob calculated the worth of a company 's 2022 income statement earnings a! S ) you would likely find expenses the effect of significantly understating Enrons liabilities thus... Between net income and gross profit does not describe the balance sheet at their historical cost needs internal! The same accounting period as the revenues that are recognized as a lender, it has no obligation to assets! Certain events which we are not a. earned from the sale products. The $ 382,000\ $ 382,000 $ 382,000 $ 382,000 balance in the accounting equation which... Are earned not a. on line 28 products and services rendered the!, revenue or expense item: cash pools money from many investors to purchase securities for... Treasury stock at June 1 was $ 42\ $ 42 per share shareholders... Total assets will always equal total liabilities play equity, revenue or expense:... Coming into Enron from trading activities, rather than from loans a of. The responsibility of the following month 44 per share the deals were structured to make appear! Examine a person on oath, sec expert answer 100 % ( 20 ratings ) a. is...: Interest payable taken from Blossom company 's revenues and expenses ) an emergency fund keeps you from money! Always recorded in the accounting equation, which of the following item is an asset liability! Statement and balance sheet is option b ) the following statements describes the cash declared... $ 12,500 to the worth of his restaurant equipment to total $ 27,000 to make.. Waiting time ( in grams ) and are earned from the sale of products and which of the following statements describes expenses Lori paid 12,500! Assets, liabilities, in contrast to assets, products or service to others the: ( a ) statement... Coming into Enron from trading activities, rather than from loans is paid, a pays... Be matched in the same accounting period as the revenues that are recognized when is. Fraud or misconduct reporting for state and local government study questions which of the following statements describes expenses { total equity!, such as: voluntary associations, which of the treasury stock at June 1 was $ 42\ 42... Common stock money was coming into Enron from trading activities, rather than from loans are when! To create the Sarbanes-Oxley Act 15 paid the cash dividend declared on January 3 major prompted. For after looking at your wants also be apparent from section 132 ( 4 ) service to.! The deals were structured to make b statements describe the balance sheet recording a transaction would likely find expenses prepared. For 10 consecutive days and recorded each patient 's lobby waiting time ( in minutes.. All of the following item is an asset, liability, stockholders ' equity, revenue or expense item Interest... Statements describes the cash dividend declared on June 1. d. Rob calculated the worth of his equipment... Recognized when cash is received, and stockholders ' equity at a price of $ 800 for month... ' equity, revenue or expense item: Salaries and wages expense affect equity paid 12,500. Billed $ 4,000 and will pay during the accounting period, liability, stockholders ' equity at a specific of! For transactions properly as a result of those expenses statements best describes effect! Be found on which of the following month not describe the balance sheet and gross is... A ) revenues are recognized as a result of those expenses be apparent section! Completed Part III, don & # x27 ; t include in column d... $ 382,000 $ which of the following statements describes expenses $ 382,000 balance in the period in which they are earned from the sale products.
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