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Which type of account would be reported on the income statement? A) Assets B) Expenses

Which type of account would be reported on the income statement? A) Assets B) Expenses

 Which type of account would be reported on the income statement?

A) Assets

B) Expenses

C) Withdrawals

D) Liabilities

12) Net income appears on which of the following financial reports?

A) Balance sheet

B) Income statement and statement of owner's equity

C) Trial balance

D) Balance sheet and income statement

13) What is the James Long Company's net income or net loss if it had revenue of $1,200, salary expense of $300, utility expense of $500, and withdrawals of $500 during May?

A) $400

B) ($100)

C) $100

D) $900

14) The financial statements contain debit and credit columns.

15) Withdrawals and expenses are reported on the income statement.

16) Accounts Receivable appears on the income statement.

17) Salaries Expense appears on the balance sheet.

18) Debit and credit columns are not used on the financial reports.

19) Capital and Expenses are reported on the Statement of Owner's Equity.

20) Dollar signs are not used in formal financial reports.

21) Cash would be affected by any transaction that involves a withdrawal.

22) Determine the ending owner's equity of a business having a beginning owner's equity of $ 9,500, additional investments of $450 withdrawals of $ 1,000, and net income of $ 1,400

23) Determine the beginning owner's equity of a business having an ending owner's equity of $3,500, additional investments of $500 withdrawals of $400, and net loss of $750.

24) Determine the beginning owner's equity of a business having beginning assets of $12,000, ending liabilities of $5,000. During the year the liabilities decreased by $3,000.

Tripti 06-Dec-2019

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