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21 Oct 2018

The statement that provides the financial position of a companyas of a specific date is the

a.balance sheet.

b.income statement.

c.statement of owner's equity.

d.statement of cash flows.

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Jamar Ferry
Jamar FerryLv2
24 Oct 2018

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Related questions

Which of the following is an order of preparing financial statements?

a. income statement, statement of cash flows, balance sheet, statement of owner's equity

b. income statement, statement of owner's equity, balance sheet, statement of cash flows

c. income statement, balance sheet, statement of owner's equity, statement of cash flows

d. income statement, balance sheet, statement of cash flows, statement of owner's equity

Financial statements are typically prepared in the following order:

a. Balance sheet, statement of owner's equity, income statement.

b. Statement of owner's equity, balance sheet, income statement.

c. Income statement, balance sheet, statement of owner's equity.

d. Income statement, statement of owner's equity, balance sheet.

e. Balance sheet, income statement, statement of owner's equity.

 

3. In Owl Company’s Annual Report, which of these financialstatements show their 3 comparative years, one on top of another(top to bottom), not in side-by-side columns? a. Statement ofStockholders’ Equity b. Statement of Financial Position c.Statement of Cash Flows d. Statement of Income e. All of thesefinancial statements show their comparative years in side-by-sidecolumns.

At year-end, the following information is available from the FoxCo. Adjusted Trial Balance (Accounts are in random order, butassume Normal Account Balances):

Equipment $200,000 Accumulated Depreciation $ 100,000

AccountsPayable 80,000 Cost of Goods Sold 120,000
Loss on Truck Sale 20,000 Depreciation Expense 40,000

Dividends 70,000 Cash 10,000
Salaries Expense 60,000 Sales 650,000
RetainedEarnings 140,000 Accounts Receivable 120,000

Based on this info, what is Fox’sNet Income for the year?

a. 310,000 b. 410,000 c.340,000 d.430,000

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