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ACCT-2010 Study Guide - Midterm Guide: Retained Earnings, Balance Sheet, Financial Statement

660 views6 pages
peachmoose534
14 Sep 2019
School
Clemson University
Department
Accounting
Course
ACCT-2010
Professor
Dr. Lydia L. F. Schleifer

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Document Summary

Income statement: balance sheet, statement of cash flows, both b and c are correct. Income statement: statement of retained earnings, statement of cash flows, both a and d are correct, during the year c co. "s retained earnings increased from ,000 to ,000. How much expense did c co. incur during the year: sh, ,000, ,000, ,000, during the year c co. "s retained earnings increased from ,000 to ,000. How much net income did c co. have during the year: ,000, ,000, ,000, ,000, during the year c co. "s retained earnings increased from ,000 to ,000. The receipt was recorded as deferred rent revenue. What entry is necessary on september 30 to prepare riverside"s financial statements: reduce deferred rent revenue by ,500 and increase rent revenue by ,500, reduce deferred rent revenue by ,500 and increase rent revenue by ,500. Increase cash by ,500 and increase rent revenue by ,500.

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Related Questions

The five products of financial accounting and the result of theeighth step of the accounting process are:

a.)

Income Statement, Business Progress Statement, Balance Sheet,Statement of Cash Flows, Asset and Liability Statement
b.)

Income Statement, Notes to the Income Statement, Statement ofRetained Earnings, Notes to the Retained Earnings Statement,Balance Sheet.
c.)

Income Statement, Statement of Retained Earnings, Balance Sheet,Statement of Cash Flows, Statement of Stockholders Equity
d.)

Income Statement, Statement of Retained Earnings, Balance Sheet,Statement of Cash Flows, Notes to the Financials

29 Which of the following reports the financial position of the business? a. Income statement b. Statement of cash flows C. Statement of retained earnings d. Balance sheet e. None of the above The correct answer is 'd'.

Prior period adjustments are reported in the:

a. multiple-step income statement.

b. balance sheet.

c. statement of retained earnings.

d. statement of cash flows.

e. single-step income statement