Income and Retained Earning Statements
This account represents the amount of income a business has made during the current period.
What is sales revenue?
This account is one of the two permanent accounts that is used to calculate shareholders equity that is a representation of stock in the company.
What is Common Stock?
These are the two kinds of journal entries that can be made.
What is a debit and a credit?
This is a flow of costs system that records cost of goods sold at the date of sale.
What is the perpetual inventory system?
The owner of good in transit under FOB Shipping Point.
Who is the buyer?
This is the way that payouts to shareholders should be represented on the retained earnings statement.
What is Less: Dividends?
These accounts are short term debts that are expected to be received or payed out within a year.
What is Accounts Receivable or Accounts Payable?
This is the balance that is applicable to accounts such as notes payable, common stock and depreciation on equipment.
What is a credit balance?
The result of subtracting costs of good sold from the sales revenue.
What is Gross Profit?
An inventory system that assumes that the most recently received goods are the first to be sold.
What is Last in First out (LIFO)?
The date block for a statement filed representing the month of April in 2026.
What is for the month ended April 30th 2026?
These four categories that divide the classified balance sheet.
What are Current Assets, Long Term Assets, PPE, and Intangible Assets?
These journal entries are made after the trial balance sheet is made and require one income statement account and one balance sheet account.
What is an adjusting journal entry.
These are the two accounts that are used to calculate the Profit Margin.
What is Net Income and Net Sales?
The weighted average unit cost when their are a total costs of $8000 and total units of 1600.
What is $5 per unit?
The amount of ending retained earnings for the period where the business had $10,000 in beginning retained earnings, net income of $45,000 and dividends of $15,000.
What is $40,000?
The missing value in the fundamental accounting equation where assets are $1,500,000 and shareholders equity is $850,000.
(We need both the number and the name of the part of the equation)
What are liabilities at $650,000
These are the accounts that you would use if you provide a client a service and they promise to pay you by the end of the month.
What are accounts receivable and service revenue?
This equation is used to calculate the costs of good sold under the periodic inventory system.
What is Beginning Inventory + Costs of Good Purchases = Cost of Goods Available for Sale - Ending Inventory = Cost of Good Sold
Yes. For a period ending in Dec. 31st 2027, the product that was shipped to the customer FOB destination December 28th and arrived January 7th, we would do this regarding its position in the inventory.
Would it be included?
The total net income from a period when:
Depreciation Expense $4,000
Insurance Expense $10,000
Labor and Wages Expense $56,000
Sales Revenue $150,000
Supplies Expense $3,000
What is $77,000?
This is the current ratio for assets equal to 530,000, liabilities equal to 220000, and shareholder's equity equal to 310000.
What is 2.41?
The values for cash and accounts payable if you buy equipment for $15,000 and make a down payment of $6,000.
What is $6000 for cash and $9000 for accounts payable?
The way a 3% discount on an invoice if it is payed within 10 days of the beginning of the month is represented.
What is 3/10?
The inventory items that would be included in the ending inventory for the period ending December 31st 2027 under the FIFO method where there are 200 items in ending inventory and
1/2 Product 1 100 units
3/7 Product 2 150 units
7/8 Product 3 200 units
11/14 Product 4 100 units
12/18 Product 5 50 units
What are products 3, 4, and 5?