Lesson 7.01
Which of these is NOT a date associated with dividends in a corporation?
Stock Date
Declaration Date
Record Date
Payment Date
What it STOCK DATE
Balance sheet
Worksheet
Income Statement
Statement of Stockholders' Equity
What is WORKSHEET.
Which is NOT a major section of the statement of stockholders' equity?
Current Assets
Retained Earnings
Total Stockholders' Equity
Common Stock
What is CURRENT ASSETS.
Which account requires a closing entry?
Dividends
Cash
Accounts Receivable
Accounts Payable
What is DIVIDENDS.
Which dividend date does NOT include a journal entry?
Stock Date
Declaration Date
Record Date
Payment Date
What is RECORD DATE.
A component percentage is a value equal to which of the following?
a percentage of the dividends
a percentage of the cash
a percentage of the base amount
a percentage of the stockholders' equity
What is A PERCENTAGE OF THE BASE AMOUNT.
The ___________________ states that assets = liabilities + stockholders' equity.
What is the ACCOUNTING EQUATION.
Which account may be listed on a post-closing trial balance?
Supplies
Rent Expense
Dividends
Insurance Expense
What are SUPPLIES.
On which date does a dividend become a liability?
Stock Date
Declaration Date
Record Date
Payment Date
What is DECLARATION DATE.
What is the corporate federal income tax rate in the United States?
What is 21%.
What is the correct order of preparing financial statements?
Income Statement, Balance Sheet, Statement of Stockholders' Equity
Statement of Stockholders' Equity, Income Statement, Balance Sheet
Income Statement, Statement of Stockholders' Equity, Balance Sheet
Statement of Stockholders' Equity, Income Statement
What are Income Statement, Statement of Stockholders' Equity, Balance Sheet
Which account is debited during the closing process at the end of the fiscal period?
Utilities Expense
Cash
Dividends
Sales Revenue
What is SALES REVENUE.
What account is credited when a dividend is declared?
Dividends Payable
Cash
Accounts Receivable
Dividends
What is DIVIDENDS PAYABLE.
What is NOT a section of the worksheet?
balance sheet
trial balance
stockholders' equity
income statement
What is STOCKHOLDERS' EQUITY.
Dividends are reported on which financial statement?
Statement of Cash Flows
Balance Sheet
Statement of Stockholders' Equity
Income Statement
What is the STATEMENT OF STOCKHOLDERS' EQUITY.
Which is a commonly used account for adjusting entries in a corporation?
Accounts Receivable
Depreciation Expense
Cash
Accounts Payable
What is DEPRECIATION EXPENSE.
Which account is credited when a dividend is paid?
Dividends Payable
Cash
Accounts Receivable
Dividends
What is CASH.
Income before Taxes
Net Income or Net Loss
Total Liabilities
Total Capital
What is NET INCOME OR NET LOSS.
Total Liabilities & Stockholders' Equity
Total Assets
Total Stockholders' Equity
Ending Balance
What are TOTAL LIABILITIES & STOCKHOLDERS' EQUITY.
Calculate the Net Income or Net Loss given the following information:
Sales - $250,000
Total Operating Expenses - $50,000
Cash - $25,000
Income Tax Expense- $10,000
Cost of Merchandise Sold - $40,000
Retained Earnings - $80,000
What is $150,000.
EXAMPLE:
Sales $250,000
Cost of Merchandise Sold ($40,000)
Gross Profit $210,000
Operating Expenses ($50,000)
Operating Income $160,000
Income Tax Expense ($10,000)
Net Income $150,000