The expensing of a long-term asset, such as Equipment, over its useful life causes a(n)
______. (Select all that apply.)
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- Decrease in assets
- Decrease in shareholders' equity
Show the effect of the transaction: Wursthaus, Inc., paid a $30 cash dividend to its
owners.
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, Assets = (30) Cash
Liabilities = NO EFFECT
Stock = NO EFFECT
Retained Earnings = (30) Dividends
Match each statement below with the appropriate financial statement being
summarized.
Statement 1:
- "For the period ended dec. 31"
- revenues, expenses & net income
Statement 2:
- "For the period ended dec. 31"
- beginning RE, net income, dividends & ending retrained earnings
Statement 3:
- "At Dec. 31"
- Assets, liabilities, stock & retained earnings
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Statement 1:
Answer: Income Statement
Statement 2:
Answer: Shareholders' Equity
Statement 3:
Answer: Balance Sheet
Which of these would be captured and reported in an accounting system? (Select all
that apply.)
______. (Select all that apply.)
Give this one a try later!
- Decrease in assets
- Decrease in shareholders' equity
Show the effect of the transaction: Wursthaus, Inc., paid a $30 cash dividend to its
owners.
Give this one a try later!
, Assets = (30) Cash
Liabilities = NO EFFECT
Stock = NO EFFECT
Retained Earnings = (30) Dividends
Match each statement below with the appropriate financial statement being
summarized.
Statement 1:
- "For the period ended dec. 31"
- revenues, expenses & net income
Statement 2:
- "For the period ended dec. 31"
- beginning RE, net income, dividends & ending retrained earnings
Statement 3:
- "At Dec. 31"
- Assets, liabilities, stock & retained earnings
Give this one a try later!
Statement 1:
Answer: Income Statement
Statement 2:
Answer: Shareholders' Equity
Statement 3:
Answer: Balance Sheet
Which of these would be captured and reported in an accounting system? (Select all
that apply.)
