WGU D102 Financial Accounting Questions & Answers | Latest 2023/24 | Updated & Verified | Guaranteed Success

What information is contained in a balance sheet? -Report of a company's financial position as of a point in time. What is an owners' equity item? Accounts receivable Loans payable Capital stock Cash - Capital Stock A company ended July with assets of $150,000 and owner's equity of $60,000. What is the amount of liabilities at the end of July? - $90,000 What is reported in a multiple-step income statement that is not reported in a single-step income statement? - Gross Profit How is gross profit computed? - Sales minus cost of goods sold. The following are some accounts from a company's financial statements: (accounts receivable, cost of goods sold, cash, retained earnings, sales, inventory, income tax expense, accounts payable) Which set is a list of all of the items that are used in computing this company's net income? - Sales, cost of goods sold, and income tax expense. What cash flow category contains activities whereby cash is obtained from or repaid to owners or creditors? - Financing