WGU D102
WGU D102
Study online at https://quizlet.com/_ej80ta
1. What information is contained in a balance sheet? Report of a company's fi-
nancial position as of a
point in time.
2. What is an owner's equity? Capital stock
Loans payable
Accounts receivable
Capital stock
Cash
3. A company ended July assets of $150,000 and owners $90,000
equity of $60,000.
What is the amount of liabilities at the end of July?
4. What is reported in a multiple-step income statement gross profit
that is not reported in a single-step income state-
ment?
5. How is gross profit computed? Sales minus cost of goods
sold
6. The following are some accounts from a company's Sales, cost of goods sold,
financial statement income tax payable
Accounts receivable
Cost of goods sold
Cash
Retained earnings
Sales
Inventory
Income tax expense
Accounts payable
, WGU D102
WGU D102
Study online at https://quizlet.com/_ej80ta
Which set is a list of all of the items that are used in
computing this company's net income?
7. What cash flow category contains activities whereby financing
cash is obtained from or repaid to owners or credi-
tors?
8. Here are some financial statement items for the year Cash paid for dividends
for a company. and cash received as new
Cash received from customers investment from owners.
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in
computing the company's financing cash flow for the
year?
9. Here are some financial statement items for a compa- Cash balance at the be-
ny. ginning of the year, cash
Net income flow from operating activ-
Cash flow from financing activities ities, cash flow from in-
Cash balance at the beginning of the year vesting activities, and cash
Sales Cash flow from investing activities flow from financing activi-
Accounts receivable ties.
Retained earnings at the beginning of the year
Cash flow from operating activities
What items are used in computing the company's end-
ing cash balance for the year?
, WGU D102
WGU D102
Study online at https://quizlet.com/_ej80ta
10. How is revenue typically recorded with debits and As a credit, representing
credits? an increase in equity.
11. What is the proper way to record an increase in an Asset, debit; equity, credit
asset account and an increase in an equity account?
12. A company was started last year when the sharehold- Total owners' equity is
ers invested $70,000 cash into it. At that time, the $25,000.
company also borrowed $100,000 cash from a local
bank. The company used $140,000 cash to purchase
inventory for $140,000. This year the company sold
all of the inventory for $95,000 cash (and that is not
a typographical error; the amount received for all of
the inventory was only $95,000 cash).
Which account balance is correct with respect to this
company's balance sheet after the sale of the inven-
tory?
13. On January 1, a company had these assets, liabilities, $155
and equities:
Cash$100
Inventory$140
Accounts payable$70
Paid-in capital$150
Retained earnings$20
During the year, the company entered into these
transactions:
Selling inventory costing $140 for a total of $200; cash
of $30 was received, and the remaining $170 was put
on account.
Paying cash for rent of $45.
Paying cash dividends of $30.
WGU D102
Study online at https://quizlet.com/_ej80ta
1. What information is contained in a balance sheet? Report of a company's fi-
nancial position as of a
point in time.
2. What is an owner's equity? Capital stock
Loans payable
Accounts receivable
Capital stock
Cash
3. A company ended July assets of $150,000 and owners $90,000
equity of $60,000.
What is the amount of liabilities at the end of July?
4. What is reported in a multiple-step income statement gross profit
that is not reported in a single-step income state-
ment?
5. How is gross profit computed? Sales minus cost of goods
sold
6. The following are some accounts from a company's Sales, cost of goods sold,
financial statement income tax payable
Accounts receivable
Cost of goods sold
Cash
Retained earnings
Sales
Inventory
Income tax expense
Accounts payable
, WGU D102
WGU D102
Study online at https://quizlet.com/_ej80ta
Which set is a list of all of the items that are used in
computing this company's net income?
7. What cash flow category contains activities whereby financing
cash is obtained from or repaid to owners or credi-
tors?
8. Here are some financial statement items for the year Cash paid for dividends
for a company. and cash received as new
Cash received from customers investment from owners.
Cash received from the sale of land
Cash paid for dividends
Cash paid to employees for wages
Cash paid to purchase a new building
Cash paid for rent
Cash received as new investment from owners
Which set of items is a list of items that are used in
computing the company's financing cash flow for the
year?
9. Here are some financial statement items for a compa- Cash balance at the be-
ny. ginning of the year, cash
Net income flow from operating activ-
Cash flow from financing activities ities, cash flow from in-
Cash balance at the beginning of the year vesting activities, and cash
Sales Cash flow from investing activities flow from financing activi-
Accounts receivable ties.
Retained earnings at the beginning of the year
Cash flow from operating activities
What items are used in computing the company's end-
ing cash balance for the year?
, WGU D102
WGU D102
Study online at https://quizlet.com/_ej80ta
10. How is revenue typically recorded with debits and As a credit, representing
credits? an increase in equity.
11. What is the proper way to record an increase in an Asset, debit; equity, credit
asset account and an increase in an equity account?
12. A company was started last year when the sharehold- Total owners' equity is
ers invested $70,000 cash into it. At that time, the $25,000.
company also borrowed $100,000 cash from a local
bank. The company used $140,000 cash to purchase
inventory for $140,000. This year the company sold
all of the inventory for $95,000 cash (and that is not
a typographical error; the amount received for all of
the inventory was only $95,000 cash).
Which account balance is correct with respect to this
company's balance sheet after the sale of the inven-
tory?
13. On January 1, a company had these assets, liabilities, $155
and equities:
Cash$100
Inventory$140
Accounts payable$70
Paid-in capital$150
Retained earnings$20
During the year, the company entered into these
transactions:
Selling inventory costing $140 for a total of $200; cash
of $30 was received, and the remaining $170 was put
on account.
Paying cash for rent of $45.
Paying cash dividends of $30.
