wgu d102 pre assesment Questions And Answers
What information is contained in a balance sheet? Report of a company's financial position during a period of time. Report of a company's operating performance as of a point in time. Report of a company's financial position as of a point in time. Report of a company's operating performance during a period of time. - Answer- Report of a company's financial position as of a point in time. What is an owners' equity item? Loans payable Accounts receivable Capital stock Cash - Answer- 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? $60,000 $90,000 $150,000 $300,000 - Answer- $90,000 What is reported in a multiple-step income statement that is not reported in a single-step income statement? Gross profit Dividends Retained earnings Cash collected from customers - Answer- Gross profit How is gross profit computed? Sales minus cost of goods sold. Sales minus operating expenses. Cash minus dividends. Total revenues minus total expenses. - Answer- 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 ex
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