Financial Statement FS Practice Questions
with correct answers
Which |of |the |following |items |is |not |included |on |the |income |statement?
Rent |expense
Sales |revenue
Retained |earnings
Cost |of |goods |sold
Advertising |expense |- |✔✔Retained |earnings
Bonneville |company |reports |the |following |items |for |the |year |ended |December |31, |2022:
Revenue |$43,750
Cost |of |goods |sold |$40,500
Retained |earnings |(January |1st, |2022) |$12,500
Dividends |$2,500
What |is |Bonneville's |ending |retained |earnings |for |the |current |year? |- |✔✔13,250
The |Logan |Company |reported |the |following |ending |information |after |its |first |month |of |operations:
Revenues |$168,000
Equipment |?
Dividends |1,000
Common |stock |58,000
Rent |expense |7,200
Inventory |18,600
Cash |22,800
, Payroll |expense |28,300
Notes |payable |10,000
Cost |of |goods |sold |104,700
What |amount |of |equipment |would |the |company |report |in |its |financial |statements? |- |✔✔53,400
Accounting |is |the |information |system |that |_____, |_____ |and |_____ |the |economic |events |of |an |
organization |to |interested |users |to |help |them |make |informed |decisions. |- |✔✔identifies, |records, |
communicates
Coyle |Company |was |founded |on |Jan. |1st |and |on |Dec. |31st, |had |the |following |account |balances:
Cash |$10,000 |
Revenue |$40,000
Accounts |Receivable |$5,000 |
Cost |of |Goods |Sold |$15,000
Inventory |$8,000 |
Rent |Expense |$1,500
Equipment |$28,500 |
Advertising |Expense |$2,000
Accounts |Payable |$5,000 |
Common |Stock |$29,500
Notes |Payable |$12,000 |
Dividends |$5,000
What |was |the |company's |net |income |for |the |year? |- |✔✔21,500
According |to |the |video |lectures, |a |personal |balance |sheet
is |not |really |needed.
with correct answers
Which |of |the |following |items |is |not |included |on |the |income |statement?
Rent |expense
Sales |revenue
Retained |earnings
Cost |of |goods |sold
Advertising |expense |- |✔✔Retained |earnings
Bonneville |company |reports |the |following |items |for |the |year |ended |December |31, |2022:
Revenue |$43,750
Cost |of |goods |sold |$40,500
Retained |earnings |(January |1st, |2022) |$12,500
Dividends |$2,500
What |is |Bonneville's |ending |retained |earnings |for |the |current |year? |- |✔✔13,250
The |Logan |Company |reported |the |following |ending |information |after |its |first |month |of |operations:
Revenues |$168,000
Equipment |?
Dividends |1,000
Common |stock |58,000
Rent |expense |7,200
Inventory |18,600
Cash |22,800
, Payroll |expense |28,300
Notes |payable |10,000
Cost |of |goods |sold |104,700
What |amount |of |equipment |would |the |company |report |in |its |financial |statements? |- |✔✔53,400
Accounting |is |the |information |system |that |_____, |_____ |and |_____ |the |economic |events |of |an |
organization |to |interested |users |to |help |them |make |informed |decisions. |- |✔✔identifies, |records, |
communicates
Coyle |Company |was |founded |on |Jan. |1st |and |on |Dec. |31st, |had |the |following |account |balances:
Cash |$10,000 |
Revenue |$40,000
Accounts |Receivable |$5,000 |
Cost |of |Goods |Sold |$15,000
Inventory |$8,000 |
Rent |Expense |$1,500
Equipment |$28,500 |
Advertising |Expense |$2,000
Accounts |Payable |$5,000 |
Common |Stock |$29,500
Notes |Payable |$12,000 |
Dividends |$5,000
What |was |the |company's |net |income |for |the |year? |- |✔✔21,500
According |to |the |video |lectures, |a |personal |balance |sheet
is |not |really |needed.
