Intermediate Accounting I Unit Four WGU
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,____________ = Total Liabilities + Total Equity
Total Assets − Total Liabilities = ________________ - correct ans:Total Assets
Net Assets
The _____________, sometimes referred to as the statement of financial position, reports the assets,
liabilities, and stockholders' equity of a business enterprise at a specific date. - correct ans:balance sheet
This financial statement provides information about the nature and amounts of investments in
enterprise resources, obligations to creditors, and the owners' equity in net resources. It therefore helps
in predicting the amounts, timing, and uncertainty of future cash flows. Also known as the statement of
financial position. Reported at one point in time. - correct ans:Balance Sheet
What measurement attribute is used for Land and Prepaid Insurance? - correct ans:Historical Cost
What measurement attribute is used for fixed assets? - correct ans:Net Book Value
What measurement attribute is used for marketable securities and derivatives? - correct ans:Fair Value
What measurement attribute is used for Accounts Receivable? - correct ans:Net Realizable Value
What measurement attribute is used for Bonds? - correct ans:Present Value
________________ accounts are subtracted from the balance sheet account - correct ans:Contra
accounts
______________accounts are added to the balance sheet account. - correct ans:Adjunct Accounts
To report assets or liabilities at the appropriate measurement attribute, we use ________________ and
________________ accounts. - correct ans:contra and adjunct
,Assets expected to be converted to cash or consumed within the next year are called _______. - correct
ans:Current Assets
What are some examples of Current assets? - correct ans:cash, short-term investments, accounts
receivable, short-term notes receivable, goods for sale, and prepaid expenses
Obligations expected to be liquidated through use of current assets within one year or operating cycle? -
correct ans:Current Liabilities
What are some examples of current liabilities? - correct ans:accounts payable, taxes payable, interest
payable, and unearned revenues, Accrued expenses
What are some examples of non current assets? Non current liabilities? - correct ans:Property, Plant and
Equipment, Long term investments and intangibles.
Notes Payable, Bonds Payable, and Pension Liabilities
In reference to equity accounts what is the amount contributed by owners? - correct ans:Contributed
Capital
What are some examples of equity accounts? - correct ans:Common Stock, Preferred Stock, and
additional paid in capital
What is the amount of earnings retained by the entity cumulative net income less dividends? - correct
ans:Retained Earnings
Used this partial Trial Balance to create a Balance Sheet as of December 31st.
Accumulated Depreciation (35,930)
Accounts Payable (11,250)
Accounts Receivable 19,600
Allowance for Uncollectible Accounts (1,980)
, Bonds Payable (10,000 due next year) (40,000)
Cash 15,620
Common Stock (50,000)
Depreciation Expense 11,410
Equipment 278,050
Net Income (70,620)
Prepaid Insurance 3,750
Retained Earnings (Beginning) (100,000)
Revenues (225,160)
Unearned Revenue (7,240) - correct ans:
Adjustment to Assets:
The allowance for uncollectible accounts requires a $678 increase
What is the Adjusted Journal Entry? - correct ans:Debit Bad Debt Expense 678
Credit Allowance for Uncollectible Accounts 678
Adjustment to Assets:
Equipment is depreciated over 10 years. Equipment 278,050.
What is the Adjusted Journal Entry? - correct ans:Debit Depreciation Expense 27805
Credit Accumulated Depreciation 27805
Adjustment to Liabilities:
Annual accrual of interest on debt (60,000 x 10%)
D103 Latest recent and frequently tested
exam with comprehensive questions and
verified accurate solution (detailed &
elaborated) GRADED A+
Professional Academic Assistance Services
Services Offered
Proctored Exam Assistance
Online Class Management (Full Course Support)
Exam Preparation & Study Materials
Assignments and Coursework Support
Essays and Research Papers
Discussion Posts and Replies
CONTACT INFORMATION
WHATAPPSLINK- https://wa.me/254784769540
,____________ = Total Liabilities + Total Equity
Total Assets − Total Liabilities = ________________ - correct ans:Total Assets
Net Assets
The _____________, sometimes referred to as the statement of financial position, reports the assets,
liabilities, and stockholders' equity of a business enterprise at a specific date. - correct ans:balance sheet
This financial statement provides information about the nature and amounts of investments in
enterprise resources, obligations to creditors, and the owners' equity in net resources. It therefore helps
in predicting the amounts, timing, and uncertainty of future cash flows. Also known as the statement of
financial position. Reported at one point in time. - correct ans:Balance Sheet
What measurement attribute is used for Land and Prepaid Insurance? - correct ans:Historical Cost
What measurement attribute is used for fixed assets? - correct ans:Net Book Value
What measurement attribute is used for marketable securities and derivatives? - correct ans:Fair Value
What measurement attribute is used for Accounts Receivable? - correct ans:Net Realizable Value
What measurement attribute is used for Bonds? - correct ans:Present Value
________________ accounts are subtracted from the balance sheet account - correct ans:Contra
accounts
______________accounts are added to the balance sheet account. - correct ans:Adjunct Accounts
To report assets or liabilities at the appropriate measurement attribute, we use ________________ and
________________ accounts. - correct ans:contra and adjunct
,Assets expected to be converted to cash or consumed within the next year are called _______. - correct
ans:Current Assets
What are some examples of Current assets? - correct ans:cash, short-term investments, accounts
receivable, short-term notes receivable, goods for sale, and prepaid expenses
Obligations expected to be liquidated through use of current assets within one year or operating cycle? -
correct ans:Current Liabilities
What are some examples of current liabilities? - correct ans:accounts payable, taxes payable, interest
payable, and unearned revenues, Accrued expenses
What are some examples of non current assets? Non current liabilities? - correct ans:Property, Plant and
Equipment, Long term investments and intangibles.
Notes Payable, Bonds Payable, and Pension Liabilities
In reference to equity accounts what is the amount contributed by owners? - correct ans:Contributed
Capital
What are some examples of equity accounts? - correct ans:Common Stock, Preferred Stock, and
additional paid in capital
What is the amount of earnings retained by the entity cumulative net income less dividends? - correct
ans:Retained Earnings
Used this partial Trial Balance to create a Balance Sheet as of December 31st.
Accumulated Depreciation (35,930)
Accounts Payable (11,250)
Accounts Receivable 19,600
Allowance for Uncollectible Accounts (1,980)
, Bonds Payable (10,000 due next year) (40,000)
Cash 15,620
Common Stock (50,000)
Depreciation Expense 11,410
Equipment 278,050
Net Income (70,620)
Prepaid Insurance 3,750
Retained Earnings (Beginning) (100,000)
Revenues (225,160)
Unearned Revenue (7,240) - correct ans:
Adjustment to Assets:
The allowance for uncollectible accounts requires a $678 increase
What is the Adjusted Journal Entry? - correct ans:Debit Bad Debt Expense 678
Credit Allowance for Uncollectible Accounts 678
Adjustment to Assets:
Equipment is depreciated over 10 years. Equipment 278,050.
What is the Adjusted Journal Entry? - correct ans:Debit Depreciation Expense 27805
Credit Accumulated Depreciation 27805
Adjustment to Liabilities:
Annual accrual of interest on debt (60,000 x 10%)
