Chapter 1 Financial Statements 13th Edition latest Questions And Verified Answers

Chapter 1 Financial Statements 13th Edition latest Questions And Verified Answers According to the accounting conceptual framework, what 2 fundamental qualitative characteristics must information have in order to be useful? - Relevance and Faithful Representation Calculate dividends given the following information: Beginning retained earnings are $18,000; revenues are $21,000; assets are $57,000; liabilities are $26,000; expenses are $13,000 and ending retained earnings are $20,000 - 6,000 Calculate ending retained earnings given the following information: Beginning retained earnings are $13,000; revenues are $23,000; dividends are $10,000; liabilities are $18,000; expenses are $11,000 and cash is $9,000 - 15,000 Calculate liabilities given the following information: Equity is $37,000; revenues are $70,000; assets are $85,000; expenses are $43,000 and cash is $56,000. - 48,000 Calculate net income given the following information: Revenues are $12,000; assets are $15,000; liabilities are $5,000; expenses are $4,000 and cash is $6,000. - 8,000 If assets decrease by $87,000 and liabilities decrease by $21,000 what will the impact on equity be? - Equity will decrease by $66,000 If assets increase by $72,000 and liabilities decrease by $31,000 what will the impact on equity be? - Equity will increase by $103,000