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- Analyzing Changes in Balance Sheet Accounts Refer to the information for Peterson Inc. above. Required: Indicate whether each of the changes above produces a cash increase, a cash decrease, or is a noncash activity.Which statement is most directly affected by a change to net income? A. balance sheet B. income statement C. statement of retained earnings D. statement of cash flowsWhich is not a required component of a complete set of financialstatements under PAS 1? A. Statement of changes in equityB. Statement of retained earningsC. Notes to financial statementsD. Statement of cash flows
- Addison Company experienced an accounting event that affected its financial statements as indicated below: Stockholders' Equity + Assets = Liabilities + + Multiple Choice Issued common stock Earned cash revenue Revenue + Earned revenue on account - A Which of the following accounting events could have caused these effects on Addison's financial statements? Expense R Net Income + Statement of Cash FlowClear selecti 24. The statement that shows the performance of a business over a covered period * statement of changes in owner's equity O statement of financlal position O income statement O statement of cash flows 25. The statement that shows the changes in the capital account of the busine owner.22. Which of the following is not included on the statement of changes in stockholders’ equity? a. Dividends b. Capital invested by the owners c. Capital returned to the owners d. Total assets
- The balance in the Retained Earnings account represents: Select one: a. Accumulated revenues from all prior years of operations b. Accumulated earnings that have not been distributed to stockholders c. The amount of cash available for dividends d. Cash in the bankCheck my work For each of the Items listed below, identify the approprlate financial statement element. Item Element 1 Obligation to trasfer cash or other resouices as a resut of a past transaction 2 Dividends pad try a corporaton to ts shamholders a nfow of an anset tom providing a good or service 4 The financial positon ofa company Aset 5 Increase in equity dunng a penod trom nonowner transachons 6 increase in equity from perpheral or incidental transaction Assets, liobilities and equity Comprehensive income 7. Sak of an sset uned in the operations of a businens for ess than the assets book value B The owners msidual anterest n the asets of a company An dom owneod by the company tepresenting probable future bonets 10 Revenues plus gains less expenses and osses Distribution to owners 11 n owner's contribution of cash to a corporation in eKchange for ownershp shares of stock 12 Outfow of an asset related to the production of revenueences Required: Using the following table and the equations underlying each of the four basic financial statements, show (a) that the balance sheet is in balance. (b) that net income is properly calculated, (c) what caused changes in the retained earnings account, and (d) what caused changes in the cash account. (Cash outflows should be indicated with a minus sign.) Assets Liabilities Stockholders' Equity Revenue Expenses Net Income Dividends Beginning Retained Earnings Ending Retained Earnings Cash Flows from Operating Activities Cash Flows from Investing Activities Cash Flows from Financing Activities i Beginning Cash Ending Cash b $ 18,000 14,050 4,750 11,100 9,500 1,600 800 4,100 4,900 2,200 (1,600) (1,200) 1,600 1,000
- 4 Which of the following financial statements shows how net income (loss) and dividends impacted a stockholders' equity account? Statement of Retained Earnings Balance Sheet Statement of Cash Flows Income StatementIf the allowance method is used, how does recording the recovery of an uncollectible account affect the elements of the financial statements? (Hint: Consider the effect of both the reinstatement and the collection of the receivable taken together.) Multiple Choice Increase stockholders' equity Increase total assets and stockholders' equity Decrease total assets No effect on total assets or stockholders' equityexpense in the income statement but would not appear in the balance sheet. The profit figure appears in all the following financial statements except the Balance sheet O Income statement Statement of cash flows Statement of changes in equity Which of the following types of