All of the following accounts have normal debit balances except

GAAP refers to

Under accrual accounting when are revenues and expenses recognized?

A company reported the following information for the year ended December 31, 2020:  Beginning Retained Earnings                                                                   $150,000           For 2021 they reported: Revenue $275,000 Expenses 110,000 Dividends 10,000 What was the retained earnings balance at December 31, 2021?

Posting to the accounts involves

(Note- Retained Earnings is correct as of this date.) Dunder Mifflin Company account balances at December 31, 2021:   Revenue   $650,000   Cash   $60,000 Accounts Receivable 160,000 Selling Expenses 440,000 Equipment 220,000 Unearned Revenue 125,000 Accounts Payable 75,000 Interest Revenue 30,000 Salaries & Wages Expense 210,000 Advertising Expense 51,000 Inventory 170,000 Prepaid Insurance 20,000 Salaries Payable 50,000 Income Taxes Expense 180,000 Notes Payable 160,000 Retained Earnings 12/31/21 150,000 Accumulated Depreciation (Equip) 40,000 Depreciation Expense 2,000 Wages Expense    10,000  Common Stock 30,000                                                                                                                Prepare a Balance Sheet for December 31, 2021

The following information relates to Gold Company for the year 2021. Pre-paid Insurance $44,000    Rent expense  $11,500                                         Supplies expense      $2,500 Unearned Revenue $31,000 Dividends during 2021  $ 5,700 Revenue $117,000    Accounts Payable $43,000 Utilities expense $13,500 Advertising expense $51,000 Depreciation expense $14,000 Inventory  $100,000 Accounts Receivable $6,730     Prepare an Income Statement for December 31, 2021.                

On January 1, 2021, a company reported assets of $1,000,000 and liabilities of $600,000. During 2021, assets decreased by $100,000 and equity decreased $200,000. What is the amount of liabilities at December 31, 2021?  

Which one of the following items appears on a balance sheet?

Vraag 14: KLEURE (colours)          Kies (choose) die korrekte (correct) spelling vir die kleur gegee. [3]