Bucky Badger has the following information as of December 31…
Bucky Badger has the following information as of December 31, 2024: Cash $30,000 Land $90,000 Notes Payable (due in 5 years) 100,000 Accounts Receivable 17,000 Common Stock 30,000 Equipment 25,000 Accounts Payable 5,000 Accumulated Depreciation- Equipment 5,000 Retained Earnings 20,000 Salaries and Wages Payable 2,000 What was Bucky Badger’s total assets as of December 31, 2024?
Read DetailsWhich of the following are true? I. A classified balance…
Which of the following are true? I. A classified balance sheet utilizes standard classifications and sections to group together similar assets and similar liabilities. II. Inventory, debt investments, prepaid insurance, and service revenue are all current assets. III. Long term investments include notes receivable, nonoperating land and buildings, and stock and bonds held for more than one year. IV. Current liabilities include obligations of the company that must be paid within the next year or operating cycle. V. Current assets are shown in order of liquidity on the classified balance sheet.
Read DetailsAre the following statements true or false? A Sole Propriet…
Are the following statements true or false? A Sole Proprietorship is simple to set up and gives the owner control over the business. [1] Corporations are organized as a separate legal entity that is owned by stockholders. [2] Owners of a corporation have more legal liability than owners of a partnership. [3] The internal revenue service is an internal user of financial information [4]. There are five basic financial statements. [5] The CFO is an internal user of financial information [6].
Read DetailsWisconsin Company had the following financial information fo…
Wisconsin Company had the following financial information for the year ended December 31, 2024: Common Stock Dividends: $100,000 Preferred Stock Dividends: $50,000 Sales Revenue: $1,000,000 Weighted Average Shares Outstanding: 180,000 Earnings Per Share: $2.50 What was Wisconsin Company’s Net Income for the year ended December 31, 2024?
Read DetailsAre the following operating, investing, or financing activit…
Are the following operating, investing, or financing activities? Paying cash for an advertising campaign is a/an [1] activity. Using excess cash to purchase a bond of another company is a/an [2] activity. Borrowing money from a credit union is a/an [3] activity. Selling shares of stock to investors is a/an [4] activity. Purchasing materials to be used in the manufacturing process is a/an [5] activity. Paying income taxes to the Internal Revenue Service is a/an [6] activity. Purchasing land to build a new office park is a/an [7] activity. Issuing a bond to raise cash for a new project is a/an [8] activity.
Read DetailsAre the following statements true or false? Consistency is…
Are the following statements true or false? Consistency is a company-specific aspect of useful information where misstatement or omission of that information could impact the information user’s decision-making. [1] Periodicity, economic entity, going concern, and monetary unit are all assumptions that are used for financial reporting. [2] The Public Company Accounting Oversight Board is the primary accounting standard-setting body in the United States. [3] Faithful Representation means that information accurately depicts what really existed or happened. [4]
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