The difference between a company’s assets and its liabilities, or net assets is:

Return on assets is useful in evaluating management, analyzing and forecasting profits, and planning activities.

A net loss occurs when revenues exceed expenses.

Identify the statement below that is correct.

Revenue is properly recognized:

In preparing a company’s statement of cash flows for the most recent year, Random Corp. reported the following information:        Repayment of outstanding bonds $ 107,000 Purchase of treasury stock   62,000 Issuance of common stock   46,000 Payment of cash dividends   15,000 Net cash flows from financing activities for the year were:

The chief executive officer earns $20,000 per month. As of May 31, her gross pay was $100,000. The tax rate for Social Security is 6.2% of the first $118,500 earned each calendar year and the FICA tax rate for Medicare is 1.45% of all earnings. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both unemployment taxes are applied to the first $7,000 of an employee’s pay. What is the amount of FICA – Medicare withheld from this employee for the month of June?

Assets created by selling goods and services on credit are:

Comparative financial statements are reports that show financial amounts in side by side columns on a single statement for analysis purposes.

The adjusted trial balance contains information pertaining to: