Transactions would not affect stockholders equity

Assignment Help Financial Accounting

Reference no: EM131267819

1. Which of the following transactions would not affect stockholders’ equity?

A. recording cost of goods sold

B. recording a cash sale

C. recording a sale on account

D. recording rent expense

E. purchasing supplies for cash

2. The following amounts were reported for Pacific Corporation at the end of their first year of operations: contributed capital $100,000; sales revenue $400,000; total assets $300,000; $20,000 dividends declared; and total liabilities $160,000. What are total expenses for Pacific Corp.’s first year of operations?

A. $400,000.

B. $380,000.

C. $340,000.

D. $60,000.

Reference no: EM131267819

Questions Cloud

Esquire beginning with income from continuing operations : Esquire Comic Book Company had income before tax of $1,100,000 in 2016 before considering the following material items: Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted accounting pr..

The cost of goods sold was equal : The following information relates to Juniper Company’s operations during May: May 1 May 31 Direct materials inventory $15,000 $22,000 Work in process inventory 12,000 10,000 Finished goods inventory 16,000 25,000 Additional information for the month ..

A series of equal cash flows at fixed intervals is termed : The following amounts were reported for Pacific Corporation at the end of their first year of operations: contributed capital $100,000; sales revenue $400,000; total assets $300,000; $20,000 dividends declared; and total liabilities $160,000. What ar..

Esquire beginning with income from continuing operations : Prepare a 2016 income statement for Esquire beginning with income from continuing operations. Assume an income tax rate of 40%. Esquire sold one of its operating divisions, which qualified as a separate component according to generally accepted acco..

Transactions would not affect stockholders equity : Which of the following transactions would not affect stockholders’ equity? The following amounts were reported for Pacific Corporation at the end of their first year of operations: contributed capital $100,000; sales revenue $400,000; total assets $3..

What causes balance sheet exposure to foreign exchange risk : What are the two major issues related to the translation of foreign currency financial statements, and what causes balance sheet (or translation) exposure to foreign exchange risk? How does balance sheet exposure compare with transaction exposure?

Ratios to stockholders equity section of the balance sheet : Let's also talk about related and commonly used ratios to the Stockholders' Equity section of the Balance sheet... how are Earnings per Share and the Price to Earnings ratios calculated?? What does the P/E ratio indicate and how is it used by investo..

Translation of foreign currency financial statements : What are the two major issues related to the translation of foreign currency financial statements, and what causes balance sheet (or translation) exposure to foreign exchange risk? How does balance sheet exposure compare with transaction exposure?

What is the journal entry-prepares financial statements : PC Company has a daily payroll of $1,500, five days a week. The employees are paid every Friday for that week's wages. PC Company prepares financial statements for the period ending Wednesday July 31, and the employees were paid $7,500 on Friday Augu..

User Account

All Pages