1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
kotegsom [21]
3 years ago
8

Once a company has prepared an adjusted trial balance it is ready to prepare financial statements. Which financial statement is

prepared first, second, then third?
a. First the income statement is prepared, then the retained earnings statement is prepared, finally the balance sheet is prepared.
b. First the balance sheet is prepared, then the retained earnings is prepared, finally the income statement is prepared.
c. First the income statement is prepared, then the balance sheet is prepared, finally the retained earnings statement is prepared.
d. First the retained earnings statement is prepared, then the balance sheet is prepared, finally the income statement is prepared.
Business
1 answer:
Sloan [31]3 years ago
8 0

Answer:

A

Explanation:

There is a sequence of preparing statements of financial statements because some statements use information from other statements of financial position. The income statement does not require information from any other statements. The retained earnings need information from income statement to calculate current retained earnings. The balance sheets require information from statement of retained earnings(retained earnings for this period).

You might be interested in
During the current year, Orr Company incurred the following costs: Research and development services performed by Key Corp. for
LuckyWell [14K]

Answer:

$525,000

Explanation:

The amount to be recognized as research and development expense for the year includes  the cost of research and development services performed by Key Corp. for Orr, the cost incurred on testing of pre-production prototypes and models as well as the cost of testing in search for new products or process alternatives,

In other words, all costs incurred would be expensed since no of them met the capitalization criteria as per  generally acceptable accounting principles

4 0
3 years ago
Which of the following is not an example of a<br>n IDE device??​
insens350 [35]

Answer:

Hard drives

Explanation:

4 0
3 years ago
Sunland Co. at the end of 2017, its first year of operations, prepared a reconciliation between pretax financial income and taxa
Rzqust [24]

Answer:

Deferred Tax Liability= $564,000

Explanation:

The question is to determine the deferred tax liability to recognize by Sunland Co. at the end of the year 2017.

Step 1 :

We determine what the Income tax expense is for the year

Income tax expense= Pretax financial income x Income Tax rate

Income tax expense= $1,410,000 x 0.30 = $423,000

Step 2:

Although we recognized receivables as well as instalmental sales for reporting purposes under the accrual method. However, these will be subject to tax when we decide to recognize it in the future.

As such Deferred tax liability = Future Tax Liability

Deferred Tax liability for Sunland Co= Instalmental Sales x Income tax expense

= $1,880,000 x 0.3= $564,000

4 0
3 years ago
Fox Co. had 120,000 shares of common stock outstanding at January 1. On July 31, it issued 60,000 additional shares of common st
balu736 [363]

Answer:

180 000 common stock shares outstanding

Explanation:

preference shares are not used in calculating earning per share. Earning per share is the part of the firm's profit that is attributed to common stock shares. It is an indicator of financial strength of a company. It also shows the intrinsic value of the company's shares. This can be used to determine if a share is overvalued or under valued in the equity market.

The company  has 120, 000 common stock shares and issued additional 20,000 common stock shares totaling 180,000 common stock shares.

8 0
3 years ago
Fiona and her fellow Green Committee members are studying the effects of the use of energy-efficient light bulbs. Which of these
Kamila [148]
The correct answer is B.) Hope this helps!
3 0
3 years ago
Other questions:
  • The decision situations wherein the decision-maker chooses to consider several possible outcomes and the probabilities of their
    12·1 answer
  • O'Hara takes temporary family leave from her job at Property Management Company to care for a family member with a serious injur
    6·1 answer
  • Rick is planning to invest the following amounts at 7 percent: $254 at the end of year 1, $412 at the end of year 2, and $1,230
    8·1 answer
  • Yowell Company began operations on January 1, Year 1. During Year 1, the company engaged in the following cash transactions: 1)
    7·1 answer
  • Down and Out Co. operates an executive placement service for corporate executives displaced by corporate restructuring. Its mont
    7·1 answer
  • The principal goal of interest-rate hedging strategy is to hold fixed a bank's:_______.
    5·1 answer
  • assume that in the short run a firm is producing 800 units of output, has average total costs of $150, and has cost of $100. the
    13·1 answer
  • According to Orlando:_____.
    13·1 answer
  • Westfall Watches has two product lines: Luxury watches and Sporty watches. Income statement data for the most recent year follow
    15·1 answer
  • For the fed there must be a _____________ between maintaining banking stability for the nation and allowing individual banks to
    13·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!