Question

only final answers plz

8. DW has a beginning Retained Earings balance of 551,100. If during the year DW paid dividends of S4,300 and had net income of $22,500, then what was the ending Retained Earnings balance? A. S73,600. B. $69,300. C. $77,900. D. $46,800. 9. Which of the following is the correct order for preparing the financial statements listed? A. Balance sheet, statement of stockholders' equity, and income statement. B. Balance sheet, income statement, and statement of stockholders' equity. C. Statement of stockholders' equity, income statement, and balance sheet. D. Income statement, statement of stockholders' equity, and balance sheet. 10. The assumption that amounts are reported using a common scale (such as the dollar in the United States) is the: A. Monetary unit assumption B. Periodicity assumption. C. Economic entity assumption. D. Going concern assumption. 11. Purchasing office supplies on account will: A. Not change assets. B. Increase assets and decrease liabilities. C. Increase assets and increase liabilities. D. Increase assets and increase stockholders' equity. 12. "Record revenue when goods or services are provided to customers" is the definition of which principle in accounting? A. Trial balance B. Debits and credits. C. Revenue recognition. D. Accounting equation 13. Revenues normally carry a balance and are shown in the A. Debit; Statement of stockholders' equity B. Credit; Income statement C. Credit: Balance sheet D. Debit: Balance sheet . An increase to a liability account is sl 4. An increase to an asset account is shown with a with a A. Debit; Debit B. Credit; Debit C. Debit; Credit D. Credit: Credit

Answer 1

8) Answer B $ 69,300 Retained earnings ending balance = $ 51100+$ 22500 - $ 4300 = $ 69,300 9) Answer D Income statement, statement of stockholder's equity and balance sheet. Firstly income statement will be prepared to find the profit or loss due the business operations. Later statement of stock holders equity prepared which is part of the balance sheet. Finally balance sheet prepared to know the financial position. 10) Answer A Monetary unit assumption. According to the Monetary unit assumption, all the transactions and events should be recorded in common monetary terms. 11 ) Answer C increase assets and increase liabilities Supplies account is debited i.e assets increases and accounts payable credited i.e liabilities increases.

12) Answer C Revenue Recognition According to this principle, revenues and expenses are recorded as and when earned and expensed but not at the time of receipt or payment of cash. 13) Answer B Credit; Income Statement Revenues are always credited and they will be shown in the income statement. 14) Answer C Debit ; Credit Increase in asset should be debited and increase in liability should be credited.